New Construction Homes in Florida

About Florida

Florida is located between the Atlantic Ocean and the Gulf of Mexico and boasts some of the world’s most beautiful beaches and attractions. Also known as the Sunshine State, Florida enjoys 237 days of sunshine on average each year. Its warm weather and affordable cost of living make it a great place for retirees and families alike. Florida has experienced strong population growth over recent years and even led the country in net migration a few years ago. Its population is currently 21.8 million, making it the third most populous state in the nation. Florida comprises several major cities, including Jacksonville, Miami, Orlando, and Tampa. Its economy is the fourth-largest in the United States, with tourism being a major driver. Other major industries include aerospace and aviation, agriculture, life sciences, manufacturing, technology, and finance.

Florida Real Estate Markets

Housing in Florida

Although Florida’s overall cost of living is slightly higher than average for the United States, it is relatively low compared to other coastal states such as California. To begin with, living in Florida means you will pay no state income tax. If you relocate to Florida from a state with a high-income tax rate, this could save you up to 13%. Housing is a key driver of the cost of living, and in Florida, this varies widely. Jacksonville is one of the most affordable coastal cities in Florida and the United States, and Miami is the most expensive.

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Real Estate in Florida

The Florida real estate market is booming. Florida home values increased by 81% in the last five years, and due to rapid population growth and the recent buying frenzy, there is a shortage of available inventory. Rising interest rates have slowed the market down slightly in recent months, but it is still a sellers’ market. Analysts are closely watching the Florida market to see how significant the effect of the increased mortgage rates will be in 2023. Experts are not predicting a crash for the Florida real estate market but, instead, a significant slowdown with a soft landing.

Most Recent Homes in Florida

New Construction Market in Florida

The new construction market in Florida has been on an upward trend in recent years, and this trend is projected to continue for the foreseeable future. Prices for new homes vary considerably between cities. A new construction home that might cost you $200,000 in one of Florida’s less expensive cities could cost you over $1 million in another. Proximity to the coastline and other natural attractions play a significant role in determining house prices; however, prices can vary significantly between neighborhoods within one city. With over 300 new home communities, Orlando has the widest selection of options. Orlando is ideal for anyone looking for a family-friendly lifestyle near the beach. The Jacksonville metro area is another great option for enjoying the Floridian lifestyle at an affordable price. The Tampa-St. Petersburg area is a beautiful and popular place to live, with 400 diverse neighborhoods to choose from.