Florida Property Market Flourishes with Tampa Emerging as a Hotspot
By Space Coast Daily // June 10, 2023
Over the past 5 years, Florida has seen a staggering 80% increase in home prices, making it one of the most expensive markets in the country! But why is Florida so sought-after when it comes to real estate?
Well, for starters, its beaches and resort towns offer a lavish lifestyle. That being said, there are three main property markets that are of particular interest to investors and families alike; these include Tampa, Orlando, and Miami, with Tampa emerging as the most expensive on the list.
The Rising Trend of Housing Property: Tampa, Orlando, and Miami
The Tampa real estate market is hot and it’s showing no signs of cooling down anytime soon. First off, there is some good news for anyone looking to pick up a slice of Florida paradise — the average house price in Tampa was $420k last month, having risen by 5.1% over the past year — pretty impressive growth rates considering housing markets in other parts of America aren’t doing so well right now. Realtors are expecting that number could rise even further with neighborhood-level prices seeing an increase of up 6.8%. Plus, home sales are also set to jump by 9.6%, which means there should be plenty more properties going up if you want your chance at owning them.
Now of course every part of town offers something different when it comes to their own specific real estate market conditions; you’ve got South Tampa where currently median listing prices for homes are as high as $1,225,000, but then you have Hyde Park which also offers competitive prices at $1.6M per house on average. With all this information taken into account, it’s easy to see why Tampa’s real estate game is so strong and competitive right now.
Let’s also take a closer look at some other real estate markets in Florida: Orlando and Miami. Both cities are reaping the benefits of their popularity in different ways. Starting with Orlando, last month, according to Redfin.com, the median sale price for homes in greater Orlando was $360,000 – that’s 1.1% higher than it was this time last year. The most impressive statistic is probably the median sale price per square foot; an incredible $287 — that’s up by 5.1% on last year’s results! These figures suggest that both investors and buyers have faith in continued capital appreciation around Florida’s exciting attractions capital.
Down South in Miami Beach, things have been cooking even more rapidly lately as well; ranking within the top 20 strongest commercial sectors across the US. Retail businesses aside, these residential areas contain some of the most desired and expensive real estate on the planet. The median list price for a single-family home in May 2023 was set at an eye-watering 630,000 — that’s some serious capital.
Save Time and Money: How Property Managements Services Can Benefit Consumers
Hiring an experienced professional to manage your property can help take this weight off of your shoulders, give you peace of mind, and allow you to focus on other aspects. Firstly, these professionals offer high-quality customer service; property managers have superior industry experience that gives them the skills needed to provide outstanding customer service so property owners don’t have to deal with hassles when it comes to tenant issues.
Secondly, there’s increased revenues to be considered. A competent PM will use their negotiation abilities and knowledge about the market trends in Florida rental markets combined with financial know-how (like setting optimal rental rates), which means bigger returns for owners — and exponentially helps increase profits over time.
Thirdly, this option offers maximum protection from litigation and charges related thereto. With extensive appraisal and leasing certification courses under their belt — plus an excellent understanding of local laws pertaining to housing rules & regulations — hiring trained professionals guarantees that these legalities are managed by people having genuine insight as well as experience in this sector.
All in all, the property in Florida is booming especially in Tampa, Orlando, and Miami and there are no signs of this slowing. It’s fair to say that those who invest early will draw in greater benefits than those who lag behind.