DYK Lakland ranked #1 on Florida Atlantic University’s list of overpriced and underpriced metro areas, making us the most overpriced, with a premium of 31.39%? The study considered the Zillow Home Value Index and local housing trends.
Now, while that may sound like it’s a bad thing, we know there’s often more to these findings than meets the eye. 👀
Why is Lakeland “overpriced”?
- COVID-19 changed the landscape of the way we work, play, and live. With employees working from home, people can choose where they live, regardless of their job. In 2020, we asked ourselves if Lakeland could become a zoom town, and here we are.
- Mid-sized cities like Lakeland are more attractive to individuals looking for more space, privacy, and less traffic.
- Some families moving here from larger cities may be used to paying $800,000+ for a 4 bed, 2 bath home, so they are willing to pay above asking price in Lakeland.
What does this mean for sellers + buyers?
- Although early 2021 saw many homes going for $10,000+ above asking price, the market is slowing down. In August, most Lakeland homes sold at or slightly above asking price.
- The average age of home buyers is going up, however, buyers can expect to get a lot of bang for their buck in a town like Lakeland.
How does this impact Lakeland?
- Despite how it may sound, transplant families driving up the price of homes is not necessarily a bad thing. More families moving to Lakeland rather than larger cities means more economic stimulation for our small businesses.
Want to see what your money can get you in Lakeland compared to a larger nearby city? Check it out. ⬇️
2317 Circle Dr., Lakeland | $175,000 | 3 bed 2 bath | 1,351-sqft.
2422 E. 18th Ave, Tampa | $175,000 | 2 bed 1 bath | 1,205-sqft.
8915 Pinecrest Dr., Lakeland | $449,000 | 4 bed | 3 bath | 3,003-sqft.
1000 E. Hamilton Ave., Tampa | $449,000 | 3 bed 2 bath | 1,450-sqft.
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