Norada Real Estate Investments

Fort Lauderdale Housing Market: Prices & Forecast 2023

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Fort Lauderdale Housing Market Trends 2023

Fort Lauderdale is a popular city in the state of Florida, known for its beaches, canals, and boating waterways. In recent years, the city has experienced significant growth in its population and a surge in its housing market. In this article, we will discuss the current state of the Fort Lauderdale housing market, including house prices and trends, and what it means for buyers and sellers.

Current State of the Housing Market in Fort Lauderdale

According to Redfin, the Fort Lauderdale housing market is somewhat competitive. On average, homes in Fort Lauderdale sell after 68 days on the market compared to 49 days last year, and homes receive 2 offers on average. In February 2023, Fort Lauderdale home prices were up 0.4% compared to last year, selling for a median price of $481,000. There were 260 homes sold in February this year, down from 469 last year.

The median sale price per square foot in Fort Lauderdale is $399, up 0.4% since last year. The median sale price of a home in Fort Lauderdale was $501K last month, down 16.5% since last year. Fort Lauderdale's median sale price is 30% higher than the national average. The overall cost of living in Fort Lauderdale is 22% higher than the national average.

Sale-to-List Price Ratio

The sale-to-list price ratio is an important metric for understanding the Fort Lauderdale housing market. This metric shows the percentage difference between the final sale price of a home and its original listing price. In Fort Lauderdale, the sale-to-list price ratio for all home types was 95% in 2022, down from 100% in 2021. This suggests that homes in Fort Lauderdale are currently selling below their list price.

Migration and Relocation Trends

Fort Lauderdale is a popular destination for homebuyers searching to move into the city from outside metros. According to Redfin, 3% of homebuyers across the nation searched to move into Fort Lauderdale from outside metros. New York homebuyers searched to move into Fort Lauderdale more than any other metro followed by Washington and Boston.

80% of Fort Lauderdale homebuyers searched to stay within the Fort Lauderdale metropolitan area. Cape Coral was the most popular destination among Fort Lauderdale homebuyers followed by Orlando and Tampa. On the other hand, Fort Lauderdale residents are leaving the city for other destinations in Florida, such as Cape Coral, Orlando, and Tampa.

What Does it Mean for Buyers and Sellers?

For buyers, the current state of the Fort Lauderdale housing market means that there are still opportunities to find a home, but competition may be high. Homes in Fort Lauderdale sell for about 4% below the list price, which suggests that there may be room for negotiation. Buyers should work with an experienced local agent who can help them navigate the competitive market and find the right home at the right price.

For sellers, the current state of the Fort Lauderdale housing market means that homes are selling for slightly below their list price. Sellers should work with a real estate agent who can help them price their home appropriately and market it effectively to attract potential buyers. While the market may be somewhat competitive, there are still opportunities for sellers to make a profit.

Overall, the Fort Lauderdale housing market is somewhat competitive, with homes selling for slightly below their list price. The median sale price of a home in Fort Lauderdale is high compared to the national average, but the city continues to attract homebuyers from outside metros. Whether you are a buyer or seller in the Fort Lauderdale housing market, it is important to work with an experienced local agent who can help you navigate the market and find the right home.

Is Fort Lauderdale a Seller's Real Estate Market?

Fort Lauderdale, FL is a popular city located in the state of Florida, known for its stunning beaches, entertainment, and exciting lifestyle. The real estate market in Fort Lauderdale has been booming over the years, making it an ideal location for buyers and sellers alike. The following housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com.

Median Listing Home Price and Sold Price

As of March 2023, the median listing home price in Fort Lauderdale, FL was $599K, indicating a 7% increase from the previous year. Meanwhile, the median home sold price was $502.5K. The chart below displays the median listing home price versus the median home sold price, with homes selling for 2.76% below the asking price on average in March 2023. The median home sold price has been slightly lower than the median listing home price, indicating that there is some negotiation room for buyers. However, the sale-to-list price ratio of 97.24% indicates that homes in Fort Lauderdale are selling for almost the asking price.

Balanced Market

Fort Lauderdale, FL is currently a balanced market, which means that the supply and demand of homes are about the same. This balance can be advantageous for both buyers and sellers. Buyers can have a wider selection of homes to choose from, while sellers can still sell their homes at a fair price without worrying about a shortage of buyers.

Median Days on Market On average, homes in Fort Lauderdale, FL sell after 71 days on the market. The trend for median days on market in Fort Lauderdale has gone down since last month and slightly up since last year. This indicates that homes are selling faster than they did a year ago but not as quickly as they did last month. Overall, homes in Fort Lauderdale are selling relatively quickly, but sellers should still be prepared for their homes to be on the market for a few months.

Conclusion Fort Lauderdale, FL is an attractive location for buyers and sellers due to its balanced housing market and increasing home prices. Homes are selling relatively quickly, but sellers should still be prepared for their homes to be on the market for a few months. With a wide range of options available, buyers can easily find a home that suits their needs and budget. Whether you are looking to buy or sell in Fort Lauderdale, it is important to work with an experienced real estate agent who can help guide you through the process.

Fort Lauderdale Housing Market Forecast 2023

The Fort Lauderdale housing market is expected to continue its upward trend in 2023. According to Zillow's data, the average home value in Fort Lauderdale has increased by 13.8% over the past year and is expected to continue to rise in the coming months. The median sale-to-list ratio as of January 31, 2023, was 0.969, indicating that homes were selling for just under their list price.

The percent of sales over list price in January 2023 was 12.9%, which suggests that the Fort Lauderdale housing market is becoming increasingly competitive. However, the percentage of sales under the list price was still high at 74%, indicating that there are still opportunities for buyers to find good deals.

The median days to pending in February 2023 was 38, indicating that homes were selling quickly. This is likely due to the high demand for housing in Fort Lauderdale, as well as the low inventory of homes for sale.

Fort Lauderdale is part of the Miami metropolitan area, which is one of the largest and most diverse in Florida. According to Zillow's data, the metro level forecast for Miami, FL predicts a slight increase in home values in the coming months, with a forecasted 0.2% increase by March 31, 2023, and a projected 1.7% increase by February 29, 2024.

This suggests that the Fort Lauderdale housing market may continue to see modest price growth over the next year. However, it's important to note that real estate markets can be unpredictable and affected by a variety of factors, so these forecasts should be taken as estimates and not guarantees.

Fort Lauderdale Real Estate Market Forecast
Graph Credits: Zillow.com

Should You Invest in the Fort Lauderdale Real Estate Market?

Fort Lauderdale is a popular destination in South Florida known for its pristine beaches, luxury shopping, and nightlife. It is also a hotspot for real estate investment due to its strong economy, growing population, and favorable climate. In this article, we will explore the top reasons to invest in the Fort Lauderdale real estate market, as well as any drawbacks to consider.

Top Reasons to Invest in the Fort Lauderdale Real Estate Market:

Strong Economy: Fort Lauderdale has a diverse and growing economy, driven by industries such as tourism, healthcare, and technology. The city is home to several major corporations, including AutoNation, Citrix Systems, and Spirit Airlines. The unemployment rate in Fort Lauderdale is also below the national average, which indicates a stable job market and a healthy economy.

Population Growth: Fort Lauderdale's population has been steadily growing over the years, with projections indicating that the city's population will continue to increase in the coming years. A growing population means an increase in demand for housing, which is good news for real estate investors. In addition, Fort Lauderdale is a popular destination for retirees, which presents an opportunity for investors looking to cater to this demographic.

