Discover the latest market trends for single-family homes in Fort Myers, Cape Coral, North Fort Myers, Bonita Springs, Naples, and Estero. The population boom in Florida, particularly in Lee County, has been remarkable, defying various challenges such as recessions, housing crises, pandemics, and destructive hurricanes. Despite these obstacles, Florida's appeal remains strong, attracting a continuous influx of people.
Last year, Florida claimed the title of the fastest-growing state for the first time since 1957. With a population surpassing 22 million, the state's growth was fueled by the addition of 3.1 million residents in the previous decade. To put this number into perspective, if Florida's growth were a separate state, it would rank as the 33rd most populous, slightly larger than Arkansas and slightly smaller than Nevada.
Interestingly, the 3.1 million new residents did not evenly distribute across Florida's 67 counties. Instead, a significant portion congregated in just a handful of counties. Notably, one-third of the new residents settled in Orange, Hillsborough, Lee, Polk, and Palm Beach counties. Moreover, all of the state's ten most populated counties added at least 95,000 residents over the last decade.
Between 2020 and 2022, Florida welcomed over 655,000 new residents, second only to Texas in terms of growth. The state not only claimed the title of the fastest-growing state last year but also ranked among the top three over the past two years.
Lee County experienced a remarkable increase of 61,633 in its population within just two years. Unsurprisingly, more than 600,000 new residents migrated from other parts of the country, while 175,000 came from other countries over the last two years.
If you've been waiting for a housing market crash or significant price decreases before making a purchase, it's advisable to stop waiting. Such conditions are unlikely to occur. Now is the opportune time to buy, as negotiations can be advantageous. Properly priced homes are still receiving multiple offers, and if interest rates decrease, competition will only intensify.
“Marry the home, date the interest rate.”
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