If you are interested in Real Estate investing, you are probably looking for the next hottest place on the market for 2020. Well fear not, you probably do not have to look too far. Lakeland, Florida has been up and coming in the world of Real Estate investing.
Located just between Orlando and Tampa, this is the hottest new spot to dish out a collection of rental properties.
Home value statistics
The stats for median home values in the Lakeland area have been steadily rising in 2019. While Zillow estimates shouldn’t always be taken as fact, it does show the median home value in Lakeland as $162,300.
This means that the home value in Lakeland has risen a whooping 9.4 percent over the past year. Additionally, Real Estate experts predict this number to rise 5.9 percent over the course of 2020.
Supply and demand
Compared to the national average, Lakeland has a lower proportion of homes on the market. Since there is a low level of supply, that means demand will be higher.
Low supply and high demand is every Real Estate investors dream. Now is as good as time as any to get involved in Lakeland’s ever-growing market.
Median home sales have seen a rise of $9,900 in Lakeland, Florida. This translates to a rise of over 6 percent. There has also been a rise in rent per month over 2019.
The average price per square foot also rose to $112. The previous statistics showed a median price of $104, so this equates to a whole $8 increase.
Affordable housing market
Not only is it that home values are on the rise, Lakeland is also a great place for affordable housing. The median price for a home in Tampa is around $260,000, while the number rises to $300,000 for a home in Orlando.
However, the median price for a home in Lakeland is $160,000. This is certainly a much more appealing option for Real Estate investors.
To get more information on all that Lakeland has to offer, you can view our available properties today. If you already own properties in the area, you can also read about our property management services.