Favorable Climate: Fort Lauderdale's warm and sunny climate makes it a popular destination for tourists and snowbirds. This means that there is a steady demand for short-term rental properties, such as vacation homes and condos. Investors can take advantage of this demand by purchasing properties that cater to short-term renters.

Strong Rental Market: The Fort Lauderdale rental market is strong, with a high demand for rental properties. This is due in part to the city's growing population and the high cost of homeownership. Investors can take advantage of this strong rental market by purchasing properties that cater to long-term renters.

Affordable Prices: Despite the strong economy and growing population, Fort Lauderdale's real estate market remains relatively affordable compared to other cities in South Florida. This presents an opportunity for investors to purchase properties at a lower cost and potentially earn a higher return on investment.

Conclusion:

While there are many reasons to invest in the Fort Lauderdale real estate market, there are also some drawbacks to consider. One potential drawback is the risk of hurricanes and other natural disasters, which can cause damage to properties and impact the real estate market. In addition, Fort Lauderdale's popularity as a tourist destination can result in seasonality in the rental market, with higher demand during peak tourist season and lower demand during the off-season.

Overall, the Fort Lauderdale real estate market presents a strong opportunity for investors looking to capitalize on a growing population, a strong rental market, and affordable prices. However, investors should carefully consider the potential drawbacks and risks associated with investing in this market before making any decisions. By conducting thorough research and working with a knowledgeable real estate professional, investors can make informed decisions and maximize their returns in the Fort Lauderdale real estate market.

Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Fort Lauderdale, FL is your ability to find great real estate investments in that area.

According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market area, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

Let us know which real estate markets you consider best for real estate investing! If you need expert investment advice, you may fill up the form given here. One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.

Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

Sources:

  • https://www.zillow.com/home-values/31606/fort-lauderdale-fl/
  • https://www.redfin.com/city/6173/FL/Fort-Lauderdale/housing-market
  • https://www.neighborhoodscout.com/fl/fort-lauderdale/real-estate
  • https://www.realtor.com/realestateandhomes-search/Fort-Lauderdale_FL/overview

Colorado Springs Housing Market: Prices & Forecast 2023

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Colorado Springs Housing Market Trends

The Colorado Springs housing market, located in El Paso County, Colorado, has experienced significant changes in the past year. The market has seen a decrease in new and sold listings, as well as an increase in the inventory of homes for sale and the time it takes to sell a home. Additionally, the median sales price has decreased slightly while the average sales price has increased.

These trends suggest that the Colorado Springs housing market may be shifting toward a more balanced market, where buyers have more options and bargaining power. El Paso County is a significant housing market in Colorado, with a population of over 700,000 people. The county covers an area of 2,130 square miles and is home to the city of Colorado Springs, the second-largest city in Colorado.

The El Paso County housing market is currently experiencing a shift as the median and average sales prices have decreased by 4.9% and 4.2%, respectively, compared to last year. The decrease in new and sold listings has contributed to an increase in the inventory of homes for sale by 92.3%.

Despite the increase in inventory, homes are still selling for 98.7% of their list price, but it is taking longer for them to sell with the days on the market until sales increasing by 315.4% to 54 days. Homebuyers in El Paso County may have more options to choose from, while sellers may need to adjust their pricing strategies to remain competitive in the current market.

While the El Paso County housing market may have seen a decrease in prices, it is still considered a hot seller's market with homes selling quickly and receiving offers close to their listing prices. The increase in inventory and months supply of inventory may also indicate that the market is shifting towards a more balanced state between buyers and sellers, which could result in more negotiating power for buyers.

Additionally, it's worth noting that the COVID-19 pandemic has had an impact on the El Paso County housing market, as it has with many other markets across the country. However, the market has remained resilient, and it's expected to continue to be a desirable location for those looking to buy or sell a home in the near future. As the pandemic continues to evolve, it's important to monitor any potential changes in the housing market and adjust accordingly.

Here's what housing data looked like in Feb 2023, which was released by the Colorado Association of REALTORS®. The sales data is for Single Family Homes in El Paso County, CO.

  • The median sales price was $447,000, down 4.9% from last year.
  • The average sales price was $503,966, down 4.2% from last year.
  • New Listings were down 26.9% from last year.
  • Sold Listings were down 25.1% from last year.
  • Percent of List Price Received = 98.7%, down -4.1%.
  • Days on Market Until Sale were 54, up 315.4%.
  • The inventory of Homes for Sale was up +92.3%.
  • Months Supply of Inventory was 1.2, an increase from Feb 2022 (0.5 months).

Colorado Springs Housing Market Forecast 2023

What are the Colorado Springs real estate market predictions for 2023? According to the Zillow data, the Colorado Springs housing market is expected to experience a minor decline in home values in the coming year. The average home value in Colorado Springs is currently $441,691, which is down 0.4% over the past year. The typical home goes to pending in about 33 days, and the median sale-to-list price ratio is 0.994. While nearly 20% of homes are selling over list price, more than half are selling under list price.

The metro-level forecast predicts a decline in home values in Colorado Springs, with a projected decrease of 0.3% by March 2023 and 0.6% by May 2023. However, it's expected to recover slightly by February 2024 with a predicted decrease of 0.3%. These minor changes indicate a relatively stable market with no drastic shifts expected. Overall, the Colorado Springs housing market seems to be experiencing a balanced shift towards a buyer's market, with a reasonable inventory of homes available for sale.

Colorado Springs Real Estate Market Forecast
Credits: Zillow

Colorado Springs Real Estate Investment: Should You Invest?

Is Colorado Springs a Good Place For Real Estate Investment? Many real estate investors have asked themselves if buying a property in Colorado Springs is a good investment. You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2023. Let’s talk a bit about the Colorado Springs area before we discuss what lies ahead for investors and homebuyers. The Colorado Springs real estate market gets overlooked in favor of bigger markets like Denver.

However, Colorado Springs has several things in its favor for residents and real estate investors alike. Colorado Springs sits on the eastern side of the Rocky Mountains. Colorado Springs contains nearly half a million people. The Colorado Springs metropolitan area is home to around seven hundred thousand people. The Colorado Springs area is seeing continual, rather fast growth. Colorado Springs real estate has continued to appreciate faster than most of the markets in the US.

Conditions in the Colorado Springs real estate market seem to be in a sustainable, upward direction and show no signs of slowing down. Inventory is low and prices are increasing at a steady pace. The local economy is strong and mortgage rates remain low. Colorado Springs's real estate appreciation rate in the latest quarter was around 3.02%, which equates to an annual appreciation rate of 12.63%. You can either choose to invest in your future or market your home to potential buyers.

If you are looking to make a profit, you don’t want to buy the most expensive property on the Colorado Springs real estate market and expect to make a good profit on rents. Perhaps you are looking for a slightly different hold-over, an investment property in Colorado Springs that you might move into or sell at retirement in the future. Either way, knowing your profit potential and purpose is the first thing to consider. Let’s take a look at the number of positive things going on in the Colorado Springs real estate market which can help investors who are keen to buy an investment property in this city.

Colorado Springs is a Rental Market

Many people know that the Air Force Academy is located in Colorado Springs. However, the student market in Colorado Springs is both larger and more diversified than the military student population. The University of Colorado Springs hosts over twelve thousand students. Colorado College, Colorado Technical College, Remington College, Colorado Christian University, and the University of the Rockies are also located here. This provides a large, diverse student market that rents properties across the Colorado Springs real estate market.

