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In this article, we will take a closer look at the current trends and what they mean for the Florida housing market. Troy Segal is Bankrate's Senior Homeownership Editor, focusing on everything from upkeep and maintenance to building equity and enhancing value. We are seeing gains in inventory (active listings) and closed sales are continuing. Economist shares housing market projections for Florida and beyond This can lead to strong returns on investment and can make it easier for investors to purchase multiple properties. If real incomes rise from 2025 through 2027, home prices will likely rise again by approximately 1% to 2% above the current inflation rate. The forecast for mortgage rates and types. Which Banks Are in Danger of Failing or Collapse? In December 2022, Miami-Dade County and Monroe County had the states lowest unemployment rate (1.4 percent each). The U.S. unemployment rate was 3.5 percent in December. How To Invest in Real Estate During a Recession? The FHFA house price index remained unchanged at 392.70 points in October, well below the June peak of 397.58, but above the August dip of 392. Will There Be a Drop in Home Prices in 2023? Margate, FL had a sales price growth of 43.8%, while Altamonte Springs, FL and Miramar Beach, FL both had a sales price growth of 34.6%. Homebuyers and builders will have to factor in the costs of building homes that are resilient to climate change and extreme weather events. The total. Jennifer Warner, Florida Realtors economist and director of economic development, served as the moderator. 50% of sales were above and 50% of sales were below) was $402,500, +15.7% YoY. Real Estate Trends: Whats the 2023 Fla. Outlook. Overall, Florida housing prices have witnessed some of the most dramatic increases in the country, with Miami and Tampa at the forefront of the upswing. Emerging technologies, changing demographics, the state of local job markets, and the rise of remote work are some of the trends expected to shape the housing market in the future. However, even if mortgage rates rise, they're likely to remain well below historic highs - which popped above 18% in September and October of 1981. For example, changes to zoning laws or building codes could affect the supply of housing, leading to changes in prices. Industries gaining the most jobs over the month were: Florida's strong population growth, diverse job market, tourist attractions, affordable property prices, tax benefits, and diversified economy all contribute to making it a hot spot for real estate investment.