Will home prices in Florida increase in the next year? There are a lot of people wondering if they should sell now or wait. Market trends were up for so many years that home sellers fear a big correction coming soon. Especially with mortgage rates as high as 7%.
But before you decide whether 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
Just like real estate markets across the country, home prices in Florida saw declines in 2022. There was a big influx of people moving to the state during COVID and the following months. Because of this, prices have continued to increase, unlike other states.
However, the number of homes sold is down 26.1% this year compared to last. And supply is also down by 20.7%. Homes sold at a reduced price grew to 32.4% and the overall cost of living is increasing with inflation.
That said, Florida may be one of the stronger housing markets next year. Experts are not forecasting a decline in prices yet.
You can likely expect:
- Florida will remain a buyers market in 2023
- Interest rates will remain high
- Possible economic recession could somewhat tamp demand
In specific Florida markets like Jacksonville, the outlook for next year projects a negative trend. Although it’s less severe than in other states. Demand will go down and there will be an overall bearish market. This could be motivation for homeowners in Jacksonville to sell sooner rather than later.
Get Your Home Sold, No Matter What the Market Does
Home sellers who feel concerned about the outlook for home prices in Florida may decide to sell now. If you think you need to put a property on the market, it may be better to list now rather than wait.
If you need to get your home sold fast and for the best price, call Your Home Sold Guaranteed Realty – The Phil Aitken Home Team. Even if the market tightens, you can count on the best realtor in Jacksonville to sell your home. [link to best realtor page]
We’re even willing to guarantee the sale. If we’re not able to sell your home, we’ll buy it back ourselves. This exclusive, written guarantee is available with our Guaranteed Sale Program. Don’t spend too much time worrying about home prices in Florida. If you need to sell your home fast, give us a call at (904) 544-5252. You can also use the form below and we’ll be in touch.