Florida Real Estate & Home Prices

Home styles in Florida

If you try to imagine the quintessential Florida home, you may be thinking of sea-inspired decor in bright teals and pinks, with a screened in lanai attached to the home. While you’ll definitely find plenty of homes like that, the state’s homes also bear traces of Florida’s earliest explorers and settlers — particularly the Spanish. 

In coastal cities, like Miami, St. Petersburg, and West Palm Beach, you can find large, Spanish-style homes with features like stucco walls and low-pitched or flat roofs. Florida’s Spanish architecture also borrows elements of Mediterranean, Moorish Revival, and American Arts and Crafts styles, including arched doorways, clay roof tiles, and terracotta additions. And if the Spanish style doesn’t speak to you, Florida also has many Victorian homes, as well as ranch homes, contemporary homes, and of course beach houses and bungalows. 

As you might expect, some of the most common Florida residential real estate features take advantage of the state’s warm weather and year-round sunshine. According to data collected by Realm, more than 147,000 Floridians have a pool at home, while another 69,000 have a patio. So if you’re planning a move to Florida, get ready to fire up the grill and expect to spend a lot of time poolside. 

Knowing what features are common amongst your neighbors also helps homeowners decide which projects might be worth the financial investment. If you live in Florida or are exploring Florida real estate, use the free Realm dashboard to see how much it might cost to add a pool and how much value it would add to your home. 

Tips for Florida homeowners 

Although Florida has many historic homes, including the stunning Villa Vizcaya in Miami and the charming bungalows of Historic Kenwood in St. Petersburg, that state has had more recent building booms. In fact, data collected by Realm shows that most homes in Florida were built in 2006. So if you’re searching Florida real estate, chances are, you may find a house that wasn’t built too long ago. 

What does that mean for homeowners? Well, for one thing, it means that if you own or purchase a home built in the past couple decades, you’ll have different issues than someone who owns a home built 60, 70, or 80 years ago. Older homes may have outdated electrical or plumbing that’s reached the end of its life, and they are more prone to structural problems, like foundation and roof issues — which can be expensive to repair. On the other hand, people who own newer homes should keep an eye out for signs that the home was built quickly and with less care. If you’re purchasing a home, using a reliable inspector will help you assess whether the home has trouble spots that could cost you down the line. Even if the home was built in the past couple of decades, certain materials have shorter lifespans than others. For example, an aluminum swimming pool typically only lasts for about 15 years. It’s important to ask questions about when key features of a home were last replaced or upgraded. 

One other thing to keep in mind if you’re a Florida homeowner or planning to become one: mother nature. While data revealed that 85% of homes in Florida are not in flood zones, that leaves a not insignificant 15% of homes that may face flooding. Knowing whether your home is in a flood zone — and getting the proper insurance to protect your home — is critical. Fires, on the other hand, shouldn’t be a problem for most Floridians. 99% of Florida homes sit outside the perimeter of wildfires that have occurred in the past five years. 

Frequently asked questions about Florida real estate

Where’s the cheapest place to buy a house in Florida? 

There are lots of affordable cities in Florida, including Edgewater, Jacksonville, Gainesville, Quincy, Fort Meade, and Cape Coral. Of course, the entire state gets a cost-of-living break, thanks to no income tax. But even though homes in Florida may be inexpensive compared to other states, the overall cost of living in Florida is just slightly higher than the U.S. average. So it’s important to remember that home prices don’t exist in a vacuum. When buying, it’s important to consider how much you can afford based on your own income and financial situation. 

Is real estate a good investment in Florida? 

It all depends on the home price, your plans for the house, and your own income and finances. If you’re planning to buy and live in the home for many years, purchasing a home in Florida may be a good investment option for you (remember, no state income tax!). But it doesn’t matter how good of an investment a home may be if it breaks your budget. While low mortgage rates make real estate investing appealing, it’s important to carefully consider your own finances and plans for the future. 

Why is Florida real estate so cheap? 

Although homes in Florida may be less expensive than homes elsewhere, the state has recently experienced the pressures of rapid increased demand brought on by the pandemic. In 2021, home prices jumped by 24.3% over the prior year and as of June 2021, the statewide median price for existing homes was $351,000. Of course, there are always opportunities to find homes at a good price with hidden potential. If you find a house that’s within your budget but needs some updates, explore the property on the Realm free dashboard. You can get accurate cost estimates for a range of projects and can easily see how much value a project would add to the home. It’s all about finding the right place for your needs and your financial goals.