The Florida real estate market is poised for a slow but steady growth in 2024, according to experts at the annual Florida Real Estate Trends Summit. Despite concerns about high property insurance prices and inflation, the market is expected to stabilize as interest rates flatten and consumers adjust to the new normal in prices and rates.
Key takeaways from the summit include:
- Florida saw almost $200 billion in closed sales in 2023, indicating a resilient market.
- Mortgage interest rates have likely peaked, with a possibility of the Fed cutting rates in the coming months.
- Florida's strong economy, bolstered by a robust labor market and steady population growth, is well-positioned to weather any national economic slowdown.
- While residential real estate is expected to remain stable, commercial real estate may face challenges due to tighter lending and the ongoing effects of the "work from home" transition.
Overall, the outlook for Florida's real estate market in 2024 is positive, with experts predicting a slowdown in economic growth but not a full-blown recession. As the market continues to adapt to changing conditions, it remains a strong and attractive option for buyers and investors alike.
Source: floridarealtors.org
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