Housing Foreclosure Rates and Statistics 2023, 61.8%Percent of sales under the list price. Even as the market begins to adjust to post-pandemic life, All nine major private sector industries in the state have surpassed pre-pandemic employment levels. ORLANDO, Fla. What should consumers, Realtorsand policymakers expect when it comes to Florida real estate over the next year? Over the last two months, what were seeing is the outlook for the U.S. economy has really deteriorated, particularly among consumer fronts. Demographics: South Florida's population is growing and is expected to continue to grow in the future, which is a driver for housing demand. Most of the emphasis is focused on the prices and the possibility of a housing bubble. Tourists pay extra for comfortable vacation rentals. According to recent census data, the Sunshine State added over 400,000 additional people between July 2021 to July 2022. It was followed by Citrus County (3.5 percent), and Sumter County (3.4 percent). The cost of living score is 89.9. In the Fort Myers region, rental expenses increased the most year-over-year. Thats quite a bit higher than where we are right now, in late March, with rates averaging around 3.0%. The price rise will ultimately slow as a result of higher interest rates. Months Supply of Inventory in the Florida Housing Market was 2.7 months, +170% YoY. North Miami, Florida: The North Miami housing market is somewhat competitive. More than 6.7 million people live in the region, which encompasses more than 6,000 square miles and three counties: Miami-Dade, Broward, and Palm Beach. Homes that sold above list price likely received multiple offers. The median home price in Florida in 2020 was $245,169 which rose to $366,301 in 2022. Lower supply and higher demand create higher prices. Bottom line:We're not seeing any major home price decline or crash in theSouth Florida housing market just yet.