Upper Florida Keys Real Estate Forecast

ISLAMORADA, Fla. - Jan. 3, 2024 - PRLog -- Per Jan Keller, Top Producing Real Estate Agent for Coldwell Banker Schmitt Real Estate, "Everything about Real Estate in Islamorada and the Upper FL Keys."

One of the main factors driving the market is the limited supply of available homes. The Upper Keys is a small, narrow strip of land with limited developable space. As a result, there is a finite number of homes available for sale, which creates competition among buyers and drives prices up.

At the same time, there is a high demand for homes in the Upper Keys. The area is known for its stunning beaches, pristine waters, and year-round warm weather, making it an attractive destination for both primary residents and second-home buyers. Additionally, the influx of new residents from out-of-state is expected to continue, as more people seek to escape crowded cities and move to more spacious and less populated areas.

As a result of these factors, prices are expected to continue to rise in the Upper Florida Keys in 2024. According to Zillow, the median home value in the area is currently at $811,644 and is forecasted to increase by 7.4% over the next year.

The strong performance of the real estate market is also expected to lead to an increase in sales activity. Many buyers who were hesitant to purchase in 2020 due to the pandemic are now eager to enter the market, leading to a backlog of demand. As a result, real estate experts predict that there will be a surge in home sales in the Upper Keys in 2024.

Overall, the Upper Florida Keys real estate market is forecasted to continue its upward trend in 2024, with limited inventory, high demand, and increasing prices driving the market.

For More Information Islamorada Luxury Homes For Sale In The Upper Florida Keys.
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