Florida’s Housing Market is BOOMING in 2021. Home prices are up +15%, inventory is at a record low, and everyone is moving to Florida! The craziness priced many home buyers and real estate investors out of the market. Is this the sign of another Florida Housing Market Bubble? And will it result in another Housing Market Crash?
Florida’s housing market has a volatile past. Back in the 2000s home prices surged by 100% in the span of five years before crashing by 50% from 2007-12. Prices, once again, are appreciating back to record levels.
Much of the recent growth has been driven by people moving to Florida. In fact, Florida is the #1 state for inward migration in the country. More people move to Florida every near than anywhere else. The biggest areas of inward migration include Tampa, Sarasota, Jacksonville, and Pensacola. Surprisingly, cities such as Miami and Fort Lauderdale lose more people than they gain.
But just like home prices, historical migration shows a volatile pattern. During “good times” Florida adds a lot of new people. But during “bad times” these increases drop off significantly, creating potential risk for another housing crash.
Another thing to consider about buying real estate in Florida is demographics. Certain real estate markets across the state – such as the Villages, Sarasota, and Cape Coral – have a majority of elderly home owners. This creates long-term risk for home prices in these areas, as these elderly owners are less likely to stay in their homes long-term than younger ones.
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0:00 2021 Housing Boom!
1:42 Everyone’s Moving to Florida!
4:23 Migration = Appreciation
7:16 Florida Real Estate: Volatile Past
9:58 50% Price Declines: A Word of Caution
11:31 Migration Crash in 2019-20?
14:29 AT RISK Areas for the Next Crash?
16:51 Looking for Stability in 2021
18:05 Age Demographics across Florida
20:01 I’m Not Buying in Florida
#FloridaHousingMarket #MovingtoFlorida #HousingCrash
Florida real estate forecast