Not that long ago the State of Florida was considered a fairly affordable place to live with fairly low cost of living expenses and moderate housing prices. Over the past three decades and rapidly accelerating within the most recent years, cost of living expenses have rapidly increased and home prices have risen to record levels.
During the first quarter 2022, most metro areas throughout the state have experienced double-digit median home price growth. Based on information provided by the FloridaRealtors, the first quarter 2022 median home price for single family homes in the state of Florida was reported to be $385,000, a year-over-year increase of 21.3%. For the same period, the median sale price for condominiums and townhomes increased by 25.3% to $295,000.
Since prices are becoming unaffordable for the average home purchaser in many of the larger metro areas like South Florida, could first time and move-up home buyers still find value among the smaller to mid-sized counties?
The short answer is yes – there are several cities and counties in Florida that are still considered affordable.
After a comprehensive review of all the metro areas within Florida, there are a number of location which are reporting fairly reasonable median home prices. Most of the locations are metropolitan statistical areas (MSAs) that are small to medium sized. However, condominium / townhouse purchasers can still find value in the greater Orlando and metro Tampa Bay area.
Top 10 Most Affordable Florida Housing Markets – Single Family Homes (1Q 2022)
The median sale price is one of the preferred statistical methods for measuring price activity as it is not as sensitive of extraordinary high or low sale prices (that are not typical of a particular market area) which can easily skew the values.
Following are the Top 10 most affordable housing markets in the State of Florida for single-family homes ranked by median sale price (as of the 1Q 2022).
- Panama City MSA: $338,450
- Palm Bay – Melbourne – Titusville MSA: $333,750
- Deltona – Daytona Beach – Ormond Beach: $330,000
- Lakeland – Winter Haven MSA: $320,000
- Pensacola – Ferry Pass – Brent MSA: $315,450
- Gainesville MSA: $310,000
- Tallahassee MSA: $296,500
- Ocala MSA: $267,360
- Homoassa Springs MSA: $267,950
- Sebring MSA: $241,250
- Source: FloridaRealtors.org
Top 10 Most Affordable Florida Housing Markets – Townhouses & Condominiums (1Q 2022)
Following are the Top 10 most affordable housing markets in the State of Florida for townhomes & condominiums ranked by median sale price (as of the 1Q 2022).
- Tampa – St. Petersburg – Clearwater MSA: $260,000
- Jacksonville MSA: $251,980
- Lakeland – Winter Haven MSA: $238,150
- Orlando – Kissimmee – Sanford MSA: $250,000
- Sebastian – Vero Beach: $235,000
- Gainesville MSA: $155,000
- Tallahassee MSA: $144,750
- Ocala MSA: $178,250
- Homosassa Springs MSA: $186,000
- Sebring MSA: $141,000
- Source: FloridaRealtors.org
Are you thinking of selling?
Based on the year-end 2021 data, the current state of the market is highly favorable for seller. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, not may be the perfect time to do so.
Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide. We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.
The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted. All information, content, and materials available on this site are for general informational purposes only.