According to a study by Bankrate, a personal finance website, a few of Florida cities are among the hottest housing markets in the country.

Here’s a look at the Top 5 metros based on the consumer site’s “Housing Heat Index“ study for 2023.

1. Gainesville, Georgia
2. Knoxville, Tennessee
3. Cape Coral-Fort Myers, Florida
4. North Port-Sarasota-Bradenton, Florida
5. Charlotte-Concord-Gastonia, North and South Carolina

Both Fort Myers and Sarasota appeared on Bankrate’s list of the Best Places to Live in the U.S. for 2023

How is ‘market hotness’ determined?

Bankrate’s index measures a metro’s housing availability and competitiveness to determine its “market hotness.”

Here are the factors considered: home appreciation, one-year job growth, population growth, active listings, days on market and unemployment rate.

By comparison:

• Cape Coral-Fort Myers came in at fifth in price appreciation and eighth in population growth, but 207th in active listings, lowering its overall ranking.
• North Port-Sarasota ranked second in price appreciation and 12th in population growth — but 206th in active listings.
• Charlotte-Concord came in at 15th in price appreciation and 41st in population growth and it tied for 44th in days on market. It ranked 120th in active listings.

“Take lower-cost and lower-tax areas that continue to add population, add in limited inventory of homes for sale, and you have the recipe for housing market strength,” said Greg McBride, a chief financial analyst for Bankrate, in a statement.

While it continues to see population growth and price appreciation, Naples-Marco Island didn’t fare as well, ranking at No. 60, with weakness in job growth, active listings and days on market.

Southeastern U.S. reigns supreme

The 10 metros with the hottest housing markets are all in the Southeastern United States.

In a statement, Bankrate analyst Jeff Ostrowski, said the momentum in the housing market has “shifted to the Sunbelt,” especially to Georgia, the Carolinas and Florida.

“While many parts of the U.S. are experiencing price declines,home values have held steady in the Southeast. This region’s comparatively affordable prices are attractive to buyers moving in from more expensive parts of the country – but the still-strong values create challenges for first-time buyers,” he said.

Bankrate uses data from a variety of sources to compile its index, including the Federal Housing Finance Agency, Realtor.com, the U.S. Bureau of Labor Statistics and the U.S. Census Bureau.

 

---

Are you thinking of making the move to Fort Myers? Be sure to contact Kevin Bartlett today for your real estate needs at 239.977.5642 or Admin@KevinWBartlettt.com