U.S. News and World Report magazine discusses the large retiree community in Colorado Springs. The area’s abundant recreational opportunities and proximity to military services like commissaries and VA facilities explain why more than 10% of the population is retired – many of them military veterans and their families. Peterson Air Force Base sits on the eastern edge of town.

For Airbnb's attractability and business building, there are two huge military bases with Air Force, Naval Academy. Fort Carson, an Army base, is located within the city limits. The infamous Cheyenne Mountain is located just to the west of town. A side benefit of this diverse military market is that the Colorado Springs real estate market enjoys a large, permanent population of renters but without the wild swings that come with the rise and fall of a single military base’s fortunes.

Latest Rental Trends: As of April 2023, the average rent for an apartment in Colorado Springs, CO is $1,195 which is an 11% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Colorado Springs decreased by -5% to $990. The average rent for a 1-bedroom apartment decreased by -1% to $1,195, and the average rent for a 2-bedroom apartment remained flat.

  • Two-bedroom apartments in Colorado Springs rent for $1,550 a month on average (a 7% increase from last year).
  • Three-bedroom apartment rents average $2,100 (a 2% increase from last year).
  • Four-bedroom apartment rents average $2,450 (a 1% increase from last year).

According to RENTCafe, 36% of the households in Colorado Springs, CO are renter-occupied. The average size for a Colorado Springs, CO apartment is 837 square feet with studio apartments being the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer more generous square footage. 48% of the apartment can be rented in the price range of $1,001-$1,500 while 36% fall in the price range of $701-$1,000.

The most expensive Colorado Springs neighborhoods to rent apartments in are Briargate, Northgate, and Central Colorado City. The cheapest Colorado Springs neighborhoods to rent apartments in are East Colorado Springs, Southeast Colorado Springs, and Northeast Colorado Springs.

The Landlord Friendly Market Compared to the Rest of the West

Colorado is almost as landlord-friendly as Arizona and Texas, but it is far more landlord-friendly than Nebraska, Kansas, or any West Coast state. Colorado allows you to quickly evict tenants who don’t pay their rent. Once you give them a demand for compliance, they have 72 hours to either pay up or move out. If that 3 day period expires and you go to court, the courts typically side with the landlord. After that ruling, the tenants have 48 hours to leave, and then local law enforcement will enforce the eviction order. Another major point in its favor is that you’re not required to get tenants a 24-hour notice before you visit the property.

Short-Term Rental Investment Opportunities

A city that’s within a stone’s throw of Pike’s Peak and the rest of the Rocky Mountains is going to attract tourists. Garden of the Gods is a very famous public park located in Colorado Springs. It was designated as a National Natural Landmark in 1971. It features stunning geological formations, rock climbing, nature trails, and the Garden of the Gods Visitor & Nature Center. Another major attraction is the US Olympic Training Center, located in Colorado Springs. Colorado Springs allows properties to be rented out on a short-term basis, but you must have a short-term rental permit and collect the appropriate taxes.

Colorado Springs’ regulations on short-term rentals are not as stringent, though, as those in nearby “tourist” towns like Breckenridge. Colorado Springs is a very Airbnb-friendly city. You can convert your property into an Airbnb vacation rental and rent it out to vacationers and tourists on a short-term rental basis. Owning a house near the Gardens of the Gods Park can prove to be a goldmine in building up your Airbnb rental business. For setting up an Airbnb business, there are lots of outdoor attractions, 3 hospitals, the Broadmoor hotel (historic hotel on a lake), 2 cute downtown streets with restaurants (downtown and colorado city), 90mins from Denver, and 2 hours from skiing in Breckenridge.

Their airport offers direct flights to many cities via Frontier & United. You can also co-host clients in Colorado Springs through profit sharing with landlords. You can charge landlords a start-up fee and 20% commission for co-hosting (finding clients and getting the property Airbnb ready). The controversial Airbnb ordinance was passed in November 2018 by the Colorado Springs City Council. Under the ordinance, property owners must apply for a license, pay taxes, and obey neighborhood rules. This came into effect on January 1st, 2019.

Colorado Springs' Strong Job Growth & Demographics Momentum

The Colorado Springs area boasted an unemployment rate of around 3% in 2018, more than a full percentage point less than the national average. People move here for work and the lower cost of living compared to more expensive Front Range cities. Industry sectors hiring people include hospitality and professional and technical services. The latter category is driven by defense contractors in the area.

Despite the very large population over the age of 65, Colorado Springs managed to have a median age of 34, several years below the national average. The tight labor market is drawing people to the area and keeping college graduates in the vicinity. This guarantees demographic momentum as young people stay here to buy homes and raise their own families, fueling demand for the Colorado Springs real estate market.

Colorado prides itself on cultivating high-tech jobs like California without the over-crowding or insane housing prices. Yet this has made the Denver housing market unaffordable for many people who work there. One solution for many is living in Colorado Springs and commuting an hour or more each way to work. Another solution that’s more readily available in Colorado than elsewhere is telecommuting.

Realtors in the Colorado Springs housing market are finding people buying houses even on the south side so they can find a property they can afford, then driving in one or two days a week to Denver. Conversely, the high price of a property in Denver is driving many businesses to move or expand south into the Front Range, bringing Denver’s jobs closer to the Colorado Springs housing market.

Steady Property Appreciation Forecast

Population growth in Colorado Springs has been just ahead of new home construction; housing permits in the Colorado Springs real estate market, for example, are not yet back at 2005 levels. This helps to explain why home prices have risen more than 40% in the past five years, though it is one of the most active housing markets in the country. This is partial because Millennials are the biggest group buying houses today, and the Colorado Springs real estate market is already loaded with them.

Millennials prioritize homes in walkable areas with access to public transit, but they value practical, usable homes oversize. This means well-designed condos and duplexes in the right areas are as attractive to them as a large house in the suburbs. However, the limited supply of homes on the market in Colorado Springs is keeping prices increasing faster than the rate of inflation. Ironically, the near-total lack of homes with negative equity in the Colorado Springs housing market has been considered one reason why prices are going up so fast.

Colorado Real Estate Investment Opportunities

Maybe you have done a bit of real estate investing in Colorado but want to take things further and make it into more than a hobby on the side. The Colorado Springs real estate market contains several large populations of renters, many practical reasons for people to move here from the surrounding area and across the country, and long-term factors that will drive growth for years to come. Forget the Mile High City and invest in the Colorado Springs real estate market.

Good cash flow from Colorado Springs investment properties means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt. Therefore, finding a good Colorado Springs real estate investment opportunity would be key to your success.

The three most important factors when buying real estate anywhere are location, location, and location. The location creates desirability. Desirability brings demand. There should be a natural and upcoming high demand for rental properties. Demand would raise the price of your Colorado Springs investment real estate and you should be able to flip it for a lump sum profit.

The neighborhoods in Colorado Springs must be safe to live in and should have a low crime rate. The neighborhoods should be close to basic amenities, public services, schools, and shopping malls. As with any real estate purchase, act wisely. Evaluate the specifics of the Colorado Springs housing market at the time you intend to purchase.

Some of the popular neighborhoods in Colorado Springs are Broadmoor, Old Farm, Colorado Centre, Kissing Camels, Downtown Colorado Springs, Falcon Heights, Cordera, Wolf Ranch, Rockrimmon, Old Colorado City, Fountain Valley, Old North End, Pikes Peak Park, Briargate and Flying Horse Ranch.

