Home Prices Are Expected to Rise the Most in These Florida Cities

Florida is one of the most popular and fastest-growing states in the U.S., attracting millions of people every year with its sunny weather, sandy beaches, and diverse culture. The Florida housing market has been on a tear in recent years, with home prices skyrocketing across the state. But which cities are expected to see the most appreciation in 2024? Here are some of the Florida cities with the fastest-growing home prices, according to various sources.

Ocala

Ocala is a city in central Florida, known for its horse farms, natural springs, and historic downtown. Ocala was ranked as the #1 city in the country for inbound moves in 2022, with a 57.1% inbound move rate, according to the National Association of Realtors. The city also boasts a low median home price of $229,900, making it an affordable option for buyers. Zillow predicts that Ocala’s home values will increase by 12.9% in the next year, making it one of the hottest markets in Florida .

Tallahassee

Tallahassee is the capital city of Florida, and the home of Florida State University and Florida A&M University. The city has a vibrant and diverse community, with a rich cultural and political scene. Tallahassee was ranked as the #2 city in the country for inbound moves in 2022, with a 56.6% inbound move rate, according to the National Association of Realtors. The city also has a relatively low median home price of $250,000, making it attractive for buyers. Zillow forecasts that Tallahassee’s home values will rise by 10.8% in the next year, making it one of the most appreciating markets in Florida.

Sarasota

Sarasota is a city on the Gulf Coast of Florida, known for its white-sand beaches, arts and culture, and luxury lifestyle. Sarasota was ranked as the #5 city in the country for inbound moves between July and September 2023, with a 3,700 net inflow, according to Redfin. The city also has a high median home price of $475,000, reflecting its desirability and demand. Zillow estimates that Sarasota’s home values will grow by 9.9% in the next year, making it one of the most valuable markets in Florida.

Orlando

Orlando is a city in central Florida, famous for its theme parks, entertainment, and tourism. Orlando was ranked as the #3 city in the country for inbound moves between July and September 2023, with a 4,000 net inflow, according to Redfin. The city also has a moderate median home price of $325,000, making it accessible for buyers. Zillow projects that Orlando’s home values will increase by 9.8% in the next year, making it one of the most dynamic markets in Florida.

Cape Coral

Cape Coral is a city on the southwest coast of Florida, known for its canals, waterfront properties, and boating. Cape Coral was ranked as the #7 city in the country for inbound moves between July and September 2023, with a 3,300 net inflow, according to Redfin. The city also has a reasonable median home price of $300,000, making it appealing for buyers. Zillow anticipates that Cape Coral’s home values will rise by 9.7% in the next year, making it one of the most promising markets in Florida.

Conclusion

Florida is a state with a strong and diverse housing market, offering a range of options for buyers and sellers. While the state as a whole is expected to see a positive outlook for 2024, some cities are projected to outperform others in terms of home price appreciation. Based on various sources, some of the Florida cities with the fastest-growing home prices in 2024 are Ocala, Tallahassee, Sarasota, Orlando, and Cape Coral. These cities are likely to attract more buyers and investors, as they offer a combination of affordability, desirability, and potential. However, buyers should also be aware of the challenges and risks that come with a hot market, such as limited inventory, rising interest rates, and inflation. Therefore, buyers should do their research, consult with professionals, and act quickly to secure their dream home in Florida.

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