The rest of the country’s real estate market has chilled after a long run of insane prices. But that doesn’t include the Tampa Bay area. Why is that?
In fact, most of Florida‘s housing values continue to rise every single month. According to Zillow, the rest of the United States has cooled off, remaining nearly flat across the board. But Florida is the exception, with prices going up yet again.
How much? Across the rest of the country, real estate prices jumped about 0.1% over the last year, while Florida property leap-frogged those numbers with a 21% rise in values. In fact, the four largest jumps in real estate value across the U.S. occurred right here in Florida. Miami went up by 23%, Tampa rose 21%, Orlando rose by 20% and Jacksonville rose by just under 20%.
Accompanying the hot prices, however, are high mortgage rates. That one factor has kept a lot of buyers from taking the plunge recently. That’s why it’s been a bit easier to find and negotiate for a home lately. By comparison, mortgage payments have risen form about 27% of household income to almost 38% in the last year. That means that while sales have slowed, the prices have failed to fall. Florida remains among the hottest real estate markets on Earth. The average sale price of a home in the Bay area now stands at $400,000, which is a stunning 72% increase in value since 2019. For those who are waiting out a red-hot housing market, it’s expensive. Rent continues to be daunting, with the average monthly cost coming in at $2,145 a month. That’s a 10% increase in the last year.
The Fed’s recent moves can be attributed to the slowdown in housing prices across America, as financing becomes more expensive and taxes rise. Recent economic indicators point toward a possible cooling of runaway inflation, which cool mean more people getting back into the market and buying more properties here in the Sunshine State. Source: WFLA.com
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