What is Florida's Real Estate Market Going to Look Like in 2016?
Analysts believe that Florida is primed to become one of the hottest real estate markets in the country. Due to it's rising demands, positive gains, and really good fundamentals/positive momentum, Florida has the potential to become one of the best markets in the nation. In 2015, the Florida real estate market had a strong finish by the end of the year and it looks as if though 2016 has the potential to be just as strong, if not stronger.Â
Due to tight inventory, we are currently experiencing a market with not enough homes to sell. Also, construction of new homes is lagging behind a bit, which also contributes to the pressure being applied to the existing home supply (and prices). This situation is also causing rents to rise rapidly and rents are rising at a rate faster than prices.
The forecast for the Florida market in 2016 is a steady appreciation of prices at 3%; existing home sales will grow 3% to 5.4 million. If these numbers turn out to be accurate, it could be a very promising year for the Florida real estate market.Â
