The Lakeland FL Real Estate Market recorded the 3rd highest YOY increase in median home price out of all US Metro areas in 2021.  Lakeland’s 1-year median price growth of +29.29% was only topped by nearby Tampa (+29.69%) and Las Vegas (+37.67%).  While it’s no secret that thousands of people are relocating to the Sunshine State, it’s interesting to see that a relatively smaller Florida metro is recording some of the biggest housing market growth nationwide.

Lakeland is one of the best places to buy a home in Florida and here is why. 

1. Lakeland Is One of The Most Reasonably Priced Metros in Florida 

Lakeland has been able to attract buyers who are priced out of other Florida markets.  Lakeland’s 2021 median sale price was $330,967.   With median prices nearing $500K in South Florida’s real estate market and approaching $400K in most other Florida metros, Lakeland provides buyers an opportunity to get more property for their money.   

This seems to have driven buyers who were looking for more affordable real estate in the Sunshine State.  Lakeland saw the highest year-over-year increase in sales volume (+19.39%) among Florida metros and the 8th largest increase among USA top metro areas.   

2. Florida Migration Trends 

Florida has been one of the fastest growing states in the US over the last 3 years.  According to United Van Lines 2021 migration study, Florida ranked #1 in the US for total inbound moves.  It also ranked #2 for highest inbound moves (62%) among states with at least 1,000 shipments.  

According to the latest population statistics, Lakeland saw the 7th largest population growth between 2010-2022 among Florida cities with at least 100,000 residents.  Lakeland’s population growth will likely continue in the upcoming years as home prices continue to soar in Florida’s largest metros.  

3. Lakeland Offers Its Residents Unique Florida Experiences 

It’s unusual for a non-coastal Florida city like Lakeland to expand and grow at this pace.  In recent decades, the majority of Florida’s inbound population has settled in coastal areas or near the theme parks in Orlando. Located 45 minutes east of Tampa and St.Pete’s beaches and less than an hour west of all Orlando attractions, Lakeland offers residents easy access to both.  Lakeland also offers buyers much more house for their dollar in terms of cost per square foot. 

Therefore, Lakeland is a desirable option for new Florida residents looking to buy a home without breaking the bank.  Certain real estate markets have seen explosive home price increase leading many experts to consider them overvalued.  More affordable and less mature housing markets like Lakeland is where buyers will find the most value in this economy of rising inflation and interest rates. For that very same reason, Lakeland is one of the up-and-coming places in Florida to buy a home in 2022.  

If you’d like to learn more about Lakeland’s booming real estate market, call our experienced agents at (863) 424-2309 for a comprehensive list of resale home inventory and new communities.