The homebuying market in 2024 is showing signs of stabilization after a few turbulent years, and Florida remains one of the hottest housing markets in the nation. Experts predict a modest increase in housing inventory, particularly in regions like Orlando, Tampa, and Jacksonville, where new construction is helping to balance supply and demand. However, highly desirable areas like Miami and Sarasota may still see limited inventory, keeping competition strong.
Florida’s home prices are expected to rise at a slower pace compared to the steep increases of recent years, which may provide some relief for first-time buyers. In cities such as Fort Lauderdale and St. Petersburg, price growth is likely to taper off, but affordability remains a challenge due to demand from both local buyers and out-of-state transplants.
Mortgage rates, projected to hover around 6-7%, are a key affordability factor. Buyers in Florida should factor in property taxes, homeowners insurance (especially in hurricane-prone areas), and homeowners association (HOA) fees, which are common in many communities.
Remote work continues to influence the Florida market, driving demand for homes in suburban and rural areas such as Ocala and Lakeland, where larger properties and a lower cost of living appeal to remote workers. Meanwhile, urban markets like Tampa and Miami are seeing a resurgence in demand as more people return to city living for cultural and economic opportunities.
Prospective Florida homebuyers should monitor local trends, explore incentives like first-time homebuyer programs, and act strategically, especially in competitive regions. Collaborating with a knowledgeable real estate agent familiar with Florida’s unique market dynamics can make a significant difference in securing the right property.
For more information about our first time homebuyer education program, please visit https://ocfcs.eventbrite.com and register for one of our upcoming classes.
Resources: https://www.floridarealtors.org/