Are you ready to begin investing in real estate in Florida in 2019? Whether you're beginning as an investor or looking to grow your portfolio, there are a few key areas worth exploring. Find out the top five cities experiencing market growth that investors should watch in the Sunshine State this year.
Investing in real estate can be a great way to earn a supplemental income and eventually work for yourself. If you're interested in investing in Florida properties this year, you'll be happy to hear that the market is hot, favoring sellers and landlords. Whether you're looking to flip properties or rent, 2019 is a great year for investors.
To ensure you're at lower risk of a bad investment, it's important to search for the top places in Florida that are experiencing a healthy market. This year, there are a few key cities investors should pay attention to because they're experiencing job and population growth, as well as home value increases.
Let's review the top five best cities in the Sunshine State to invest in this year.
This magical city is home to Walt Disney World, Epcot, Universal Studios, and plenty of other tourist attractions. Dubbed both “The City Beautiful” and the “Theme Park Capital of the World”, this major U.S. city is a great place to call home.
Orlando has seen a 15.3% increase in population since 2010, a 3.9% increase in the number of jobs, and has an unemployment rate of 2.9% (well under the U.S. average of 3.9%). In addition, the number of jobs is predicted to grow by 51% over the next ten years, well over the country's average prediction of 33.5%.
According to data from Zillow, right now, the median home value in this city is $241,200, an increase of 6.7% over the past year. Home values are also predicted to continue rising by 2.8%. Average listing prices are $289,000 and average closing prices are $247,500, both over average home values. Rent prices have also risen, with the average renter in Orlando paying $1600.
Investors interested in Orlando should look to buy property in the city's top neighborhoods. This includes Rose Isle, Rowena Gardens, Uptown, Park Lake/Highland, and Audubon Park.
Florida's state capital is one of the state's most desirable places to live, with plenty of cultural attractions, entertainment, and outdoor adventures to explore.
Tallahassee's population has been continuing to increase, with a 6.6% increase reported since 2010. Additionally, the city has seen a 2% increase in the number of jobs over the past year, with a 37.9% growth increase expected over the next ten years (higher than the U.S. average). Tallahassee also has a low unemployment rate of 3.6%.
Currently, the real estate market in Tallahassee is very hot, favoring sellers and property owners. Median home values have increased by 6.9% over the past year to $183,400 and are expected to increase by another 2.8% over the next 12 months. The average price of homes listed sits at $225,000 and the median price of sold homes is $189,100. Rent has also gone up to an average of $1,100.
Those looking to invest in Tallahassee should look for property in the top-rated neighborhoods. This includes Northeast Tallahassee, Midtown, Levy Park, Southwood, and Betton Hills.
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This gorgeous Florida city is a mecca for businesses, cultural attractions, and entertainment. With outdoor attractions like swimming and surfing in high demand, this idyllic Florida city has the best of city and beach life, all in one stunning package.
Jacksonville continues to see population increases, with a 6.8% increase since 2010. The job market has grown by 2.8% in the past year and is predicted to expand by another 44.4% over the next ten years. The unemployment rate is also below the U.S. average, clocking in at 3.5%.
The local real estate market in Jacksonville is hot right now, favoring sellers and property owners. The average home value is $177,500, 8% higher than last year. Home values are projected to increase by another 4.4% over the next year. The average listing price clocks in around $219,000, while rental prices average $1,295 overall and $1,450 in metro areas.
Hot Jacksonville neighborhoods investors should look into purchasing property in include Beach Haven, Bayard, Greenland, Deerwood, and Deercreek.
This picture-perfect waterfront city in Florida is a dream come true for most residents. Loaded with history, filled with entertainment, and boasting a vibrant downtown district, this beautiful beachside city is unlike any other.
While the population in Pensacola dipped down slightly over the last nine years, the job market has continued to experience growth, up 1.9% over the past year and predicted to continue growing by 42% over the next decade. The unemployment rate is also significantly low (much lower than the U.S. average) at 2.9%.
The real estate market in Pensacola is extremely hot right now with a home value increase of 10.5% over the past year, placing values around $145,800. Home values are expected to increase by another 6% over the next year, as well. The median listing price for homes is $229,000, while the median closing price is $165,400 (both over the home value average). Rent prices are also up at $1,050 on average and $1,195 in the metro area.
Neighborhoods investors should look into purchasing property within include Perdido Key, Bayou Boulevard, Gulf Beach Heights, Bohemia, and Pleasant Grove.
This massive city in Florida is well-known for sunshine and pleasant weather, all year round. It's a popular city for golfing, boating, fishing, and swimming, with several beaches and waterfront parks and museums.
St. Petersburg has seen a 4.2% increase in population over the past nine years and a job market increase of 2.3% over the past year. The number of jobs is expected to continue to grow by 42% over the next ten years, well over the U.S. average expectation. Unemployment rates are also low at 3.1%.
The real estate market in St. Petersburg is interesting right now since it's currently neutral. This means it doesn't favor buyers or sellers, which is good news for investors looking to find real estate at a fair price. While those looking to flip homes might be more at risk in St. Petersburg, strong rent prices (averaging $1,595) make investing in rental property a safe bet.
Top neighborhoods in St. Petersburg investors should explore include University Park, Eden Isles, Crescent Heights, Snell Isle, and Euclid/St. Paul.
It's important to research local markets before making any investment decisions in Florida. To minimize your risk, it's always recommended that investors team up with a local real estate agent.
Since agents have a good grasp on local markets and trends, they can help you make more strategic decisions. Agents can also help you find great investment properties quickly. Even before they hit the market.
Whether you're a first-time investor or simply looking to expand your portfolio, find out how a Clever Partner Agent can help you turn a profit.