Here are the ten neighborhoods in Colorado Springs having the highest real estate appreciation rates since 2000—List by Neigborhoodscout.com.

  1. Fort Carson Southwest
  2. Fort Carson
  3. Fort Carson South
  4. Fort Carson West
  5. Fort Carson Northwest
  6. Spring Creek
  7. Old Colorado City
  8. Lowell
  9. Patty Jewett South
  10. Southeast Colorado Springs

Apart from the Colorado Springs housing market, you can also invest in Denver. Of greater importance to real estate investors in Denver is that the area is growing in population. The jobs are increasing and so are the number of renters. It is the largest and capital city of Colorado, home to roughly 700,000 people. The Denver metropolitan area is home to around 2.7 million people. The population has increased by 1.33% from 2019. The Denver-Aurora, Colorado statistical area is home to about three and a half million people.

It has a low unemployment rate of 2.3% as of Dec 2019, according to the U.S. Bureau of Labor Statistics. A third of the population of the Denver metro area rents. All these are excellent signs of investors looking to buy a rental property in Denver. Despite the recent cooling off, there are several reasons to consider a long-term investment in the Denver real estate market. Shortage of housing for a growing population, a strong economy & increasing jobs have been fueling the demand in the Denver housing market for the past many years.

The Boulder real estate market also puts you in reach of a great job market. The colleges foster high-tech startups. That keeps many college grads here after they finish school while attracting students in the first place. However, it is the offices of Big Tech firms like Google and Microsoft that are more attractive.

The Boulder housing market has also been bolstered by the presence of multiple government agencies like the National Center for Atmospheric Research and the National Institute of Standards and Technology. This makes Boulder a good place to start a scientific or technical career, especially if your goal is research. It also creates high-tech jobs almost immune to the state of the economy. And that's aside from the strong job market in Denver down the highway.

The Fort Collins area is another great market to invest in real estate. The area is growing both as an outer suburb of Denver and for its reasons, making it the fourth-largest city in the state. The city offers an ideal mix of jobs, affordable living, and a decent quality of life that will keep it strong for years to come. Fort Collins and several other cities on the Front Range hit the top ten list due to factors like relatively low cost of real estate in the Fort Collins housing market, high education levels, low taxes, and strong business incentives.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Colorado Springs, Colorado.

Consult with one of the investment counselors who can help build you a custom portfolio of Colorado Springs turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Colorado Springs.

Not just limited to Colorado Springs or Colorado but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Colorado Springs turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

Let us know which real estate markets in the United States you consider best for real estate investing! 

Please do not make any real estate or financial decisions based solely on the information found within this article. Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. This article aimed to educate investors who are keen to invest in Colorado Springs real estate. Purchasing an investment property requires a lot of study, planning, and budgeting. Not all deals are solid investments. We always recommend doing your research and taking the help of a real estate investment counselor.

REFERENCES

Market Prices, Trends & Forecasts
https://www.coloradorealtors.com/
https://www.coloradorealtors.com/market-trends/regional-and-statewide-statistics/
https://www.zillow.com/ColoradoSprings-co/home-values
https://www.neighborhoodscout.com/co/colorado-springs/real-estate/
https://www.realtor.com/research/hottest-zip-codes-2021/
https://www.realtor.com/realestateandhomes-search/Colorado-Springs_CO/overview
https://greatcoloradohomes.com/colorado-springs-real-estate-market-statistics.php
https://www.propertymanagementincoloradosprings.com/colorado-springs-local-market-statistics

Rental Statistics
https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters
https://morrisinvest.com/blog/2016/12/21/5-most-landlord-friendly-states
http://www.landlordstation.com/blog/top-landlord-friendly-states
https://www.zumper.com/rent-research/colorado-springs-co

Reasons to Invest in Colorado Springs
https://www.uccs.edu
https://en.wikipedia.org/wiki/Colorado_Springs,_Colorado
https://realestate.usnews.com/places/colorado/colorado-springs
https://www.military.com/base-guide/colorado-springs-military-bases
https://www.zeonamcintyre.com/blog/2018/1/26/airbnb-investing-trip-colorado-springs-edition
https://www.krdo.com/news/top-stories/airbnb-ordinance-passes-2nd-vote-by-colorado-springs-city-council/862178044
https://www.avalara.com/mylodgetax/en/blog/2018/10/colorado-springs-passes-new-airbnb-rules.html
http://www.cpr.org/news/story/move-over-denver-colorado-springs-might-have-the-hottest-housing-market

Chandler Housing Market: Prices, Trends, Forecast 2023

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Chandler Housing Market Trends in 2023

The housing market in Chandler, Arizona, has been one of the most dynamic markets in recent years, with strong demand and limited supply driving up prices. However, the latest data indicates a shift in the market dynamics, as prices are correcting and homes are taking longer to sell. Chandler, AZ is a vibrant city located in Maricopa County, Arizona. With a population of over 260,000, Chandler is a hub of economic activity, with a strong technology and manufacturing industry.

As such, the Chandler housing market is closely tied to the overall economic trends in the region. In this report, we will analyze the latest trends in the Chandler housing market, with a focus on the median listing and selling prices, the sale-to-list price ratio, and the median days on the market. We will take a closer look at the current housing market trends in Chandler based on the latest report released by credible real estate firms.

Median Sale Price

According to Redfin, the median sale price of homes in Chandler in January 2023 was $485,000, which is a 1.3% decrease compared to the same period last year. This indicates that the Chandler housing market is experiencing a minor correction, as prices have been decreasing since last year. While this may be concerning for homeowners who are looking to sell their homes, it could present an opportunity for buyers to purchase homes at more affordable prices.

Days on Market

The average number of days that homes in Chandler were on the market in January 2023 was 67 days, compared to 29 days in January 2022. This means that homes are taking longer to sell in Chandler, which could be attributed to the current correction in the housing market. As a result, home sellers may need to adjust their pricing and marketing strategies to attract potential buyers.

Market Competitiveness

Chandler is considered to be a somewhat competitive housing market, with homes receiving an average of two offers and selling for about 3% below the list price. Hot homes in Chandler can sell for around the list price and go pending in around 33 days. Compared to other cities in the area, Chandler is somewhat more competitive than Gilbert, which is another city in Maricopa County. Gilbert is also experiencing a correction, with homes selling for about 3% below the list price and going pending in around 52 days. In contrast, the city of Tempe is not very competitive, with multiple offers being rare and homes taking an average of 87 days to go pending.

Migration and Relocation Trends

According to Redfin.com data, 3% of homebuyers searched to move into Chandler from outside of the metro area. The top three metros where buyers searched to move to Chandler were Seattle, Los Angeles, and Tucson. 75% of Chandler homebuyers searched to stay within the Chandler metropolitan area, with the most popular destinations being Prescott Valley, Show Low, and Flagstaff. This indicates that Chandler is a popular destination for homebuyers who are looking to relocate within the area.

Median Listing Home Price

The following Chandler housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded. In January 2023, the median listing home price in Chandler, AZ was $530K, which was a 2% increase from the same period last year. The median listing price per square foot was $284. This increase in median listing price is an indication of the strong demand for housing in the city, driven by the growth in employment opportunities.

The median home sold price in Chandler, AZ was $485K, which was slightly lower than the median listing price. This suggests that sellers may be willing to negotiate on the price, and buyers may have some room for bargaining. The sale-to-list price ratio was 97.69%, indicating that homes in Chandler, AZ sold 2.31% below the asking price on average in January 2023.

