Lakeland Real Estate Market Update

Below you will find some of the most recent statistics relating to the real estate market in Lakeland. As a real estate agent in Lakeland, John-Michael Elliott consistently reviews the market to determine how it performed in the past and what is predicted of it in the future. It is our goal that these market updates also help you gain a further understanding of the local market.

The median sale price for a home in Lakeland was $145,000, even with the April 2016 price but up significantly from May 2015. In May of last year the median sale price was $130,000 and May 2014 it was $129,250. The price for a home in the area has increased year-over-year since May 2012 when the median price was at $96,799.

A similar trend has occurred with the number of homes sold as well. This past May there were 917 homes sold in Lakeland. This is an increase from the 901 sold one year earlier in addition to the 762 in May 2014, 759 in May 2013 and 644 at the end of May 2012. If the trend is to continue as it has over the past few years, we could see a significant jump in home sales in May 2017, though there are still a number of other factors that may influence whether or not that happens.

The median rent price is also as high as it has been in the past 12 months on all properties, costing $1,285 at the end of May 2016. This price is up from the $1,250 mark in experienced in April after coming in at $1,200 in both the months of March and February.

The number of rentals are also up as we are experiencing the highest they have been over the past year. In May 2016 there were 295 rentals, the first time rentals eclipsed the 270-mark since August 2015. According to Zillow, the value of a Lakeland home in May 2016 was $129,000, an 11% increase from May 2015. After experiencing a low for the month of May in 2012 at a value of $89,000, the value of homes has been on the rise and is anticipated to reach $137,000 in May 2017.

As the median price increases so do the number of sales. The Lakeland real estate market has been on the rise over the past few years and isn’t expected to stop in the near future. The market is slowly shifting to a seller’s market from a buyer’s market as sales and home values continue to jump year-over-year.

A Lakeland real estate agent like John-Michael Elliott can help guide you through the real estate process and ensure you get the right home for the right price. It can be difficult to go through the buying or selling process on your own and that’s why we are committed to helping make sure that you have a smooth experience.

Whether you are looking to buy or sell in the area, John-Michael is an experienced real estate agent in Lakeland who is more than ready to help you achieve your real estate dreams. Contact us today for more information or to begin the journey!

Source: http://www.trulia.com/real_estate/Lakeland-Florida/market-trends/

Source: http://www.zillow.com/lakeland-fl/home-values/

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