Florida’s housing market has been on the rise since early 2017 and looks to continue its upward momentum into 2018. Real estate sales were up and healthy throughout 2017, and let’s not forget that the median home prices increased about 10% overall in comparison to 2016.
According to the Bureau of Labor Statistics, Florida ended 2017 with an approximate 3.6% decrease in its unemployment rate. We believe that this correlates directly to the increase in home sales. This is causing a shortage in resale homes which in turn, is driving up the home prices due to supply and demand in an ever-growing market. With areas of Southwest Florida being in the hottest real estate market we should see the housing market continue to stay strong throughout 2018.
As we all know, Florida is one of the more desirable states in the United States. When people think of Florida, they always imagine sunshine and beaches, but with the job growth that we’ve been experiencing, there’s little for error when questioning why people want to move here. But let’s get back to the real estate market here. Most current home owners are not moving out of state which results in a population growth. This just means that as the demand goes up, so will prices in homes. Because of this trend we will continue to see more new home construction to fulfill the ever-increasing housing demands. Respectively, this will add to the continuing growth of jobs and allow for an on-going healthy market for the 2018 forecast. Homeowners can expect to see their real estate investments continue to increase, and at the very least stay stable throughout 2018.
So, if you’ve considered purchasing a home or property in Florida, now is the time to act and when it comes time for a title and escrow company that you can rely on, remember Siesta Title & Escrow!