Home Buying: Is Lakeland A Home Investor’s Gold Mine in 2020
If you are looking for a great new place to invest in 2020, you may not have to look too far. Chances are good that the Lakeland area in Florida isn’t far from you. In fact, you’re probably reading this article from your home in Lakeland. Even if you live on the other side of the country, this is one area that is well worth you getting to know, and MEGG Homes can help you get better acquainted.
In fact, Lakeland may well prove to be one of the top property investment opportunities in 2020. This is due to a number of factors. Prices in the Lakeland real estate market have risen steadily throughout 2019. This is a trend that is expected to continue well throughout 2020 as well.
Median Home Values Have Risen Throughout 2019
The stats are in and they are very exciting. The level of median home values on the Lakeland real estate market has risen throughout all of 2019. If you log on to Zillow right now, you will quickly discover that the median home value in Lakeland is $162,300. Yes, you should take Zillow’s estimates with a grain of salt. However, the market is thriving in the heart of Florida.
What this means for home investors in the area is that the level of home values in Lakeland home values has risen by an astonishing 9.4 percent over the course of the past year. This means that real estate experts in the area are predicting that home values will continue to rise to the tune of 5.9 percent during the course of 2020.
A Low Level of Supply Leads to a Higher Demand
Lakeland has a relatively low proportion of homes available on the real estate market when it comes to the national average. This means that a low level of supply will lead inevitably to a much higher level of demand. And this can only mean money in the bank for a savvy investor. Now is the best time for you to get involved in the Lakeland real estate market.
The Stats Are in to Back Up Major Market Predictions
The latest Lakeland FL real estate market trends seem to indicate that there has recently been an increase of $9,900 in median home sales. This represents a rise of over 6 percent. Meanwhile, there has also been a corresponding rise per month in median rent over the whole of 2019.
The median price per square foot for this same period rose to $112. This represents an increase of $8 from the previous price of $104. The website Trulia has 1,103 resale and new homes for sale in Lakeland. These include open houses, homes in the pre-foreclosure or auction process, and homes that are currently owned by banks before foreclosure.
Lakeland Remains an Eminently Affordable Housing Market
Despite the fact that median home values are definitely on the rise, it should be noted that Lakeland remains an amazingly affordable place to find a new home in 2020. In 2019, the median price of a new home property in Lakeland was $240,000. However, if you subtract the high-end properties, the real figure is closer to $160,000.
It will quickly be seen that this figure is a good deal lower than the price of an equivalent property in Tampa. The median price there will be closer to $260,000. Meanwhile, the price of a similarly sized property in Orlando will be closer to a total of $300,000.
Get in Touch with MEGG Homes for More Info
If you are ready to get all of the latest and most effective info on the Lakeland real estate market, the team at MEGG Homes is here to help any way possible. If you’re looking for a property that has been restored and remodeled, get in touch with us today or take a look at the properties we currently have available.