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Florida Real Estate Trends to Expect in 2023

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Florida Real Estate Trends to Expect in 2023

Florida Real Estate Trends to Expect in 2023

With the economy in a state of flux, many individuals throughout Cape Canaveral and Brevard Country are wondering what the real estate market in Florida has in store for 2023. Let’s take a look at a few expected trends in the new year.

Growth Tapers Down and Prices Will Level Out

With a predicted rise of 0.8%, the growth of home prices will level out and flatten.

Sales Decline

We expect sales to decline as inventory remains constrained by lack of new growth. This will be especially true for the ‘starter home’ and single-family home segments of the market

Increased Interest Rates Will Continue to Dampen the Market

Mortgage interest rates have been steadily on the rise, coinciding with federal rate hikes. This has made the cost of loans unattainable for many would-be home buyers, and continues to put downward pressure on the Florida real estate market.

Strength of the Florida Real Estate Market: looking forward

In recent years, the Florida real estate market has been performing well overall. According to the Florida Realtors association, the state’s housing market has seen steady price appreciation, low inventory levels, and strong demand. In 2020, the median sales price for single-family homes in Florida was $325,000, an increase of 11.2% over the previous year.

There are also several factors that contribute to the strength of the Florida real estate market, including the state’s warm climate, proximity to beaches and other recreational attractions, and diverse population.