Florida Home Prices Have Soared in Past Five Years
Florida home prices have increased an average of 73.5% during the past five years, according to Florida Trend. The median home sales price in the state was $407,000 in August 2022 and went down to an average of $390,000 in January 2023, according to Boulder Home Source using data from Zillow.
In the study compiled by the Boulder Home Source, the state with the lowest home price increase was North Dakota, with home price increases of only 23 percent in the past five years. The largest home price gains were recorded in Arizona, Tennessee, New Mexico, Georgia and Montana. The state of Idaho had the largest increase in home prices with 92% average in the past five years.
Between July 2021 and July 2022, more than 416,000 people moved to Florida and according to Florida Trend, the number one state people are moving from is New York.