May 22, 2024
Florida home values have more than doubled in the past decade

Florida Trend Real Estate

Florida home values have more than doubled in the past decade

| 4/22/2024

Florida home values have more than doubled in the past decade

Home values have increased in every American state since 2013, according to a study from Architecture Lab. However, Florida is one of the states where values have increased the most dramatically. Using data from the Zillow Home Value Index, Architecture Lab ranked every U.S. state based on the difference between average home values in 2013 and 2023. Florida ranked No. 2: A decade ago, the average home was valued at $144,464. Last year, however, that value had jumped 164% to $381,922. More from South Florida Agent Magazine and the Business Observer.

7 in 10 Florida homeowners affected by insurance changes

These new numbers in a report from online relator Redfin may not come as a surprise to many. The report said 70.3% of Florida homeowners have been affected by rising homeowners insurance costs, well ahead of the nationwide figure of 44.6%. "I would think that 70% seems low," Gregory Buck, from National Risk Experts in Palm Beach Gardens, said. More from WPTV, Insurance Jounral, and WFTS.

See also:
» More than 25% of Florida homeowners worry their carrier will pull coverage

5 places in Florida where home prices are still cheap

Florida has long been known as a popular retirement destination, offering warm weather, beautiful beaches and relatively affordable housing. Home prices have risen substantially in recent years, especially in popular coastal cities like Miami, when compared to the national average. But there are still pockets across the state where real estate remains relatively cheap. [Source: Yahoo News]

Opinion: The case for expanding housing vouchers

Florida’s housing affordability crisis casts long shadows over the dreams of countless Floridians. As we grapple with soaring prices and the evaporation of the homeownership dream for the average citizen, it’s evident that addressing this crisis requires more than piecemeal solutions or incremental adjustments. We need a paradigm shift, an innovative approach akin to starting with a blank sheet of paper. [Source: South Florida Sun-Sentinel]

Florida’s ban on Chinese homebuying to get appeals court hearing

A Florida law banning citizens of China and six other countries from buying real estate revives a 100-year-old, discredited legal precedent that unconstitutionally discriminates against Asian immigrants, civil rights groups say. A challenge to the law, (SB 264) is set to go before a panel of the US Court of Appeals for the Eleventh Circuit in Miami, offering the biggest legal test so far for a torrent of state laws restricting land ownership by foreign individuals or entities. [Source: Bloomberg Law]

STAT OF THE WEEK
15%
Housing costs are rising. Sales aren’t. Prices for single-family homes in the Miami area are now at an all-time high, according to March data. But the number of deals in Miami-Dade and Broward dropped 15% from a year ago. [Source: Miami Herald]

ALSO TRENDING:

› Real estate is driving Tampa Bay’s economy
It’s no secret that real estate dominates the Florida economy. In Tampa Bay, that industry is the largest contributor to economic output, accounting for 17% of the region’s gross domestic product, according to data analyzed by the University of North Carolina Chapel Hill’s Kenan Institute in collaboration with Fifth Third Bank.

› South Florida home prices are rising, but experts see market correction
South Florida’s housing market, like many others across the United States, is plagued by persistently high home costs, so much so that renting may be slightly advantageous. But based on data in new market reports, real estate experts expect the housing market may experience a correction, which is when home prices may experience a decline, typically after a period of growth. “The correction could literally be just the appreciation rate will slow significantly,” said Ken H. Johnson, a real estate economist at FAU’s College of Business.

› Ground broken on new affordable housing community in Orlando
Work is beginning on a community that’s designed to address Central Florida’s affordable housing crisis. During a ceremony on Tuesday, officials broke ground at the future site of 52 at Park Apartments. “Affordable housing is our biggest need here in Central Florida,” Mayor Buddy Dyer said. “We need housing at every level. We’re in a housing deficit, but especially at the lower ends of the scale.”

› Upcoming Daytona Beach housing fair to offer tips, resources for first-time homebuyers
Despite rising prices and higher mortgage rates, there is still hope for those interested in becoming first-time home buyers. A free housing fair will be held later this month to provide information on how to achieve the dream of homeownership. "It's still possible for people to purchase a home," said Lucy Stewart Desmore, a Realtor and broker associate with NextHome at the Beach in Port Orange.

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