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
Type | Jun 2022 | Jun 2021 | % Change |
---|---|---|---|
Single Family Homes | $420K | $351K | + 20% |
Condos/Townhomes | $325K | $257K | + 26% |
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 monthsAs 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.