Seller's Market

The current trends suggest that Chandler, AZ is a seller's market, which means that there are more buyers than there are homes available for sale. This puts upward pressure on the prices, making it a great time for sellers to put their homes on the market. On average, homes in Chandler, AZ sell after 74 days on the market. This is slightly up from last year, indicating that the market is slowing down slightly. However, it is important to note that this is still a relatively short period of time, indicating that the demand for housing in Chandler remains strong.

Hence, the data suggest that the Chandler housing market remains strong, with increasing median listing prices, high sale-to-list price ratios, and relatively short median days on the market. Although the market has slowed down slightly since last year, it is still a great time for sellers to put their homes on the market, as the city continues to attract new residents and businesses. For buyers, it may be important to act quickly when a desirable property becomes available, given the strong demand for housing in the area.

Chandler Housing Market Forecast 2023-2024

According to the latest data from Zillow, the Chandler housing market has seen a 3.6% increase in average home values over the past year, with the typical home value now standing at $494,571 as of January 31, 2023. This information can be particularly useful for home buyers and sellers who want to keep up with market trends.

The median days to pending for homes in Chandler is currently 50 days, indicating that properties are selling at a moderate pace. Additionally, the market forecast for the next twelve months is positive, which means that the market is expected to remain steady. When it comes to sales, Zillow's data shows that as of December 31, 2022, the median sale-to-list ratio was 0.978, indicating that homes were selling close to their asking price.

Of all sales made in Chandler during this period, 11.4% were sold over the list price, indicating that some sellers were able to command a premium for their homes. The fact that 71.3% of sales were made under the list price suggests that many homes were priced too high for the market and had to be discounted to sell.  Additionally, the median days to pending of 50 days suggests that the market is relatively balanced, with homes taking about a month and a half to sell on average.

This means that both buyers and sellers may have some leverage in negotiations, and it's not necessarily a clear-cut seller's market. It's worth noting that Zillow's data also provides a historical overview of the Chandler housing market's average home values, which have risen steadily since Oct 2014. In that year, the average home value in Chandler was $260K, which has since risen to $494,571 in January 2023.

In conclusion, the data from Zillow can be a useful resource for anyone interested in the Chandler housing market, whether they are buyers, sellers, or real estate professionals. In addition to the data provided, Zillow also offers tools to connect with local agents and explore financing options, which can be invaluable resources for anyone looking to buy or sell a home in Chandler.

Should You Invest In Chandler Real Estate Market?

The Chandler real estate market has shown steady growth over the past few years, making it an attractive option for real estate investors. Here are some top reasons why investing in Chandler real estate may be a good decision, as well as potential drawbacks to consider:

Top reasons to invest in Chandler real estate:

  • Strong appreciation: According to Zillow's data, the typical home value in Chandler is $494,571, which represents a 3.6% increase over the past year. This suggests that the market has been appreciating at a steady rate.
  • Steady market: The market forecast for Chandler is positive in 2023, indicating a stable market with little fluctuation.
  • High demand: Chandler is a growing city with a population of over 260,000 people. Its strong job market and high-quality schools attract many young professionals and families, creating a high demand for housing.
  • Favorable sales ratio: While 71.3% of sales in Chandler are sold under the list price, 11.4% are sold over the list price, indicating a seller's market where homes are selling quickly. Even though 71.3% of sales are sold under the list price, this figure does not necessarily indicate a weak market. In fact, it may suggest that sellers are pricing their homes competitively, and buyers have a range of options to choose from. This can create a healthy balance between supply and demand, leading to a more stable market.
  • The rental market in Chandler: Chandler also has a strong rental market, making it an attractive option for investors who are interested in purchasing properties to rent out. Chandler has a large population of young professionals and families, who may prefer renting over buying, creating a high demand for rental properties. Investors should consider the potential rental income and rental demand when evaluating investment opportunities in Chandler.
  • Thriving Economy: A good economy can be a reason to invest in Chandler real estate. Chandler has a thriving economy, with a diverse range of industries such as technology, healthcare, and retail. The city has been experiencing steady economic growth, with a low unemployment rate and a high job growth rate, making it an attractive destination for businesses and professionals. This economic growth has also led to an increase in population, which in turn drives demand for housing. The city has also been investing in infrastructure and public amenities, such as parks and recreational facilities, which can make it more attractive for both residents and businesses. Additionally, Chandler has a well-regarded school system, which can make it more appealing for families with children.

All of these factors can contribute to a strong real estate market in Chandler, with high demand for housing and the potential for appreciation in property values. Real estate investors can benefit from this by purchasing properties in areas with high demand and potential for growth and renting or selling them for a profit.

Potential drawbacks to consider:

  • High competition: Due to the high demand for housing in Chandler, investors may face competition when making offers on properties.
  • High home prices: While appreciation is a good sign for investors, it also means that home prices may be higher than in other markets, making it more difficult to find affordable investment opportunities.
  • High-interest rates: It's worth noting that the high-interest rates could potentially impact the Chandler real estate market, as buyers may be deterred from taking out mortgages due to the increased costs. On February 27, 2023, the current average 30-year fixed mortgage interest rate is 7.02%, rising 19 basis points over the last seven days. Hence, borrowers may be less inclined to purchase homes, especially if they have other options available to them. Investors looking to buy in Chandler should carefully consider the impact of high-interest rates on their investment strategy, as they may need to adjust their expectations for return on investment. Additionally, the potential for inflation and rising costs should be factored into any investment decision.

Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Chandler, AZ is your ability to find great real estate investments in that area.

According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.

We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability. 

Contact Us

The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

Sources:

  • https://www.zillow.com/home-values/17384/chandler-az/
  • https://www.redfin.com/city/3104/AZ/Chandler/housing-market
  • https://www.realtor.com/realestateandhomes-search/Chandler_AZ/overview

Fresno Housing Market: Prices, Trends, Forecast 2023

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The housing market in Fresno and the Central Valley region of California has been experiencing fluctuations in the median sold prices of existing single-family homes and sales, as seen in the data from February 2023. While the median sold price for existing single-family homes in both regions has decreased compared to last year, there has been an increase in sales since January 2023.

The changes in the housing market can be attributed to various factors and could potentially have implications for buyers, sellers, and real estate agents. In this article, we will delve deeper into the current state of the housing market in Fresno and the Central Valley region and explore the factors driving these changes.

The valley encompasses all or parts of 19 California counties including Fresno. According to the California Association of Realtors, as of February 2023, the housing market in Fresno County and the Central Valley region of California has experienced some changes compared to the previous year. The median sold price of existing single-family homes in Fresno is $385,000, showing a 2.7% increase from January 2023, but a 4.9% decrease from February 2022.

Similarly, the Central Valley region's median sold price for existing single-family homes is $449,000, showing a 5.6% increase from January 2023 but a 3.4% decrease from February 2022. The sales in the Central Valley region have increased significantly by 24.6% since January 2023 but decreased by 28.6% compared to February 2022. Whereas, Fresno's sales have increased by 25.9% since January 2023, but decreased by 25.1% compared to February 2022.

Overall, the Fresno and Central Valley housing market is still experiencing a decline in median sold prices compared to last year. However, there has been an increase in sales in both regions since the beginning of this year. These changes in the market could be attributed to various factors, such as the ongoing COVID-19 pandemic, changes in the economy, and supply and demand. As the situation develops in the future, it would be interesting to see how the housing market in Fresno and the Central Valley region progresses.

