With half of 2021 now left behind, Florida home buying trends are surpassing records from the past year. According to Redfin, the Sunshine State has seen a significant increase in out-of-state home buyers across multiple areas.
Collecting statistics from July, Redfin quoted Miami, Tampa, and Cape Coral as some of the hottest areas for home buyers. From these areas, Miami witnessed triple the amount of out-of-state homebuyers in July 2021 as compared to a year ago.
Florida Real Estate Trends Show a Massive Increase
As one of the most popular real estate platforms in the US, Redfin’s data holds significant weight in the sector. The latest in-migration trends from the company show that 7,610 individuals purchased a home in Miami in July 2021. In comparison, this statistic stood at 2,216 of out-of-state home buyers in July 2020.
The other two top areas paint the same picture in terms of Florida home buying trends. For instance, Tampa noted its July 2021 net inflows top 4,315, as compared to 2,778 in July 2020. Similarly, Cape Coral recorded its July 2021 net inflows reached 3,109, in comparison to 1,790 in July 2020.
The in-migration came from all over the US and spanned across multiple regions from the country. Some of the out-migration areas included but are not limited to San Francisco, New York, and Pittsburgh.
The Sunshine State’s Living Conditions Are a Big Draw
With spectacular sunshine and warm weather, Florida’s coastal areas are the perfect escape for those moving out of colder regions. This especially holds true for older adults, who want to enjoy warmer temperatures as they approach their later years.
Another factor that feeds into the Florida real estate trends includes the recreational areas across the state. With many tourist attractions to enjoy, many homebuyers look at the region as the perfect environment to raise a family.
But that’s not all. Those who are focused on wealth management also perceive Florida as their ideal home state. With no state income tax, the state creates a major draw for such an audience, even when they want high-maintenance housing.
When put together, these conditions make Florida the ideal state for many families that are looking for their dream home. As a result, the state has recently seen a boom from all over the country.
Affordability Factors Further Boost Buying Trends
Some of the largest outflows to Florida were from expensive living areas such as Los Angeles and Washington D.C. This outlines that Florida home buying trends are also fueled by costs of living.
This phenomenon is further boosted by the increase of work from home opportunities. With this flexibility at hand, some home buyers don’t have to keep living in expensive cities anymore. In turn, they are able to choose comparatively more affordable places in the Sunshine State instead.
Florida also has a variety of housing units available in its diverse inventory. This makes it quite the catch for those looking for a better lifestyle without compromising on housing.
According to Zillow, the typical home value in Florida has already increased by 18 percent as compared to last year. As the state continues to thrive under the attention, the next few months for Florida real estate trends remain unpredictable. However, if the buyer movement continues at the same pace, a shortage of inventory may increase the prices further.
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