If you are a real estate enthusiast, you would probably know that Florida is a state that would definitely be number 1 in a real estate hall of fame with Texas coming in a close 2nd. The Sunshine State promises a by-the-beach adventurous lifestyle in a thriving, tax-free economy. What more could you ask?
Due to multiple reasons – tax-friendliness, three-sided coastlines, humid and warm weather, and high employment rate being the main ones – the real estate market in Florida has always been a favorite among US investors.
The state manages to bring a lot of people – mostly retired and job-searchers – in Florida that keeps the market booming. And if you’ve been looking for an opportunity to invest in Florida, this is your time.
Since Florida is a big state, we have narrowed our search down to the 6 hottest places in Florida where the real estate market is currently on its best behavior, and where there are opportunities to make the most profit.
Know for yourself below.
1. Cape Coral
Started as a small planned suburban community, Cape Coral has grown into a full-fledged city. Located to the southwest of Fort Myers, Cape Coral hosts a growing population of 200,000 people, most of whom own their homes (we will get into that later).
Since Cape Coral has been a popular location for quite some time, the real estate prices in the city have been on the rise for the past decade.
Luckily, just last year, the housing market in Cape Coral really started burning up – which opened the gate for real estate investors to do their magic.
Now, here is what you need to know to make your decision:
- Pending house sales in Cape Coral have risen from 488 to 720 in just a year. That’s a 47.5% increase we are talking about.
- By May 2021, the new listings in Cape Coral have reached the number of 757. That’s an increase of 46.1%, considering the listings were only 518 in May of the last year.
- All these fluctuations have chopped down the number of houses available for sale in Cape Coral.
- What was once an inventory of 1,699 homes, is down to only 539 – a 68.3% decline!
Considering all that, the demand for houses in Cape Coral is pretty high and the supply doesn’t look so pretty, which has resulted in the housing prices going high. And they will go even higher in the coming year, so it’s a perfect opportunity for real estate investors to dive into the hot market of Cape Coral.
2. Windermere
Windermere is a small suburban town in Florida’s Orange County. As per the 2010 census, the total population stands as 2,462. Windermere is a place that offers a good and healthy lifestyle, with most of the residents owning their homes.
Here is what you need to know about Windermere real estate market.
- It is predicted by economists that Windermere is on the edge of facing high demand for houses from buyers. You can expect house listings to increase and people to relocate to this small town.
- 2021 and 2022 are predicted to have a sale rise that hasn’t been seen in Windermere since 2006, and the most beneficial players of the market in this rise will be renters turning themselves into home buyers – playing a perfect real estate game.
- A chief economist predicted that home sales will rise by 7.7% in the US, which will affect lots of cities in Florida’s popular counties, including Windermere. The average prices are likely to increase by 4.1%.
If you are a real estate investor, turning into a buyer at this time and becoming a renter in the future is going to help you make a fortune in Windermere. Check out Homes for Sale in Windermere FL to know more about real estate opportunities in Windermere.
3. Miami
It is obvious that Miami would be on this list. It is an all-time hot city in Florida that attracts millions of people every year because of its thriving economy, immensely diverse lifestyle, warm weather, and adventurous location.
Due to these and many more reasons, Miami deserves to be third on the list of Florida’s hottest real estate marketplaces.
Here is what you need to know about Miami:
- There has been a shocking increase in pending sales of houses in Miami. From being 685 in May 2020, it has become 1,624.
- The new listings marked a more than 40% increase in a year, becoming 2,144 from last year’s 1,528.
- The houses-available-for-sale declines by 29.1% in a year.
Due to these factors, the home prices have been fueled and the median selling price of a house in Miami has risen up by over $60,000, costing from $350,000 from last year to this year’s $413,000.
Since the house prices are increased, the place has gained a newfound potential real estate-wise. It is only obvious that prices will increase further, and people won’t stop relocating to Miami anyways. If you manage to put 2 and 2 together, you can make a fortune in Miami.
4. Tampa
Across the St. Petersburg bay, there is another hot marketplace of Florida called Tampa – along Florida’s gulf coast. Not only Tampa is a major business hub, but its deep-rooted culture and encouraged wildlife are just a few of many reasons why people move to Tampa.
Tampa has been a trending real estate market for the past couple of years. Here is what you need to know:
- Where pending house sales have grown over 29% in the year, the number of house listings also increased noticeably.
- However, the demand surge has shown its effects on Tampa’s houses-available-for-sale. The number dropped down by more than 61 percent. Where 2,324 homes were available for sale in last year’s May, by 2021’s May, the homes available for sale were only 908. What’s more, the homes are going off-market faster than ever before.
- An average buyer used to spend at least 25 days in the market before buying a house. Now, a median buyer is only spending 7 days.
Due to the aforementioned factors, the prices have escalated. And they will escalate even more, so it’s the right time for real estate investors to show their moves.
