A typical medium-sized city in the state of Florida, with a population of 104,401, Lakeland’s real estate market shows an unpredictable and hopeful picture at the same time.The number of total housing units is 39,376 and the median house value price is $118,214.
The city has seen an increase in population and job opportunities in the last couple of years and has an advantage of being in reasonable driving distance from some major cities like Atlanta, Miami and Orlando.
Lakeland has a mix of owner and renter occupied houses with single family detached houses having maximum prevalence.
Its housing arena shows a mixture of large and small apartment complexes, high rise apartments, mobile homes or trailers and a few duplexes.
Challenges for folks trying to sell your house in Lakeland
The percentage of home sale has shown ups and downs, dipping during April and slowly and rising through months of June and July this year.
Despite the hike in sales and a small inventory, prices have been falling. The house prices in Lakeland have been solidly below the national average.
A number of vacant houses pervade Lakeland’s housing market, which can drag down the real estate market value. This situation can be improved if these houses become a part of the market and get occupied.
The increased home vacancy rates are an indication to prospective buyers that the market situation is not profitable for investment.
Why you need not worry anymore?
Good news is that the appreciation rates are still high in Lakeland despite a slow housing market.
In fact its annual appreciation rates are some of the highest in America and higher than 70% of the other cities and towns in Florida.
2017 is starting to show a reasonably good scenario in real estate and a definite seller’s market.
An increase in price is expected due to the shortage of homes available. This is also fuelled by new schools, restaurants and exciting industrial projects in the city.
However, the value may change depending on the type of property you are trying to sell and the individual neighborhood situation may vary dramatically within the city, with each area having differential potential.
The volatile and unpredictable market makes it difficult for buyers in Lakeland to make a decision solely based on the promising appreciation rate.
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