Florida Metros Draw Over 80% of New-Home Views From Outsiders as Lakeland Tops at 83%
Updated
Updated · Fox Business · Aug 30
Florida Metros Draw Over 80% of New-Home Views From Outsiders as Lakeland Tops at 83%
2 articles · Updated · Fox Business · Aug 30
Summary
Lakeland, Florida, led the nation in the second quarter, with out-of-town shoppers generating more than 83% of views for new-construction listings, while Cape Coral, Port St. Lucie and North Port also topped 80%, Realtor.com said.
67.2% of new-construction listing views nationwide came from outside a metro area, above the 65.4% share for existing homes, underscoring stronger long-distance demand for newly built properties.
Lakeland's appeal rests heavily on price: its median new-construction listing was $315,821, versus $1,946,685 in Miami, and many of its shoppers came from Miami, Orlando and Tampa.
Builders are also sweetening deals with closing-cost assistance and mortgage-rate buy-downs as they compete for buyers, helping keep new homes attractive even as the national median asking price held near $450,256, down 0.1% year over year.
Why are out-of-state buyers flocking to Florida's mid-sized cities, and what hidden costs could turn these affordable dream homes into financial traps?
Are builder incentives like rate buy-downs masking the true long-term costs of buying new construction in Florida's rapidly expanding Sun Belt?
With remote buyers dominating Florida's new home market, will this massive suburban sprawl eventually trigger an oversupply and crash local property values?