Florida Housing Market Vitality

Market Rank

five

Florida metro area house prices are forecasted to outperform the national market over the next twelve months. Currently, the market is outperforming the overall U.S. market. Compared to 12-months ago, Florida’s housing market has strengthened. Current local economic conditions support an estimated 29.4% increase in house prices over the next twelve months. Based on the housing market vitality of the twenty-four metro housing markets which comprise it, Florida’s housing market ranks fifth amongst all states and D.C. The three-month outlook is positive.

Housing Market Vitality

Housing Market Vitality summarizes the impact of economic conditions on house prices. A value of 100 corresponds to conditions supporting current price appreciation; values less than 100 correspond to a dampening effect and values greater than 100 indicate a positive impact on house prices. A housing market vitality value can be interpreted as a growth rate. Hence, a reading of 105.8 can be interpreted as a 5.8% annualized increase in house prices.

Florida Metro Housing Markets

Florida is comprised of twenty-four metro housing markets that account for nearly 96% of the state’s population. The Sunshine State metro housing markets are unique in their demographics and local economies and exhibit trends that are distinct from the national and state narrative. Each metro market presents its own unique opportunity.

METRO AREASITUATIONOUTLOOKUS METRO RANK (/402)
Cape Coral-Fort Myers, FL Outperforming Positive7
Crestview-Fort Walton Beach-Destin, FL Outperforming Positive49
Deltona-Daytona Beach-Ormond Beach, FL Outperforming Positive25
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL Outperforming Positive61
Gainesville, FL Outperforming Negative118
Homosassa Springs, FL Outperforming Positive24
Jacksonville, FL Outperforming Positive41
Lakeland-Winter Haven, FL Outperforming Positive44
Miami-Miami Beach-Kendall, FL Outperforming Positive69
Naples-Immokalee-Marco Island, FL Outperforming Positive4
North Port-Sarasota-Bradenton, FL Outperforming Positive5
Ocala, FL Outperforming Positive26
Orlando-Kissimmee-Sanford, FL Outperforming Positive65
Palm Bay-Melbourne-Titusville, FL Outperforming Positive20
Panama City, FL Tracking Negative145
Pensacola-Ferry Pass-Brent, FL Outperforming Positive50
Port St. Lucie, FL Outperforming Positive12
Punta Gorda, FL Outperforming Positive2
Sebastian-Vero Beach, FL Outperforming Positive37
Sebring, FL Outperforming Positive38
Tallahassee, FL Underperforming Negative199
Tampa-St. Petersburg-Clearwater, FL Outperforming Positive17
The Villages, FL Tracking Positive88
West Palm Beach-Boca Raton-Delray Beach, FL Outperforming Positive28

Industry Specialization

Florida’s state economy is specialized in Construction, Other svcs, and Pro Bus svcs. Mining, Manufacturing, and Information industry sectors are less important to the state economy compared to the national economy.

Industry specialization helps explain the differing impact of industry trends on local economies in contrast to industry composition which describes the structure of the economy. A Specialization Index value greater than 100 corresponds to the sector having a greater share of the state economy than it does of the national economy. Sectors with a Specialization Index greater than 120 characterize the local economy.

Demographics

Compared to the U.S., there is a higher incidence of poverty amongst Florida residents and they have less purchasing power. There are more high school graduates and a smaller proportion of the population is college educated. Florida’s population is comparatively less diverse than the overall U.S. population.

A Demographics Index value greater than 100 corresponds to the factor being more intense in the state versus the national average. Characteristics of the local population is a longer-term factor that influences the housing market.

Updated July 02, 2022 with data through May 2022