Lakeland, Florida has 38 named lakes in the community, making it a scenic environment where many people want to live. The balance of small-town living and unique amenities attract people to the area.
If you are planning a move to Lakeland, Florida, it's a good idea to understand the latest real estate trends. The housing market can be volatile, so collect all of the information beforehand.
1. Inflation Influences the Market
As for real estate trends in Florida, inflation continues to influence the housing market. Inflation reached a record high in 2022 causing mortgage rates to rise.
Florida's average mortgage rate is slightly lower than the national average. The current national average 30-year fixed mortgage rate is 6.6% while the state of Florida's average is 6.359%.
2. High Mortgage Rates
Mortgage rates are high which means people don't want to buy homes and will continue finding apartments. Some cannot afford the current mortgage rates and others are waiting out the high rates.
Because of the high mortgage rates, many homes in Florida sold above the listing price. In June of 2024, 11.2% of homes sold in Florida sold above the list price and likely received more than one offer because of the area's competitiveness.
3. An Unlikely Housing Market Crash
Home prices have increased in Florida and across the country, leading people to believe a housing market crash is in the future. While home prices are likely to continue to rise, experts say it's unlikely there will be a crash anytime soon.
The main reason homes continue to rise in price is because of low demand. If the demand for homes decreases, a crash may be in the future.
4. Seller's Market to a Buyer's Market
Florida's housing market may soon shift to a buyer's market. Currently, the seller's market is favorable to home sellers because of the heightened prices and lower inventory.
These real estate predictions lead people to believe that buyers could benefit if the number of properties declines. More homes for sale will cause prices to decrease and be more favorable to people looking to buy their dream homes.
5. Fall and Winter Home Buying
The cheapest time to buy a house according to housing market trends is during the fall and winter. The real estate market in 2024 is no different.
Florida homes typically peak in price during the spring and start to decline thereafter. If you are looking to buy a home soon, start saving and getting your credit in good standing.
As for property investment trends, buying a property in fall and winter is your best bet. The summer and spring peak seasons in Florida will cause property prices to rise.
Lakeland, Florida Real Estate Trends
These five real estate trends in Lakeland, Florida will help shape the housing market for the remainder of the year. There are other factors to consider if you want to buy a property and PMI Arrico Realty & Property Management can help.
Our Lakeland team specializes in real estate management, among other services. Whether you are looking for a home or an investment property, we've got you covered.
We follow a proven process to maximize your investment and ensure you make the right decision based on your budget. Connect with us today to learn what we can do for you.