Is Fresno County a Seller's Real Estate Market?

The following housing market trends are based on single-family, condo, and townhome properties listed for sale on realtor.com. Land, multi-unit, and other property types are excluded. Fresno County is a thriving county located in the Central Valley of California, known for its rich agriculture, diverse cultural experiences, and outdoor recreational opportunities.

Median Listing and Selling Prices

As of March 2023, the median listing home price in Fresno County, CA, was $395,000, representing a year-over-year increase of 1.5%. The median listing price per square foot was $235, indicating that homes in the county are moderately priced. In the same month, the median home sold price was $381,300. Homes in Fresno County sold for approximately the asking price on average in March 2023, with a sale-to-list price ratio of 100%. This suggests that sellers in the county are pricing their homes appropriately, and buyers are willing to pay the asking price.

Buyer's Market

Fresno County, CA, is currently a buyer's market, which means that there is more supply than demand for homes. As of March 2023, there were 2,223 homes for sale in the county, with 306 of them newly listed within the last week. Additionally, there were 416 rentals available, with a range of $425 to $5,000 per month. This indicates that buyers have more options to choose from and may be able to negotiate a better price. On average, homes in Fresno County, CA, sell after 48 days on the market. This trend has gone down since last month, and slightly up since last year.

Newest Listings Some of the newest listings in Fresno County, CA, include a 4-bed, 2-bath home with 1,743 square feet of living space located at 2231 Lorena Ave, Sanger, CA 93657, a 3-bed, 2-bath home with 1,382 square feet of living space located at 21091 E Princeton Ave, Sanger, CA 93657, and a 4-bed, 2-bath home with 1,995 square feet of living space located at 6178 E Sussex Way, Fresno, CA 93727. These listings are just a few examples of the many homes currently available in Fresno County.

Overall, Fresno County, CA, offers a variety of options for both buyers and sellers in the real estate market. With moderately priced homes, a sale-to-list price ratio of 100%, and a buyer's market, buyers may be able to find a great deal on their dream home. Meanwhile, sellers can price their homes appropriately and expect to sell at or near their asking price. With the diverse culture and abundance of recreational activities, it's no wonder why Fresno County is a desirable place to call home.

As of April 2023, the average rent for a 1-bedroom apartment in Fresno, CA is currently $1,299. This is a 10% decrease compared to the previous year. Over the past month, the average rent for a studio apartment in Fresno increased by 4% to $1,035. The average rent for a 1-bedroom apartment remained flat, and the average rent for a 2-bedroom apartment remained flat.

  • The average rent for a 2-bedroom apartment in Fresno, CA is currently $1,545, down 6% compared to the previous year.
  • The average rent for a 3-bedroom apartment in Fresno, CA is currently $2,114, up 2% compared to the previous year.
  • The average rent for a 4-bedroom apartment in Fresno, CA is currently $2,495, down 2% compared to the previous year.

Fresno Real Estate Market Forecast 2023

Metropolitan Fresno, officially Fresno–Madera, CA CSA, is a metropolitan area in the San Joaquin Valley, in the United States, consisting of Fresno and Madera counties. It is the third-largest metropolitan region in Northern California, behind the San Francisco Bay Area and Greater Sacramento.

The Fresno real estate market has seen steady growth over the past year, with an average home value of $369,224, which represents a 3.6% increase from the previous year. Homes in the Fresno area are going to pending in approximately 24 days, indicating a competitive and active housing market.

In terms of sale-to-list ratios, the median ratio for January 31, 2023, is 0.990, suggesting that homes were typically sold at just below the listed price. Moreover, around 26.4% of sales were above the list price, and 55.6% of sales were below the list price.

Looking forward, the Fresno real estate market forecast for 2023 shows a negative trend, with a projected -0.2% change by March 31, 2023, and a further decline of -0.4% by May 31, 2023. However, by February 29, 2024, the forecast indicates a slight improvement with a -0.1% change.

It is important to note that these projections are at the metro level and focus on the Fresno Metropolitan Statistical Area (MSA), which includes Fresno County and Madera County. The forecast takes into account the unique factors that impact the housing market in the region, such as local job growth, population changes, and supply and demand. While the forecast indicates a slight decline in the coming months, it is essential to keep in mind that various factors, such as economic conditions and changes in housing demand, can influence the real estate market and potentially alter the forecasted trends.

Fresno Real Estate Market Forecast
Graph Credits: Zillow.com

Fresno Real Estate Investment Overview

Is it worth buying a house in Fresno, CA? Investing in real estate is touted as a great way to become wealthy. Many real estate investors have asked themselves if buying a property in Fresno is a good investment? Fresno is the epitome of “the Valley”, the city that Californians like to mock as a backwater drawing a steady stream of nearly local rural girls to the theoretically more cultured, exciting, and fun cities like Los Angeles. Fresno continues to be ignored in favor of hot coastal markets like San Francisco and Los Angeles.

It is located in the San Joaquin Valley, the agricultural heart of the state. It sits at the southern end of the valley. It is sometimes called the heart of the Inland Empire. You need to drill deeper into local trends if you want to know what the market holds for the year ahead. We have already discussed the Fresno housing market forecast for answers on why to put resources into this market. Although this article alone is not a comprehensive source to make a final investment decision for Fresno we have collected ten evidence-based positive things for those who are keen to invest in Fresno real estate

Investing in Fresno real estate will fetch you good returns in the long term as the home prices in Fresno have been trending up year over year. Let’s take a look at the number of positive things going on in the Fresno real estate market which can help investors who are keen to buy an investment property in this city.

Fresno Market is Big Enough to Consider

The Fresno housing market is small by Californian standards, but it is a large real estate market in and of itself. Fresno is home to over half a million people, making it the fifth-largest city in the state and coming as the thirty-fourth-largest city in the United States. However, the Fresno real estate market is larger than this. When you take the suburbs into account, the Fresno real estate market contains almost a million people.

While you may hear about all the people fleeing California for states like Colorado and Idaho for a lower cost of living, it is cities like Fresno that see growth by people who need to move for the same reasons but don’t want to leave the state. This is why Fresno has grown five percent since 2010. The Fresno suburb of Clovis is one of the fastest-growing cities in the U.S. Clovis grew roughly ten percent since 2010. This population growth will continue to fuel property appreciation in the Fresno real estate market.

Fresno Real Estate is Affordable for Investors

Affordability is relative. The median home price in Fresno County is around 385,000 dollars. That’s a lot more than the average American home value. Yet the Fresno housing market is a bargain by California’s standards. After all, you’d pay more than a million for a three-bedroom ranch home anywhere near San Francisco, and LA is hard to afford unless you put half a million into a property purchase.

Fresno Has a Relatively Diverse Economy

Fresno may be in the agricultural heartland of the state, but there is more to the local economy than farming and food processing. The city is the regional services hub, resulting in many educational and medical jobs. The IRS has a regional office located here, as well. There are also several colleges in the area, but that will be addressed later in the article. While Fresno made the news of the real estate crash around 2008, the diverse and improving job market contributed to the rebounding of the Fresno housing market.

And if they ever finish that bullet train to connect Fresno to San Francisco, expect the Fresno housing market to boom as people move somewhere they can buy a house for less than 300K while earning 100K or more in Big Tech. The multiple military bases in the area provide high-tech jobs instead.

