Florida and Ohio Real Estate Markets: Heat Rises in Orlando, Tampa, Cincinnati, and Columbus for 2024

Thursday, February 1, 2024   /   by Mike Shoaff

Florida and Ohio Real Estate Markets: Heat Rises in Orlando, Tampa, Cincinnati, and Columbus for 2024

In the scorching arena of real estate, Orlando and Tampa are set to shine brightly this year, securing their positions among the top 10 sizzling markets of 2024, as per the latest report from Zillow.

After scrutinizing the top 50 metropolitan areas by population, Orlando snagged the ninth spot while Tampa closely followed at the 10th position. Buffalo, New York, clinched the lead, trailed by Cincinnati, Ohio, and Columbus, Ohio, among others.

So, what’s the common thread among these hotspots?

Zillow attributes their allure to a mix of factors including robust job growth, swift home sales, a plethora of eager buyers, and the expectation of steady home values.

Florida's job market is thriving, with FloridaCommerce reporting a surge in the labor force, outpacing the national growth rate. In November 2023, Orlando saw a 2% job growth, adding 26,600 private sector jobs, while Tampa experienced a similar increase, adding 27,900 new private sector jobs.

A surge in job opportunities often translates to an influx of residents, intensifying competition and pushing prices upward unless countered by adequate new construction. Among the top 10 states attracting new construction buyers, Florida stands out, drawing considerable attention.

According to the U.S. Census Bureau, over 1.5 million new residential construction projects commenced in Florida in the past year alone, marking a significant increase.

Despite the robust demand, Florida maintains relatively stable home values with homes selling swiftly. In Orlando, where the average home value hovers around $388,048, newly listed properties typically sell within 23 days. Similarly, in Tampa, where the typical home value is approximately $375,338, homes are off the market in about 24 days.

Contrastingly, some regions face lengthier selling times. Myrtle Beach, South Carolina, tops the list with homes spending an average of 78 days on the market.

In the race for the hottest real estate markets of 2024, Buffalo and two Ohio cities have emerged as front runners. Cincinnati and Columbus claimed the second and third positions, respectively.

According to David D’Louhy, a realtor with Red 1 Realty, Columbus' surge in demand is fueled by various factors including an influx of employees from tech giants like Intel and Amazon, along with the establishment of multiple data centers.

Securing the third spot on Zillow's list, "Columbus is experiencing a shift from intense bidding wars to a more stable yet active market, driven by factors such as interest rate changes and low inventory levels" states D'Louhy a Realtor in Columbus Ohio.

Ready to explore the vibrant real estate scenes of Southwest or Central Florida? For more information and expert guidance on properties in these thriving regions, don't hesitate to reach out to Mike Shoaff, Realtor with RE/MAX Hallmark in Naples, FL. Whether you're looking to buy, sell, or invest, Mike's extensive knowledge and personalized service will ensure you make the most informed decisions. Contact Mike today to embark on your real estate journey in sunny Florida!

RE/MAX Hallmark Realty
Mike Shoaff
821 5th Ave South Suite 105
Naples, FL 34102

The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2024. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2024. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
2024 Royal Palm Coast REALTORĀ® Association. All rights reserved. Information has not been verified, is not guaranteed, and is subject to change. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) of the Florida Gulf Coast Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than Mike Shoaff - RE/MAX Blue Skies IDX logo and detailed information about them includes the name of the listing brokers. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Last Updated: 7/21/2024 6:13 AM CST
The data relating to real estate for sale on this limited electronic display comes in part from the Southwest Florida Multiple Listing Services. Properties listed with brokerage firms other than Mike Shoaff - RE/MAX Blue Skies are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program. The source of this real property information is the copyrighted and proprietary database compilation of the participating Southwest Florida MLS organizations and is Copyright 2017 Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. Some properties that appear for sale on this limited electronic display may no longer be available. For the most current information, contact Mike Shoaff - RE/MAX Blue Skies Data last updated 7/21/2024 6:13 AM CST.
The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2024. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
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