What to Expect From the Jupiter Real Estate Market in 2022

Stacie Ahee

Jupiter, FL, is home to around 64,000 residents who love the sun, surf, and the year-round temperate weather Florida is known for. The city lies about 87 miles north of downtown Miami and is highly coveted for its desirable lifestyle and remarkable quality of life.

Jupiter real estate has a median price of $850,000 – up from last year’s high of $672,000 – which puts Jupiter houses for sale in a seller’s market. This market condition is defined by there being more buyers looking to purchase a home than there are available properties for sale. With this in mind, let’s take a look at what buyers and sellers can expect in 2022.

The pandemic and its unexpected benefits

Real estate prices in Florida have skyrocketed for the last two years due to low taxes, low mortgage rates, and the COVID-19 pandemic, which increased the number of remote workers around the world. With the dwindling need for employees to be near brick-and-mortar corporate offices and physical satellite locations, many workers are fleeing cold-weather states and crowded metropolitan areas in favor of a higher quality of life in warmer year-round climates like those found in Florida, California, and Hawaii.

Another continuing trend due to the pandemic lies in location. Once the nation was shut down from accepting international travelers, demand for housing remained high. In late 2021, when travel restrictions were mostly lifted, foreign buyers flooded the domestic market, especially in these warm-weather states. As the pandemic continues, the demand for housing in these regions will remain strong.

Supply and demand

Due to the influx of new residents from other states and countries, Florida has experienced a rapidly decreasing housing inventory both for existing homes and new construction. The demand for homes has led buyers into bidding wars and offers which exceed asking prices by tens of —and in some cases, hundreds of thousands—of dollars.

With the influx of foreign buyers and those used to living in high-rent cities such as Boston, New York City, and Chicago, these homebuyers will likely pay for their Jupiter real estate in cash. This trend has also seen a shift in banking requirements: mortgage requirements are now stricter than they have been in the past, and buyers are more frequently paying more than the standard 20% down payment on Jupiter houses for sale. The fact more buyers are paying cash for the property will, according to experts, keep the market strong for sellers despite the expected rise in interest rates later this year.

The new Silicon Valley and Wall Street

Miami and the cities surrounding it are quickly becoming the Silicon Valley and Wall Street of the southeast United States. The number of hedge fund and start-up tech companies that are migrating to the south Florida area is staggering. Their relocation is driven in part by the pandemic but also by attractive deals on real estate, especially when compared to high-rent districts such as San Francisco, New York City, Chicago, and Boston. As an influx of workers move with their companies for remote and in person hybrid work structures, the housing market will continue to thrive.

Tax relief

Florida is one of the few states in the nation which is extremely high in demand due to its favorable tax policies. Combine those with its year-round tropical weather, outdoor-friendly recreation, beaches, active lifestyle, and desirable Jupiter houses for sale, and it’s not hard to see why this is such a coveted real estate market. The state welcomes newcomers from high income-tax states, including California (13.3%), Hawaii (11%), New Jersey (10.75%), Oregon (9.9%), Minnesota (9.85%), New York (8.85%), Vermont (8.75%), and others to its warm shores.

The state’s tax regulations likely will stay the same for a long time, and once the initial migration eventually slows down, local buyers will benefit from a less aggressive seller’s market. As one saying amongst Floridians goes, “People come for the taxes and stay for the lifestyle.” Amongst those who will benefit from a less aggressive market are millennials –those born between 1981 and 1996 – who are looking for their first or second homes in an area where they can “age in place.” Thankfully, they’re still young enough that having to spend an extra year or so in a higher tax state won’t kill their retirement savings.

Investors will benefit, too

Whether you’re looking to relocate to Florida to retire or whether a move is for investment purposes, buying property here is a wise choice. If you’re new to investing, start small by purchasing a modest home close to your existing one. Once you’ve found a solid tenant who’s paid rent on time for 6-12 months and you’re recouping your mortgage payment, you could choose to expand with another investment property or enjoy a single investment property until your own mortgage is paid off. Either way, the migration of homeowners and property renters to south Florida continues with no end in sight.

Ready to buy or sell Jupiter real estate?

If you are looking to learn more about what to expect from the Jupiter real estate market or about Jupiter houses for sale, contact The Ahee Group for expert guidance.

*Header photo courtesy of uflrealestate.com


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