A Guide to the Punta Gorda Real Estate Market in 2023
According to the Punta Gorda Chamber, real estate is one of the city’s most important industries, attracting buyers nationwide.
Punta Gorda boasts typical warm Florida weather, a quaint historic district, waterfront shopping, and abundant natural attractions. This makes it a top choice for those wanting to increase their real estate investment portfolio.
Are you considering a move to Punta Gorda, Florida, looking for a vacation home, or want to invest in rental property? Keep reading to find out more about current Punta Gorda real estate trends.
Punta Gorda, FL Real Estate Prices
All over the USA, property prices are slowly coming down in 2023 due to decreased demand spurred by escalating interest rates. In Punta Gorda, houses are currently selling for an average price of $400,000, which is 9.5% lower than last year.
Most homes sell after 33 days on the market, compared to 9 days at the same time last year. Home sales have also declined by around 100 properties per month in 2023.
Despite the downturn, Punta Gorda is still a relatively hot market. Yet, you have a better chance of securing the property you want at a better price if you’re considering investing in real estate this year.
Punta Gorda Migration Trends
More than a million people moved to Florida between 2020 and 2022, and Punta Gorda experienced rapid growth. People are still moving to this popular city, which currently has the 32nd highest projected population growth of all 384 U.S. metros, at 55.6%.
At this rate, Punta Gorda’s population will swell to 306,700 by 2060.
Redfin statistics show that 1% of homebuyers search their websites for Punta Gorda property sales. Most of these interested parties hail from Chicago, New York, and Boston.
Over 60% of searches originating in Punta Gorda search for properties within the city’s metro area.
These figures prove that Punta Gorda real estate is an excellent choice if you’re interested in buying investment properties. If you’re looking for a home or investment property, you’ll need to intensify your search if you want to secure one before the next rush.
Punta Gorda Real Estate Options
Single-family homes dominate the property market in Punta Gorda, with many of these having wonderful river and golf course views. Apartment complexes are the next most prevalent option, and there is abundant vacant land for sale.
Most homes in Punta Gorda have two or three bedrooms and are between 20 and 30 years old. Tenant occupancy in this city is 35%, just below the national average, and rents average around $998 per month.
Punta Gorda is a popular vacation destination, attracting visitors all year round. So, short-term rentals can also prove lucrative to investment property owners.
Investing in Florida Real Estate
Florida is an excellent choice for property investment. The state features strong population growth, a thriving job market, many tourist attractions, and a diversified economy.
Punta Gorda is one of the best places to invest if you want in on the Florida real estate action. Search my website for the best selection of Punta Gorda real estate, or reach out for professional assistance from an experienced real estate agent.
