Florida Real Estate Predictions for 2024

If the pandemic taught us anything it’s that there’s no way to predict the future. Not only did we not see it coming, most of us never dreamed it would initially have a POSITIVE effect on the economy. Real estate experts and economists looking into their crystal balls see the following future for Florida real estate. Here are the Florida real estate predictions for 2024.

Prediction 1: A strong housing market will be driven by population and business growth.

“We are back to a pre-pandemic normal pattern of sales,” says Dr. Brad O’Connor, Ph.D., chief economist, Florida Realtors®. Inventory is increasing which is slowing price growth. Even so, it will still be a sellers market.

Prediction 2: 817 people will move to Florida per day beginning in April 2024

per the National Demographic Estimating Conference. O’Connor feels Florida is still a top choice for remote workers and still more affordable than the Northeast and West Coast. All of the largest metro areas in Florida are expected to grow by 10% or more, but Orlando and Southwest Florida may see 20% growth, predicts Ken H. Johnson, associate dean of graduate programs, College of Business, Florida Atlantic University in Boca Raton. He also predicts that businesses will move to Florida and bring jobs with them, further strengthening both the residential and commercial sectors.

Prediction 3: New single and multi-family home builds will be well below demand.

Johnson has observed that “we are having trouble building homes fast enough.” Still, there are a number of new-construction communities going up in the “exurbs” of Orlando where buyers can get more bang for their buck.

Prediction 4: Pricing is not likely to come down because of availability

says Logan Mohtashami, lead analyst for HousingWire. Cash sales will be common because of higher interest rates, but experts predict that interest rates will come down steadily throughout 2024. The question is, will they help or hurt the economy?

Disclaimer: fortune telling is for entertainment purposes only. Let’s revisit this article in December 2024 and see if the Florida real estate predictions for 2024 came true.

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Sources: Florida Association of Realtors®; Investor’s Business Daily