The Lakeland, Florida real estate market is turning heads in the industry as one of the surprising markets offering the best value for your dollar. According to realtor.com, the community is ranked number one among all U.S. cities as the hottest real estate market. The prediction overall for Lakeland is that the value of the market would increase by 5% and home prices would see a 7.4% increase in value in 2019.
In this article, we are going to take a look at some of the factors as to why Lakeland is gaining such momentum and what home ownership looks like in that market. We will also wrap up this piece by sharing some resources and links for those who are planning a move to Lakeland.
Lakeland, Florida Market Details
The median home price currently sits at about $172,000 which equates to about $112/square-foot. 70% of residents are homeowners, and the median household income is just under $45,000 a year. Property taxes are some of the best in the state, with residents expecting to pay at about $800/annually. The neighborhoodvof South Lake Morton has the highest value homes according to Zillow with the Dixieland neighborhood being an excellent option for first-time homebuyers.
Limited supply in the market is expecting to boost home prices with roughly a three-month inventory. Six months of inventory is considered a “balanced market.” The population in Lakeland is 108,000 which is an increase from the last census which was about 70-thousand people. This is what many real estate experts believe is driving this “hot” market.
The economy in Lakeland is strong as well as retail and healthcare appear to dominate the workforce and offer the highest incomes. Other strong industries include utilities, mining, and oil production. The closest major metro area to Lakeland is Tampa which is only about 40-minutes away and is doable for some commuters who wish to pursue other opportunities but live in Lakeland.
Lakeland Entertainment and Leisure
There is plenty to do in this community, and one of the best ways to learn about those offerings is by checking out the local paper’s local events. They feature nightlife and kids activities as well as highlights on sports and arts programs.
Helpful Links to Lakeland Florida Resources
City of Lakeland – Learn about public works, city management, business resources and more.