Florida's housing market has been consistently in high demand, and there's a city that stands out among the rest: Lakeland. Not only does Lakeland offer a wide range of housing options, but it also boasts lower housing prices compared to some of the neighboring cities like Tampa and Orlando. Its affordable real estate prices allow you to find your dream home in the Sunshine State without spending all your savings.
There are many more positives about Lakeland's real estate market to explore, and we can learn from comparing it with the rest of Florida. Read on for a snapshot of each place's stats.
Lakeland Housing Market
With an average list price of $360,000, homes in Lakeland are relatively affordable. Moreover, the median list price has witnessed an upward trend, indicating that real estate investing in Lakeland can provide a solid opportunity for growth.
When it comes to selling, Lakeland homes fetch an average price of $319,000. This suggests that buyers can find valuable properties at reasonable prices, while real estate investors can potentially secure a favorable return.
The average number of days it takes a home to sell in Lakeland is about fifty-one, which is higher than the rest of the state.
Florida Real Estate Market Trends
In October 2023, the Florida real estate market experienced an overall increase in home prices, with a rise of three percent compared to the previous year. However, despite this price increase, there was a decrease in the number of homes sold.
One significant factor impacting this drop in sales is the increase in the number of homes available. Having more houses on the market creates more opportunities for buyers to find what they're looking for, but it also contributes to an increase in days-on-market averages. On average, Florida homes stay on the market for around twenty to forty days.
Based on current sales activity, experts project that it will take around three to four months to sell all the homes on the market. This range suggests that supply and demand for homes in Florida are fairly balanced, which extends to the homes for sale in Lakeland.
Tips for Homebuyers and Sellers in Lakeland
To delve into market conditions, consult reputable Lakeland real estate companies. These professionals possess invaluable knowledge, such as neighborhood-specific insights.
For those interested in investing in Lakeland real estate, it's important to consider factors beyond property prices alone. Exploring amenities, proximity to schools and healthcare facilities, and the overall quality of life in different neighborhoods are the keys to making a successful investment.
Investment Opportunities in Lakeland's Real Estate Market
With its median list price, the Lakeland real estate market provides fertile ground for potential growth and profitability. The quick sales of properties in Lakeland underscore the high demand and dynamic nature of the market.
To take advantage of these prospects, seek the expertise of trusted property management companies like PMI Arrico Realty and Property Management. We offer listings that suit every lifestyle, from single-family homes to apartments for sale in Lakeland. Contact us today to find investments.