The Sizable Student Market That Rents

California State University has a campus here. Commonly called Fresno State, it is home to more than twenty thousand students. This creates a disproportionately large student population in the Fresno housing market. However, that’s not the only college in the area. Fresno Pacific University is a private four-year school, and it has more than four thousand students. Reedly College in Reedly, California is in the suburbs of Fresno. All of this gives those considering Fresno real estate investment the opportunity to have a diverse property portfolio without tying their fates to the state of one massive school.

There are several reasons why there is an unusually large pool of renters competing to stay in your Fresno real estate investment property. The seasonal nature of the agricultural industry and the slower local economy have resulted in a 7 percent unemployment rate, several points higher than the state and national average. People who have cycled in and out of the workforce aren’t going to be able to buy a home. Those working in low-paying industries can’t afford the average home, either.

The Relative Landlord-Friendliness

California is definitely tenant-friendly, but cities can be more or less in favor of property owners. We can say that the Fresno real estate market is more friendly to landlords than somewhere like San Francisco. For example, your Fresno real estate investment property isn’t subject to rent control unless you’re running a trailer park. Nor does Fresno follow in San Fran’s habit of nearly banning new construction. It is also much easier to evict someone in Fresno who doesn’t follow the terms of the lease. Furthermore, Fresno allows you to remove tenants through no fault of their own.

The Quality of Life

Quality of life generally isn’t enough to make someone pick up and move to a new city. However, plenty of people are fleeing cities like San Francisco and L.A. because of the poor quality of life there. Why would you want to pay 3000 to 4000 a month to live in a tiny room and try to avoid poop and needles on the street just to say you work for Big Tech or, hey, aren’t I cool for living in San Francisco? Fresno’s violent crime rate is much lower than L.A.’s, too. Combine a lower cost of living with reasonable wages, cleaner air, and literally clean streets, and the slightly higher odds of having your car broken into are considered worth it.

Fresno is sometimes seen as the boring middle child in a famous family. It is overshadowed by Los Angeles, San Francisco, and San Jose. Yet it is free of their many problems, too, while remaining solid and stable. That’s why you can’t afford to ignore the Fresno area.

Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Fresno, CA is your ability to find great real estate investments in that area.

We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

Purchasing an investment property requires a lot of study, planning, and budgeting. Not all deals are solid investments. We always recommend doing your own research and taking the help of a real estate investment counselor.

Another sizzling market to invest in real estate is Tulsa, Oklahoma. The Tulsa real estate market offers affordable properties, decent rental rates, strong property rights, low taxes, and a number of other benefits. You can’t afford to ignore this real estate market when searching for investment opportunities. It is attractive to many who come here to learn and work, but it isn’t growing so fast that it suffers problems from that growth. These are a few reasons why you should seriously consider the Madison area for investment. There are several opportunities to profit from short-term rentals with a Tulsa real estate investment property. One is offering short-term rentals to people relocating to the area or in the area for events like college graduations.

The other best place to invest in real estate is Madison, WI. The Madison, Wisconsin area sits in a sweet spot. It is larger than a small town and has the amenities of a big city, but it lacks the problems of some of the larger cities in the region. It is attractive to many who come here to learn and work, but it isn’t growing so fast that it suffers problems from that growth. These are a few reasons why you should seriously consider the Madison area for investment.

The demand for Madison real estate investment properties by renters are higher than you’d expect for several reasons. One is that the Madison real estate market costs more than the state average due to demand. The second is that the large population of student renters in the Madison real estate market drives up rents, forcing many renters to save up long before they can buy a home. There are also Millennials who work here after graduation but are reluctant to commit to buying a house, so they continue to rent. This is why less than 60 percent of Madison residents are homeowners.

Let us know which real estate markets you consider best for real estate investing!

Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

  • https://www.car.org/marketdata/data/countysalesactivity
  • https://www.zillow.com/fresno-ca/home-values
  • https://www.redfin.com/city/6904/CA/Fresno/housing-market
  • https://www.realtor.com/realestateandhomes-search/Fresno_CA/overview
  • https://www.neighborhoodscout.com/ca/fresno/real-estate
  • https://www.zumper.com/rent-research/fresno-ca
  • https://www.collegesimply.com/colleges-near/california/fresno
  • https://www.fresnobee.com/news/local/article144649154.html

Cape Coral Housing Market: Prices, Trends, Forecast 2023

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Cape Coral is a city located in Lee County, Florida, and has a population of approximately 200,000. This report provides an overview of the housing market trends in Cape Coral as of January 2023, including median sale prices, average days on the market, number of homes sold, and migration and relocation trends.

Cape Coral Housing Market Trends in 2023

The housing market in Cape Coral, Florida, has seen steady growth over the years, and in 2023 it continues to remain a balanced market, with a good supply of homes available for sale. This report provides an overview of the housing market trends in Cape Coral as of January 2023, based on reports from Redfin and Realtor.com.

Housing Market Trends

According to Redfin, the median sale price of homes in Cape Coral was $400,000 in January 2023, which is a 5.3% increase compared to the previous year. The average sale price per square foot was $237, up 3.3% compared to the previous year. Homes in Cape Coral receive an average of 2 offers and sell in around 37 days on the market, which is an increase compared to 13 days last year. There were 360 homes sold in January 2023, a decrease from 558 homes sold the previous year. The Cape Coral housing market is considered somewhat competitive, with a Redfin Compete Score of 51 out of 100.

Competitive Market

Some homes in Cape Coral receive multiple offers, while others sell for about 3% below the list price. Hot homes can sell for around the list price and go pending in around 12 days. Nearby cities, such as Sarasota and Tampa, have a higher level of competition in their housing markets.

Migration and Relocation Trends

Across the nation, only 1% of homebuyers searched to move into Cape Coral from outside metros. The top three metro areas where homebuyers searched to move from were Chicago, Boston, and New York. Of the homebuyers in Cape Coral, 61% searched to stay within the Cape Coral metropolitan area. The most popular destinations among Cape Coral home buyers were Sarasota, Tampa, and Asheville.

Schools

Homes in Cape Coral are served by the Lee County School District, which has a GreatSchools Rating of 8 out of 10. Some of the highly-rated elementary schools in the area include Cape Elementary School, Gulf Elementary School, Diplomat Elementary School, Caloosa Elementary School, and Trafalgar Elementary School.

Home Values in Cape Coral, FL

According to Realtor.com, the median listing home price in Cape Coral, FL was $449.9K in January 2023, which is a 13.9% year-over-year increase. The median home sold price was $400K, which is slightly lower than the median listing home price. This indicates that there might be room for negotiation between buyers and sellers. However, the sale-to-list price ratio was 96.98%, indicating that homes in Cape Coral, FL sold 3.02% below the asking price on average in January 2023.

Median Days on Market

The median days on market for homes in Cape Coral, FL was 80 days in January 2023. This means that on average, homes take about 80 days to sell. The trend for median days on market in Cape Coral, FL has gone down since last month, and slightly up since last year. This indicates that the demand for homes in Cape Coral, FL is strong, but there is still a good supply of homes available for sale.

There are currently 5,976 homes for sale in Cape Coral, FL, with 432 newly listed within the last week, providing buyers with a range of options to choose from. Overall, the Cape Coral housing market in 2023 continues to remain a balanced market, with steady growth in home prices.

