As we progress further into 2024, the Florida housing market continues to evolve from developments of years past. From economic trends to demographic and housing inventory shifts and beyond, the market is influenced by many different factors. Florida is known as a year-round destination for investors and those looking to visit, live seasonally, or live full-time, which has not changed. However, the year 2024 promises changes to the housing market that are imperative to understand before buying a home in the state.
So, what can you expect from the Florida housing market in 2024? Let’s delve deeper into the trends and projections that will shape the state’s real estate landscape in the upcoming months.
2024 Florida Housing Market Trends to Watch for
Understanding the factors influencing the housing market, from interest rates to housing inventory, is key to making the right buying or selling decision for your home and family. The following are some of the top trends to look out for when it comes to the 2024 housing market.
- Population Growth
Florida’s population has experienced steady growth for a number of years, which will continue throughout 2024. This growth is driven by inbound moves from other states, international immigration, and natural population growth from those already living in the state. Projections indicate that this growth will continue in 2024 and beyond as the state continues to attract those looking for better job opportunities, housing, and weather. This will drive demand for housing, particularly in cities and coastal towns.
- Rising Home Prices
With continued increased demand for housing with a limited inventory, housing prices in Florida have risen in the last few years. Though experts expert this to continue, but indicate that prices won’t continue to rise as quickly as they have in recent years. Instead, they’ll keep a more sustainable pace and may moderate slightly throughout 2024.
- Increase in Suburban Living
Back in 2020, the COVID-19 pandemic caused a surge in moves to more suburban areas as people left packed cities for more space and bang for their buck while working remotely. The effects of the pandemic continue into 2024, where permanent remote work and many’s greater appreciation for space and outdoor pursuits continue to drive homebuyers from cities and towards the suburbs. In Florida, suburban communities have continued to experience increased demand for single-family homes and properties with more land. As a result, suburban markets are expected to outperform urban ones in both price appreciation and home sales in 2024.
It’s well known that many areas of Florida offer many opportunities for luxury living, but more and more potential homebuyers are looking for housing in the coming year that balances space and amenities with affordability. Developers and policymakers have responded to this demand by shifting focus toward affordable housing options throughout the state. These efforts to address the rising cost of housing come in the form of workforce housing initiatives and mixed-income developments, which puts the concept of homeownership in reach for more segments of the population.
Especially in Florida, which is particularly affected by the ever-present concerns associated with climate change, sustainability and resiliency have become huge considerations in the state’s housing market. Its vulnerabilities to hurricanes and rising sea levels have prompted the state to be proactive in establishing green building standards and flood mitigation strategies, among other ways of being more environmentally friendly and protective of housing. This is designed to give prospective homebuyers more security in their investments and the long-term costs of buying a home in Florida.
Looking to Make Your Florida Move in 2024?
The Florida housing market continues to experience steady growth and a shifting landscape of buyer priorities and preferences. That said, the state continues to offer some of the best opportunities for quality homeownership and investment in the country.
If buying a home in Florida is in your future this year, it’s important to work with the right Florida movers for your relocation. When it comes time for your move, look no further than AAA Flat Rate Moving & Storage as your go-to Sarasota movers. From residential to commercial moving to packing and storage, we can do it all! For your best moving experience after navigating the Florida housing market in 2024, AAA Flat Rate has you covered. Give us a call today or request a free quote to learn more about our services.