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The Florida Real Estate Market in 2024: A Sunny Outlook

Exploring Market Trends, Home Prices, and Investment Opportunities

Florida Real Estate Market in 2024

The Florida real estate market has been a powerhouse in recent years, drawing attention from investors, homebuyers, and those seeking to make a change in their lives. As we step into late October of 2023, the Florida real estate landscape is evolving, showing signs of a healthy rebalancing driven by higher interest rates and an increased cost of borrowing. This adjustment comes after a period of dynamic growth fueled by the pandemic, which ushered in a new era of remote work, heightened corporate interest, and a significant influx of people relocating to the Sunshine State – far exceeding the typical snowbird activity witnessed each winter.

Home Prices and Market Trends

As of the end of September 2023, the median price for a single-family home in Florida stood at a robust $409,000. This represents a 1% year-over-year price increase. For a detailed breakdown of median home prices in various Florida city regions, we invite you to explore our comprehensive guide on "How Expensive Is It to Live in Florida." In this guide, we provide an insightful overview of the cost of living in Florida compared to other states.

Florida Dominates Top Real Estate Markets in 2024

Florida has captured the spotlight in the real estate world, with Floridian cities securing three of the top five positions in the "Real Estate Markets to Watch in 2024" list. These top-performing cities include Sarasota, Fort Myers, and Orlando. But the accolades don't end there – Jacksonville, Miami, and Tampa also earned high rankings in the index meticulously compiled by Insurify.

Florida Real Estate Market in 2024

While the U.S. housing market as a whole is grappling with sluggish growth due to elevated interest rates and a scarcity of inventory, Florida stands out as an exception. The state continues to exhibit sustained activity and a faster rate of growth across its real estate markets.

Population Growth Drives Demand

One of the driving forces behind Florida's real estate success is the remarkable population growth experienced in recent years. This demographic surge has spurred heightened demand for housing. Simultaneously, Florida boasts a robust supply of new housing units, enhancing inventory and attracting prospective buyers.

It comes as no surprise that Florida has earned the title of a real estate investment hotspot. In a recent report, the American insurance website, Insurify, identified housing markets poised for success over the next few years. Notably, Floridian cities secured three of the top five positions in the "Real Estate Markets to Watch in 2024" – Sarasota, Fort Myers, and Orlando.

Sun Belt Shines Bright

Zooming out to view the bigger picture, the entire Sun Belt region is basking in the real estate limelight. Cities across Florida, North Carolina, and South Carolina consistently rank high in the index, signaling strong growth potential in these areas.


Insurify's report is built on solid data foundations, drawing upon information from the U.S. Census Bureau and the real estate marketplace, Zillow. The report assessed each city's average home value appreciation, annual increase in new housing units, the ratio of new housing units to homeowners, and the rate of population growth since 2020. The cities that clinched top positions in these categories outshone their counterparts across the U.S.

No.1: Sarasota, Florida

Sarasota, Florida, emerges as the shining star of the index, securing its place as America's most lucrative housing market for 2024. Nestled an hour south of Tampa, Sarasota is a prominent city along the Gulf Coast of Florida.

Sarasota presents a wealth of opportunities for developers and property investors. The city is currently witnessing the construction of around 1,500 residential units, with ample affordable undeveloped land still available.

What sets Sarasota apart is its affordability factor, attracting buyers to this vibrant coastal city. According to the National Association of RealtorsⓇ, Sarasota's metro area boasts a mortgage-to-income ratio of 19.5% in Q1 2023, compared to the national average of 23.3%.

Florida Dominates Top Spots

Sarasota's success is not an isolated case. Two other Floridian cities, Fort Myers and Orlando, secure positions in the top five. These South West Florida markets are outperformed only by Greensboro and Raleigh, both located in North Carolina, ranking 2nd and 3rd, respectively.

Beyond the top performers, several other Florida cities hold respectable positions in the top 20, including Jacksonville (9th), Miami (12th), and Tampa (16th).

Driving Growth in Florida Markets

Insurify's report reveals a remarkable concentration of new housing units in Florida cities. Sarasota leads the pack with 218.37 new units per 100,000 homeowners, marking the highest rate in the index. Fort Myers follows closely with 191 new units, Orlando has 177, and Jacksonville boasts 165. Raleigh, North Carolina, is the only other city in this category, with 179 new housing units for every 100,000 homeowners.

In terms of population growth, Fort Myers takes the lead with an impressive 8.1% increase from 2020 to 2022, surpassing the national average of 0.6%. Sarasota is close behind, recording a 6.92% rise in residents, ranking second-highest on the list.

Miami and Sarasota stand out with some of the highest home prices in the index, boasting average values of $458,749 and $458,659, respectively. These cities are surpassed only by Riverside in California, which claims the highest average home price in the index and ranks 20th overall.

Florida's Real Estate Market Trends for 2024 and SWFL

In summary, Florida, with a particular focus on the South West Florida region near Fort Myers, is experiencing a real estate renaissance. This is attributed to a harmonious blend of factors, including a strong supply of new housing, rapid population growth, and rising real estate prices. These elements collectively position Florida's cities for substantial growth, making them top contenders in the real estate market to watch in 2024.

Despite many locations in SWFL recent designations as a Special Flood Hazard Area by FEMA, the city's population has surged by 8.1% since 2020 – a remarkable contrast to the national population's 0.6% increase during the same period.

Construction in Fort Myers, South West Florida is keeping pace with this population growth, with approximately 191 new housing units added for every 100,000 residents in the past year. This marks the second-highest rate of residential construction in the country.

Despite the higher-than-average insurance rates in states like Florida, which are more susceptible to climate change risks, nearly all of Insurify's top markets to watch are located in areas identified by FEMA as "relatively high risk." This underlines the resilience and desirability of these


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