Real estate is a seller’s market right now – this makes the demand for housing rise, resulting in new builds increase in popularity. With plenty of areas across the country rezoning and allowing for increased space for new homes to pop up, people looking for a change of scenery can find incredible opportunities. As the Florida real estate market follows the same trend as much of the rest of the country, where are the hottest markets? Let’s explore the three areas in Florida that are seeing a fastest growth in new-build homes.
Hottest Florida Real Estate Markets
Fort Lauderdale – While in previous decades the Fort Lauderdale real estate market had run cold, since 2010, the city and surrounding area has seen a marked growth in job opportunities and quality of life. These factors feed into a hot market for existing home sales and new builds alike. In 2018 the area market jumped 29 ranks in the PWC Consulting Firm’s markets to watch list, from 35 to 6. This growth has largely been fueled by young professionals joining the growing medical industry and attempting to avoid the city of Miami. Many of the new homes being built in the Fort Lauderdale area are multi-family and designed for renting or resale as condos.
Tampa Bay – The city of Tampa alone saw a near 3% growth in housing stock added through the year of 2019. This is being fueled by similar demands as the Fort Lauderdale growth – young professionals who are seeking more affordable options than major metropolitan areas with less opportunity for new housing. The overall growth in the city of Tampa is displayed by a 1.9% growth in population in 2019, which is more than 3 times the average growth of the rest of the country. In the surrounding area, Tampa Bay has seen growth by way of retirees seeking the amenities of a city without the crowded downtown centers of other Florida metros. With nearby gems with property availability such as Clearwater and Port Richey, the Tampa area is primed for new growth.
Miami – While the more-quaint setting of Fort Lauderdale is charming to many developers, the mythical city of Miami stays the hottest market for development in the state of Florida. The city faces constant growth across multiple demographics, meaning that developments from single-family to multi-unit are in constant demand. Housing stock increased over 5% in 2019, with more than 16,000 new apartments still under construction into the 2020 year. Much of the demand is fueled by developers avoiding similar cities like Los Angeles and New York, which recently passed more strict rent-control measures.
The real estate market in Florida is one of the fastest growing in the country, being coveted for incredible weather and market-friendly regulations. While many areas are seeing a higher demand for multi-unit builds, metros across the state are zoned for development of all sizes. Unlike older cities with less room for development, Florida hosts multiple smaller cities with plenty of space and similar levels of demand.
Looking to invest in the opportunities that Florida offers? Consider EMCAP your ultimate funding utility – contact us to find out how we can help you build your new Florida home!