Florida Real Estate 2023 Outlook
The Florida Real Estate 2023 Outlook in Florida is expected to continue its growth. The state’s strong economy, low unemployment rate, and historical low mortgage rates are all expected to drive demand for housing, and the overall outlook for the Florida real estate market remains positive.
One of the main drivers of the Florida real estate market is the state’s growing population. Florida’s population has grown exponentionally and will continue in 2023. As the population grows, so too does the demand for housing, which is a positive sign for the state’s real estate market.
Florida Real Estate 2023 Outlook: Strong Economy
Florida real estate market in 2023 is going to continue to grow because of the state’s strong economy. Because Florida has a diverse economy
that includes tourism, agriculture, and manufacturing, it has helped to create jobs and drive population growth. As the economy continues to grow, so too will the demand for housing, which is a positive sign for the state’s real estate market.
Florida Real Estate 2023 Outlook: Challenges
However, there are also some challenges that the Florida real estate market is facing in 2023. The state’s population growth has led to increased demand for housing, which in turn has led to rising home prices. Additionally, the shutting down of other states with Covid related policies has led to increased competition for homes. Many people are moving from California, New York, and Illinois to purchase a home in Florida as a primary residence or vacation home. These challenges may lead to higher prices and less inventory.
Florida Real Estate 2023 Outlook: New Home Construction
“Florida’s new home construction market is affected by the strong demand. Coupled with lingering supply chain issues, wait times for new homes can be up to 12+ months in some cases, versus the more normal 7 – 9 months build time from initial contract to close. Also, many who are relocating to Florida are eager to escape the cold weather. Additionally, many seek to start their retirement years as Floridians. Moreover, there is also a trend of buyers that do not want to wait this extended length of time for a home to be built. So many are opting for recently-built homes in the resale market. These buyers will often pay a premium above ask price to secure a deal.” says Aaron Hunt of Avalon Group Real Estate St. Petersburg FL.
Florida Real Estate 2023 Outlook: Conclusion
In conclusion, Florida Real Estate 2023 Outlook shows continuing growth. The state’s strong economy, low unemployment rate, and growing population are all expected to drive demand for housing. While there are some challenges facing the market, such as rising home prices and increased competition, the overall outlook for the Florida real estate market remains positive.
Author: Rob Johnson, Realtor