For the past 10 years Florida has one of the strongest residential housing markets of all 50 states. One of the main reasons for the states staggering growth rate is the increase in population since the early 2000’s due to its warm weather, high quality of life, no income taxes and favorable business environment.
Currently Florida has population of more than 22 million residents, trailing only California and Texas in size. With an anticipated 25 million residents by 2032, an increase in the housing stock is necessary for inventory levels to keep pace with demand. Even with a significant increase in housing inventory throughout Florida, the state experienced substantial price appreciation across all property types and price points.
Following is how property prices for individual markets performed over the past 10 years ending July 2022:
- Escambia County: 124.4% increase
- State of Florida: 191.9% increase
- Miami-Dade County: 193.75% increase
- Broward County: 203.7% increase
- Palm Beach County: 195.5% increase
- Orange County: 167.4% increase
- Duval County: 174% increase
- Hillsborough County: 212.9% increase
- Pinellas County: 225% increase
- Collier County: 175% increase
State of Florida – Housing Price Appreciation
For the past 10 years the rate of growth in housing prices has been nothing short of spectacular. Back in July 2012 the median sale price for a typical home in Florida was $130,000. This included properties of all type single-family homes, townhomes and condominium properties. Fast forward 10 years and the median home price as of July 2022 was reported to be $379,500, a 191.9% increase.
The median price of single-family homes was $412,303 while condominium and townhomes were $305,000.
Miami-Dade County – Housing Price Appreciation
As the largest county in the state, Miami-Dade County has experienced substantial growth in the value of its housing inventory. Since July 2012, the median sale price for a typical home in Miami-Dade County was $160,000. Just 10 years later the median home price as of July 2022 was reported to be $470,000, a 193.75% increase.
The median price of single-family homes as of July 2022 was $412,303 while condominium and townhomes were $380,000.
Broward County – Housing Price Appreciation
Located in the heart of South Florida, Broward County and saw its 10-year median home price increase by 203.7%. The July 2012 median sale price for a typical home in Broward was $135,000, increasing to $410,000 during the following 10-year period.
The median price of single-family homes as of July 2022 was $600,000 while condominium and townhomes were $265,000.
Palm Beach County – Housing Price Appreciation
Palm Beach County is one of the fastest growing counties in the state and saw its 10-year median home price increase by 195.5%. The July 2012 median sale price for a typical home in was $145,500, increasing to $430,000 during the following 10-year period .
The median price of single-family homes as of July 2022 was $600,000 while condominium & townhomes were $290,777.
Orange County – Housing Price Appreciation
Another one of the fastest growing counties in Florida is Orange County. As of July 2012, the median sale price for a typical home in Orange County was $129,000. 10 years later the median home price as of July 2022 was reported to be $345,000, a 167.4% increase.
The median price of single-family homes as of July 2022 was $397,000 while condominium & townhomes were $215,000.
Duval County – Housing Price Appreciation
Duval County is northeastern Florida’s most populous county and remains one of the more affordable areas throughout the state. Since July 2012, the median sale price for a typical home in Miami-Dade County was $114,500. Just 10 years later the median home price as of July 2022 was reported to be $313,750, a 174% increase.
The median price of single-family homes as of July 2022 was $345,000 while condominium & townhomes were $243,890.
Hillsborough County – Housing Price Appreciation
Hillsborough County and the greater Tampa area experienced substantial growth over the past 10 years. The median sale price for a typical home as of July 2022 County was $130,550. 10 years later the median home price increased to $408,500, a 212.9% increase.
The median price of single-family homes as of July 2022 was $437,750 while condominium & townhomes were $301,628.
Pinellas County – Housing Price Appreciation
Located along the Gulf of Mexico, Pinellas County and saw its 10-year median home price increase by 225%. The July 2012 median sale price for a typical home in Pinellas was $120,000, increasing to $390,000 during the following 10-year period.
The median price of single-family homes as of July 2022 was $450,000 while condominium and townhomes were $289,900.
Collier County – Housing Price Appreciation
Collier County and the greater Naples area has some of the most valuable in the State of Florida. Since July 2012, the median sale price for a typical home in Collier County was $200,000 while 10 years later the median home price as of July 2022 was reported to be $550,000, a 175% increase.
The median price of single-family homes as of July 2022 was $748,270 while condominium & townhomes were $440,000.
Escambia County – Housing Price Appreciation
One of the largest counties in Florida’s panhandle, Escambia County experienced 10-year median home price growth of 124.4%. Since July 2012, the median sale price for a typical home in Escambia County was $135,900 while just 10 years later the median home price was reported to be $305,000.
The median price of single-family homes as of July 2022 was $305,900 while condominium & townhomes were $300,900.
Do you have a property to sell?
If you have a property that you need to sell, now is the time to call Quantum Realty Advisors, Inc. for a free, 30-minute consultation to discuss your immediate needs and how we can help to address them.
On behalf of our clients and strategic partners, we have successfully sell over hundreds of residential and commercial properties in most major markets nationwide.
Our team has an extensive network of highly experienced partner brokers who can assist with all the local requirements, and we will personally be there for you every step of the way.
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