5 Real Estate Trends You Must Know 2024

Florida's real estate market has been thriving, driven by a combination of population growth, economic opportunities, and a desirable climate. 

In the past year, Florida has welcomed over 330,000 new residents, bringing its population to approximately 23 million. 

This influx has had significant implications for the housing market and urban development across the state. Let’s look at the five trends that aspiring real estate agents must know:

1. Rapid Population Growth

Florida's population boom is one of the primary drivers of its real estate market. People are attracted to the state for its warm climate, job opportunities, and no state income tax. 

Major cities like Miami, Tampa, Orlando, and Jacksonville are experiencing significant growth, but there's also notable expansion in suburban and smaller urban areas, offering more affordable living options with easy access to city amenities.

The fastest-growing cities in Florida include:

• Fort Myers: This city ranks as the fastest-growing in Florida, with a population increase driven by net migration. It has a median home price of around $509,633​.

• Lakeland: Located in central Florida, Lakeland has shown strong growth with a median home value of $353,429. It is known for its numerous lakes and central location​.
• Port St. Lucie: Situated along the Treasure Coast, this city has experienced a significant population increase and has a median home price of $429,104​​. The Treasure Coast is shielded from the Atlantic Ocean by narrow sandbars and barrier islands that protect the shallow lagoons, rivers, and bays. Immediately inland, pine and palmetto flatlands are abundant. Numerous lakes and rivers run through the Treasure Coast, notably the Indian River, a part of the Indian River Lagoon system.
• Cape Coral: Known for its extensive canal system, Cape Coral has seen an 11% increase in population since 2017, with a median home price of $436,350.
• Kissimmee: Close to Orlando, Kissimmee has grown by 11% and offers various recreational activities. The median home price here is $361,000​.

2. Limited Housing Inventory

The influx of new residents has led to a tight housing market with limited inventory. This shortage spans various price points, from affordable housing to luxury homes. 

As a result, home prices have been driven up, making it a highly competitive market for buyers. Potential homeowners often encounter bidding wars, and properties frequently sell above the asking price​.

3. Corporate Relocations and Economic Growth

Florida's business-friendly environment has attracted numerous companies, contributing to the state's economic growth and increasing demand for housing. 

Significant corporations, including tech companies and financial institutions, have established operations in Florida, creating job opportunities and drawing in more residents​​.

Notable corporate relocations and expansions in Florida include:

• Goldman Sachs: Expanding operations in Miami.
• Amazon: Opening fulfillment centers across the state.
• Disney: Relocating some divisions to Lake Nona near Orlando.

4. Strong Multi-Family Home Market

The multi-family home market in Florida is robust, with renters making up a substantial portion of the population. Approximately 37% of Floridians rent their homes. The demand for multi-family housing is high, particularly in urban areas where mixed-use developments are becoming increasingly popular. These developments offer residents access to various services and entertainment options within their communities​.

5. Increasing Diversity Among Homebuyers

Florida's homebuyer demographic is becoming more diverse. According to recent reports, there has been a significant increase in Hispanic/Latino and Black/African American homebuyers. 

This diversity is reflected in the growing number of culturally rich neighborhoods and communities across the state​​.

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Final Thoughts on the 5 New Florida Real Estate Trends

Based on the limited inventory and population growth, Florida will see a boom to its real estate value. This means that agents can see themselves earning bigger commissions.

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