As we move through 2024, the Florida new construction trends are making waves across the state’s real estate market. This year, Florida’s real estate landscape is bustling with activity and transformation, driven by significant new construction projects. In this blog, we will explore the latest Florida new construction trends for 2024, offering insights into how these developments are reshaping cities like Miami, Orlando, and Jacksonville. Join us as we delve into the exciting new construction trends influencing Florida’s real estate sector.
Miami
General Overview
- Home Prices: Home prices in Miami continue to soar, with significant increases in cost per square foot, especially in desirable areas like Coral Gables and Coconut Grove. New construction properties often exceed $1,000 per square foot, making new construction listings highly sought after in the market.
- Multifamily Market: Miami-Dade has seen the most intense multifamily construction activity in Southeast Florida. The demand for single-family home rentals remains high, with rental prices seeing an increase compared to the previous year. This demand impacts new construction listings, as more developments aim to meet the needs of renters and buyers alike.
- Supply and Demand: The demand for single-family home rentals has significantly increased, representing 37% of leased units in Q1 2024, up from 19% in 2019.
- Market Drivers: Employment growth, migration, and affordability conditions are major drivers of rental demand, which in turn influences the new construction market.
Condos
- Sales and Prices: The condo market in Miami is experiencing substantial growth. In Q1 2024, luxury condo sales (over $1 million) were robust, with a growing preference for new or refurbished buildings. Older condos tend to move slower, reflecting buyer preferences for newer, high-quality options. New construction listings for condos are particularly attractive to buyers looking for modern amenities and locations.
- Price Per Square Foot: The average price per square foot for condos continues to rise. Q1 2024 data shows that high-end condos, especially in luxury areas like Brickell and Coconut Grove, have seen significant sales (Lux Life Miami Blog) (MIAMI REALTORS®) (Lux Life Miami Blog).
- Rental Demand: The demand for condo rentals remains strong, particularly for larger units suitable for families. The availability of new constructions has helped stabilize rental prices, although some areas have seen slight declines or stability compared to recent peaks (Lux Life Miami Blog) (Lux Life Miami Blog).
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Orlando
General Overview
- Market Growth: Orlando’s real estate market has seen continuous growth in new construction, with rising average home prices and strong demand for new units. New construction listings in Orlando are highly sought after due to the city’s rapid expansion and population growth.
- New Constructions: Numerous residential projects are underway, focusing on multifamily complexes and planned communities. These new construction listings offer diverse options for potential buyers and investors.
- Demand Factors: Population growth and an influx of new residents are driving the demand for new homes.
Key Points
- Home Prices: Steady increase in average home prices, making new construction listings a valuable asset for buyers.
- Ongoing Projects: Various multifamily residential complexes and planned communities are under development, providing a range of new construction listings.
- Residential Demand: Strong demand for new housing units due to population growth.
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Jacksonville
General Overview
- Market Trends: Jacksonville is experiencing significant growth in new construction, with an increase in new residential units in both single-family and multifamily segments. New construction listings are becoming more prevalent as the city expands.
- Home Prices: Prices for new constructions are rising but remain competitive compared to other major Florida cities. This makes new construction listings in Jacksonville particularly appealing to buyers looking for value.
- Rental Demand: Growing demand for new rental units, particularly in multifamily communities, drives new construction listings in Jacksonville.
Key Points
- Construction Growth: Significant increase in new residential units, leading to a rise in new construction listings.
- Competitive Prices: Rising but still competitive new construction prices, attracting buyers to new construction listings.
- Rental Demand: Increasing demand for new rental units, especially in multifamily complexes, highlighting the importance of new construction listings.
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Overall, the Florida new construction trends for 2024 highlight a dynamic and evolving real estate market. Whether you’re interested in Miami, Orlando, or Jacksonville, staying informed about these trends is crucial for navigating the opportunities and challenges in Florida’s booming new construction sector.
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