Floridian Residential Real Estate - Statistics & Facts

Published by Jennifer Rudden, Feb 15, 2019
Florida is the third most populous state in the United States, and as a result has a thriving residential real estate market. It is home to several bustling metropolises, such as Miami, Tampa, and Jacksonville, as well as an abundance of natural beauty. There are extensive marshlands as well as pristine beaches with white sand and warm waters. The median value of homes sold in Florida was about 224,600 U.S. dollars as of June 2018, while certain metropolitan areas such as Key West and Naples had median home values much higher than the state average. Miami is especially popular with transplants from other states, with 22 percent of new residents migrating from New York City.

There is a great deal of foreign investment in the Floridian housing market, with foreign buyers purchasing over 24 billion U.S. dollars worth of residential property in 2017. In that year, 38 percent of foreign buyers in Florida bought residential property in order to rent it out, while 23 percent intended to make the home their primary residence. Condominiums were the most popular kind of home purchased by foreign buyers.

Miami Beach, Florida is one of the most famous and popular beach communities in the United States. A two bedroom house in Miami Beach cost around 555 thousand U.S. dollars in the fourth quarter of 2018. A condominium of with the same number of bedroomscost about 426 thousand U.S. dollars. In 2017, the most expensive neighborhood of Miami for luxury residential property was South Miami Beach, where haut de gamme properties cost nearly 2,000 U.S. dollars per square foot.

Rental property is also a major part of the Floridian residential property market, with cities such as Fort Lauderdale generating about 2,770 U.S. dollars on average per traditional rental unit. West Palm Beach is one of the most profitable towns for rental property in Florida, with a capitalization rate for long-term rentals properties of eight percent. As a state known for being sunny and warm year round, it is unsurprising that about 50 percent of rental apartments in Miami come with a swimming pool.

Interesting statistics

In the following 4 chapters, you will quickly find the 20 most important statistics relating to "Residential real estate in Florida".

Residential real estate in Florida

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Important key figures

The most important key figures provide you with a compact summary of the topic of "Residential real estate in Florida" and take you straight to the corresponding statistics.

Foreign buyers

Home prices

Rental market

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