Lakeland REI Surge Continues, Vacancy Falls to 2.9%
Current Market Trends and Dynamics Lakeland’s real estate market is undergoing a notable shift. Home prices are on the rise, increasing to an average of $350,000. This marks an 8% growth, even though sales volumes are dropping. Inventory levels are on a moderate rise. Yet, they continue to balance well with demand. A significant trend is the emergence of short-term rentals as a potent market force. These rentals are attracting investors at a time when traditional home sales are declining. New housing developments catering to the influx of residents are also contributing to the housing market's dynamics. Incorporating essential medical services into senior housing projects in Lakeland could attract more health-conscious investors, enhancing the market's appeal. There is also growing interest in energy-efficient properties. This reflects consumers' preferences for modern, sustainable living. As a result, homes are taking longer to sell, indicating a measured trading pace. Th...