If you have you been watching the Anna Maria Island Real Estate market recently you might have noticed many sales that reached or passed the one million Dollar mark.
Investing in Real Estate has always been an American strategy to begin building wealth. It can generate ongoing passive income and can be a good long term investment if the value increases over time. A decade after the financial crisis and drops of over a third in value homeowners have regained their worth led by a robust labor market with economic activity and housing demand. According to a Reuters poll US house prices will rise at twice the speed of inflation and pay with an expected gain of 5.7% this year.
US Wide Median Home Values
Looking at the median value the wealth building strategy seems to hold true for many metropolitan areas. Exclusive suburbs close to finance or tech hubs have seen drastic value increases over the last 2 years like San Jose (by 53.8%), San Fransisco (by 45.5%) and Seattle (by 44.7%). Both US coasts are clustered with million dollar markets. According to Zillow there are 197 cities where you will need a 7 figure check to purchase real estate. California features more than half of these markets, followed by New York and New Jersey.
The One Million Dollar Island
Florida has seen its share of rising median values. Miami tops the list with an increase of 30.4%. For example, Fisher Island is the home of the stars that features a median value of about $ 3.2 million.
The other 2 larger cities in the Sunshine State are Tampa and Orlando that also saw a higher than average growth with over 20% value increases. However, no other Florida area than Anna Maria will join the exclusive list of the million dollar municipalities next. Zillow is projecting that the median price of island homes will rise to $1.0094 million from the current $964,200.
Looking at sales in Holmes Beach over the last 3 months the sold prices seem to confirm this trend.