Florida Realtors economist: A lesson learned during the pandemic: Remote workers who aren’t tied to a specific location can search for housing values located anywhere. And with flexibility, it’s still possible to find a 3-bed, 2-bath Fla. home for $300,000 or less.
ORLANDO, Fla. – The vaccine rollout has started, but remote work, at least in some form, is here to stay. That means employees no longer need to reside within commuting distance of their office.
With expanded options, workers are empowered to change their primary residence or purchase a second home for a change of scenery while working successfully anywhere across the country. Some opt to stay close – within a couple hours of their employment hub – but others now venture farther away.
According to the National Association of Realtors® (NAR), the national median sale price for single-family homes in 2020 was $299,900. Florida’s median price was close at $290,000.
The pandemic caused an atypical second quarter last year, as pending and then closed sales plummeted, followed by robust market growth. Focusing on the second half of 2020, Florida’s single-family median price reported each month ranged from $295,000 to $309,000.
We see a common theme around that $300,000 price point emerging. For someone taking advantage of working from home, what does $300,000 buy in the Sunshine State?
Florida Realtors® gathered data for homes priced $297,000 to $303,000 to analyze what type of home can be purchased. In 2020, $300,000, on average, bought a 3-bedroom, 2-bathroom home with about 1,900 sq. ft. of living space.
Of course, this varies by geography. For counties with at least 20 sales, see a glimpse of the differences in the accompanying graphic.
For remote workers who can choose any location, some areas across the U.S. offer more bang for their buck, while others fall short compared to Florida.
Potential relocators need to consider more about a home than its space. Florida offers a great climate, no state income tax and plenty of amenities.
Use the Florida snapshot as a starting point for your discussion with out-of-state buyers. What would $300,000 get them in their home state? Then drill down and provide options in your local market. Every buyer has unique budgets and desires, and you can help find their new “office” in Florida.
But if they’re looking at Florida, they’ll want to make that move fast – the state’s $300,000 homes stay on the market a median of only 24 days!
Erica Plemmons is an economist and Florida Realtors® Director of Housing Statistics
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