The Florida Real Estate Market in 2022
Market outlook, trends and relocation advice from real estate experts
The demand for Florida real estate has been exceedingly strong over the past few years. Fueled by historic-low interest rates, a new work-from-home economy, corporate investors and a large influx of people relocating to the sunshine state, the average Florida home price at the end of June 2022, has now increased to $397K
and represents a 34.3% year-over-year gain. To view the median prices for single family homes and condos/townhomes for each of Florida's city regions, be sure to visit our how expensive is it to live in Florida
page where we also overview the cost of Living in Florida as compared to other states.
Median Prices of Florida Real Estate
|Single Family Homes
Source: FloridaRealtors.org, July 2022
With so many people moving to Florida since the start of the pandemic, this has caused housing prices to rise significantly in a relatively short period of time. This strong demand has also caused the amount of homes for sale, often referred to as available inventory, to be at historic lows of just under a 1.5 month's supply (a six month's supply is standard in a normal market). With such a limited amount of housing inventory available, homes are selling quickly after hitting the market, often above asking price, and multiple-offer situations are becoming the norm in choice neighborhoods with good schools and preferred locations.
Florida's new home construction market is also affected by the strong demand. Coupled with supply chain issues, wait times for new homes can be up to 15 months in some cases, versus the more normal 7 - 9 months build time from initial contract to close. As many who are relocating to Florida are eager to escape the cold weather or to start their retirement years as Floridians, and not necessarily wanting to wait this extended length of time for a home to be built, many are opting for recently-built homes in the resale market and paying a premium above ask price to secure a deal.
Florida Median Home Price vs Inventory
Plotted values are single family homes, past 12 months
As interest rates have risen considerably in the first half of 2022, and Florida home prices continue to rise, we are now seeing where the inventory of single family homes (measured in months) is slowly starting to rise from its historic lows.
If you're considering moving to Florida and doing your initial research online, we encourage you to read the comments below by our real estate experts as they discuss their outlook for the 2nd half of 2022, market trends taking place in their region of Florida as well as helpful relocation advice.
Regions of Florida
NW Florida / Panhandle