Are you planning to buy a home in Daytona Beach? It’s a fantastic decision since Daytona ranked third as the best place to settle down. The Florida market is hot right now, so you need to act fast to find the right home.
It pays to know the real estate in Daytona Beach to make sound choices in a competitive market. After all, deciding to move, finding the ideal home, and negotiating the terms of sale can be exhausting. An informed purchase can help give you an edge.
Searching for that perfect beach house? Keep reading to learn the most up-to-date Daytona Beach real estate trends.
Increased Affordable Housing Options
The Daytona Beach real estate market is rising, with increased affordable housing options and a growing economy. The average home price in Daytona Beach is $228,946, and the median home price is $159,900. The average price per square foot is $115.
In addition to new developments, there is also an increase in homeowners looking to downsize or move to a more affordable location. This could create opportunities for buyers looking for a bargain on a quality property.
More New Construction
One particularly noteworthy trend is the increased focus on luxury construction. More and more high-end condos and single-family homes are being built, fetching premium prices. This is mostly because there are empty lands waiting to be developed, which you can learn more here.
This is good news for buyers and sellers, as luxury properties tend to appreciate more quickly than modest homes. The city is growing rapidly, and there is a high demand for new homes. Developers are racing to keep up with the demand, and many new subdivisions are being built on the outskirts of town.
More Luxury Condos and Homes
As the economy continues to strengthen and more people are looking to purchase luxurious second homes, the real estate market in Daytona Beach is pointing towards an increase in luxury condos and homes in 2022.
This beach town is known for its beautiful sandy beaches and world-renowned Daytona International Speedway, making it a great position to get properties. Now is the perfect time to invest if you want to buy Daytona condos.
Increased Rentals and Airbnb Options
Daytona Beach real estate trends are still affected by the pandemic. Thus, people are looking for safe ways for rentals or vacation homes. Increased rentals and Airbnb options will be popular as people continue to be cautious about traveling.
Many people will also continue to work from home, so they will need more space and look for houses with more bedrooms. The market will be full of opportunities for investors and those looking to buy their first home.
Co-living Developments in the Works
In 2022, the average home price in Daytona Beach will be $420,000, up from $340,000 in 2020. The Daytona Beach real estate market will continue to be strong as more people move to the area for its warm climate and beautiful beaches.
There will be more co-living developments in the works, as this type of housing is becoming more popular with young adults. These developments will provide residents with all the amenities they need, such as laundry facilities, common areas, and kitchens.
Daytona Beach Real Estate Market Trends
As an investor, you should keep an eye on Daytona Beach real estate. The trends in the market are pointing to solid growth in the coming years, so it’s a great time to get in on the action. Contact a local real estate agent to learn more about the market and find the perfect property for you.
Did you find this article helpful? If so, visit our website for the latest tips and trends to help you get ahead in the market!