Andrew Shader is looking at the hard numbers to see which parts of Florida are seeing the biggest increases in home prices.
FORT LAUDERDALE, FLORIDA, UNITED STATES, June 8, 2022 /EINPresswire.com/ — Prospective homebuyers know that the prices of the houses on the market seem to be consistently on the rise across the country, but they may not know that homes in Florida are seeing some of the highest jumps in price. Andrew Shader has surveyed the market and notes that four cities in Florida are seeing the biggest increases. Some even rank nationally for their price increases.
One of the key measures when talking about home appreciation is the S&P CoreLogic Case-Shiller U.S. National Home Price Index. This index keeps tabs on the home prices across 20 major cities in the United States, and it had some surprising finds for Floridians.
Tampa ranked number two on the index with the most increases seen year over year. This city had a 29.4% increase and was closely followed by Miami, which saw an astounding 27.3% increase.
Shader points out that this S&P index does not track every city in the state of Florida. Some parts of the state may see median home prices increase even more than these major cities. It should come as no surprise that homes are highly sought after in other parts of the Sunshine State like Palm Beach County and Daytona Beach.
For example, Palm Beach County had an impressive jump in median home prices, up 22% in 2022. Daytona Beach was close behind with a 19.7% increase in the average home price in the same period. This may not be good news for prospective homebuyers desperate to move to these areas.
Despite price increases in areas like Tampa and Miami, other parts of Florida remain affordable. Lower-priced homes are available in Fort Lauderdale and Jacksonville. However, Shader notes that these areas may see more financial struggles than the areas of the state with flourishing home prices and a competitive housing market.
Homebuyers shopping in areas like Tampa and Miami may need to prepare their budgets for higher price tags. These prices impact what buyers can afford and make it more likely that they’ll need to put their purchase on the back burner until prices drop.
On the other hand, they may consider areas that have financial struggles and lower home prices to get themselves into the market affordably.
About Andrew Shader
Andrew Shader has a background in the insurance industry and has held positions ranging from office manager to CFO. Currently, he works as a real estate investor and developer, specializing in value-added properties. He seeks to increase property value by as much as 60% without relying on future appreciation.
Shader has been in the real estate industry since 2016 and continues to work on growing his portfolio.
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This news story originally appeared at Real Estate - Trend Magazine on 18 June 2022