Cape Coral Housing Market Forecast 2023

Despite the strong demand for housing, Cape Coral is still considered a relatively affordable housing market compared to other cities in Florida, such as Miami and Tampa. However, Cape Coral is not without its challenges. The city is located in an area that is prone to natural hazards and environmental risks such as storms, floods, heat risks, droughts, and fires. Homebuyers should consider these factors when purchasing a home in the area and make sure to have appropriate insurance coverage.

According to Zillow, the Cape Coral housing market has continued to show strong growth in the last twelve months, with the average home value at $378,976, a significant 11.4% increase from the previous year. This growth is reflected in the median sale-to-list ratio of 0.975, indicating that homes are selling for close to their asking price.

However, a small percentage of homes (14.2%) are being sold over the listed price, while a large percentage of homes (66.6%) are being sold under the listed price. It means that buyers may have more bargaining power in negotiating the price of a home. However, this doesn't mean that all homes will be sold for less than the asking price or that buyers can make lowball offers.

The spring season tends to see an uptick in home buying activity, as more buyers tend to enter the market during this time. This increased demand may lead to a higher percentage of homes selling for at or above the asking price, as buyers may need to compete with each other for desirable properties in Cape Coral.

Cape Coral Housing Market Forecast
Source: Zillow

Homes in Cape Coral are going pending quickly, with the median days to pending at 33 days, indicating that homes are being snatched up quickly in the current market. Zillow's Home Value Index (ZHVI) is a useful tool for understanding how the Cape Coral housing market is performing. The ZHVI is based on monthly changes in property-level Zestimates, and it captures both the level and home values across a wide variety of geographies and housing types.

It's important to note that while the housing market in Cape Coral is currently strong, it's important to work with a local partner who can help navigate the complexities of the local market.

The Forecast

The Cape Coral-Fort Myers housing market is expected to experience strong growth in 2023, with a projected appreciation of 4.5%, according to a report from Veros Real Estate Solutions. This makes it the fourth strongest-performing market in the United States. The market is expected to benefit from high demand and a limited supply of homes.

The report from Veros Real Estate Solutions is based on their VeroFORECAST model, which evaluates home prices in over 300 of the largest housing markets in the country. The model uses a range of economic, housing, and geographic variables to predict home value trends. This growth is expected to be driven by high demand for homes in the area, as well as limited supply. 

Comparison to National Trends:

While home prices are expected to depreciate by 0.5% on average across the country in 2023, the Cape Coral-Fort Myers market is projected to experience significant growth. This suggests that the local market is outperforming the national market, which may be due to unique economic and demographic factors in the area.

Hence, the Cape Coral-Fort Myers housing market is expected to perform very well in 2023, with strong growth projected due to high demand and limited supply. This growth is expected to outpace the national average, making the market one of the strongest performing in the country. However, as with any market, there are always risks and uncertainties, and potential home buyers and sellers should consult with local experts to make informed decisions.

Based on the forecast for the Cape Coral housing market in 2023, here are some recommendations for buyers, sellers, and investors:

For Buyers:

  • With the projected appreciation of 4.5%, buyers should be prepared to act quickly when they find a home they like, as homes are selling quickly in the current market.
  • As the area is prone to natural hazards and environmental risks, buyers should carefully consider these factors and make sure to have appropriate insurance coverage.
  • Buyers should work with a local partner who can help navigate the complexities of the local market and provide insights on the best neighborhoods and properties to consider.

For Sellers:

  • The strong growth projected in the market is good news for sellers, as demand is high and supply is limited. This may allow sellers to command higher prices for their homes.
  • Homes are selling quickly, so sellers should work with a local agent to price their homes appropriately and stage them to appeal to potential buyers.
  • Sellers may want to consider listing their homes in the spring or summer when demand is typically highest.

For Investors:

  • The strong projected growth in the market makes Cape Coral a potentially attractive location for real estate investors.
  • Investors should carefully evaluate potential properties and neighborhoods, looking for areas with high demand and potential for appreciation.
  • As with buyers and sellers, investors should work with local partners who can provide insights into the local market and help identify promising investment opportunities.

Top Reasons to Invest in the Cape Coral Real Estate Market

  1. Affordability: Compared to other cities in Florida, such as Miami and Tampa, Cape Coral offers relatively affordable housing options. This makes it an attractive market for both first-time homebuyers and real estate investors.
  2. Strong Growth: As mentioned earlier, the Cape Coral real estate market has experienced significant growth in the past year, with home values increasing by 11.4%. The market is expected to continue to grow in 2023, with a projected appreciation of 4.5%.
  3. Limited Supply: The Cape Coral market is characterized by a limited supply of homes, which is expected to continue to drive demand and appreciation.
  4. High Rental Demand: The city of Cape Coral is a popular tourist destination, which makes it an attractive market for investors looking to rent out their properties. The city's growing population also contributes to the demand for rental properties. Investing in a rental property in Cape Coral could be a good decision for the right investor. If there is a high demand for rental properties in the area and landlords are likely to find tenants quickly. Furthermore, the projected growth in the Cape Coral housing market in 2023 suggests that rental properties may appreciate in value, potentially increasing the return on investment for landlords. Additionally, Cape Coral's relatively affordable housing market compared to other cities in Florida, such as Miami and Tampa, could make it an attractive location for investors looking to purchase rental properties at a lower price point.
  5. Natural Beauty and Amenities: Cape Coral is situated on a waterfront and offers access to beaches, water sports, and other outdoor activities. The city also has a vibrant downtown area with shops, restaurants, and other amenities.
  6. Low taxes: Florida has a reputation for being a tax-friendly state, with no state income tax, no estate tax, and relatively low property taxes. This makes it an attractive destination for retirees and investors looking to maximize their income and minimize their tax burden.
  7. Landlord-friendly laws: Florida is known for having laws that are favorable to landlords, including quick eviction processes, laws that allow landlords to charge high late fees, and regulations that limit tenants' ability to withhold rent. This creates a more stable and predictable environment for rental property investors, reducing the risk of loss from problematic tenants or legal disputes.

Potential Drawbacks:

  1. Natural Hazards: As mentioned earlier, Cape Coral is located in an area that is prone to natural hazards such as storms, floods, heat risks, droughts, and fires. This can increase insurance costs and pose a risk to property values.
  2. Mortgage Interest Rates: The current average 30-year fixed mortgage interest rate is relatively high at 6.94%, which can make it more difficult for buyers to afford homes and impact the demand for properties in the area.
  3. Local Market Complexities: As with any real estate market, there are complexities and nuances to the Cape Coral market that buyers and investors should be aware of. Working with a local partner who understands the market can help navigate these complexities and ensure informed decision-making.
  4. Supply Chain Disruptions: Any global supply chain disruptions can impact the availability and pricing of building materials, which can impact construction and renovation projects in the area.

Note that the current high mortgage interest rates could impact the affordability of purchasing a rental property in Cape Coral. Overall, the Cape Coral real estate market presents strong investment opportunities for those willing to navigate the complexities and risks associated with any real estate market. The potential for growth, limited supply, and rental demand makes it an attractive market for both buyers and investors. However, potential buyers and investors should weigh the risks and drawbacks associated with the market and work with local experts to make informed decisions.

Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified.

Sources:

  • https://www.redfin.com/city/2654/FL/Cape-Coral/housing-market
  • https://www.zillow.com/home-values/30742/cape-coral-fl/
  • https://www.realtor.com/realestateandhomes-search/Cape-Coral_FL/overview
  • https://www.veros.com/national-housing-market-annual-forecast-goes-negative-for-the-first-time-in-more-than-a-decade

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