Will home prices in Florida go up over the next year? There are many people considering whether or not they should sell now or wait for a better opportunity. Market trends were up for several years and home sellers are afraid of a significant correction coming soon, especially with mortgage rates as high as 7%.
However, before you choose to sell your home, you need facts and projections from real estate experts. This quick summary of the real estate market today and forecasts for 2023 will help you make your decision.
What’s on the Horizon for Home Prices in Florida
Similar to real estate markets across the country, home prices in Florida fell in 2022. There was a large influx of people moving to the state during the pandemic and the ensuing months. Because of this, prices have continued to go up, unlike other states.
But the number of homes sold was down 26.1% in 2022 compared to 2021, and supply was also down by 20.7%. Homes sold at a reduced price grew to 32.4% and the overall cost of living is going up with inflation.
With that said, Florida may be one of the more robust housing markets in 2023. Experts are not predicting a drop in prices yet.
You can potentially expect:
- Florida will remain a buyers market in 2023
- Interest rates will stay high
- Possible economic recession could somewhat tamp demand
In particular Florida markets such as Fort Myers, the outlook for 2023 projects a downward trend. Although it’s not as significant compared to other states. Demand will drop and there will be an overall bearish market. This could be a motivator for homeowners in Fort Myers to sell as soon as possible.
Get Your Home Sold, No Matter What the Market Does
Home sellers who are concerned about the future of home prices in Florida might choose to sell immediately. If you think you need to list a property, it may be better to put it on the market now rather than wait.
If you need to get your home sold quickly and for top dollar, call Your Home Sold Guaranteed Realty of Greater Florida. Even if the market gets tighter, you can count on the best realtor in Southwest Florida to sell your home.
Don’t spend too much time fretting about home prices in Florida. If you need to sell your home now, give us a call at 239-880-3563. You can also use the form below and we’ll be in touch.
