Signs Point to Florida Having a Strong Moving Season
The Southeast Florida market is becoming more balanced, and all signs point to the entire State of Florida benefiting from more housing options during the Spring and Summer seasons. BeachesMLS reports that the monthly supply of inventory has increased year-over-year in Palm Beach and St. Lucie Counties to 4.4 months and in Broward County to 4.0 months.
There is also an explosion of new construction all across South Florida, with residential homes quickly popping up in suburban areas and condos and apartments opening doors across the coastline and metro areas
Florida is not the only state reaping these benefits. Texas will also capitalize during these seasons, offering more affordability to homebuyers. "Three of the four markets rated a "buyer's market" were in Florida, while four of the seven "neutral markets" were in Florida (one) and Texas (three)," Inman News reports.
"In 2023, the real gross domestic product (GDP) of Florida was about 1.28 trillion U.S. dollars. This is an increase from the previous year, when the state's GDP stood at around 1.22 trillion U.S. dollars," from Statistia.com.
Florida's population growth has been rising for years, and it has no intention of slowing down due to the strong state economy and the attraction of businesses to lay down roots. The Florida Chamber Foundation forecasted another "225,000-275,000 new Floridians in its economic predictions for 2024."
Florida's market conditions are looking favorable as the moving season quickly approaches. The Sunshine State continues to thrive, and the Spring and Summer seasons will undoubtedly continue to be fruitful.
By BeachesMLS Staff
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Source: Inman News, Statistia, and Florida Chamber of Commerce
