New construction tells different stories across Florida

By Amy Connolly

 

A new study shows Florida’s new-home market varies widely, from luxury-level pricing in Miami to larger pockets of new-home sales in Lakeland and Cape Coral. The numbers show why new construction may be a very different buyer conversation depending on the market.

 

 

Florida buyers looking at new construction see very different markets depending on where they shop, according to a new Clever Real Estate analysis.

Nationally, newly built homes sold for a median of $409,565, about $52,565 more than the overall median price for all homes sold. But in Florida, the price gap between new construction and the broader market is much wider in some places – and more favorable in others.

The numbers point to a more local conversation for buyers comparing new and existing homes. In some Florida markets, new construction may sit well above the typical search range. In others, it may be one of the clearest places to find more choices.

The split shows up clearly in Florida’s largest markets, where new homes are not playing the same role from one metro to the next.

Miami had the largest new-construction price gap among the 100 largest cities studied by Clever Real Estate. The median new home there sold for $1.075 million, compared with $475,000 for all homes, representing a $600,000 difference. New construction also made up just 4% of Miami sales, suggesting those homes are not being built for the middle of the market.

Cape Coral tells a different story. It was one of only four cities studied where new construction cost less than the overall median home price. New homes there sold for $350,000, about $20,000 below the city’s overall median, and accounted for 37% of sales.

Lakeland also stood out, according to Clever Real Estate. New construction made up 58% of home sales, one of the highest shares in the country, with a median new-home price of $312,960.

Here’s how Florida cities in the study compared: