Home Values in North Lakeland
If you’re building a new home, it’s important to understand the impact of location when it comes to property value. Location truly has a significant effect on the value of your home when it comes time to sell the property. This is a major consideration because the differential in property values between two communities can amount to tens of thousands or even hundreds of thousands of dollars.
For instance, let’s say you were to purchase two comparably-priced lots of land and then build identical houses on those properties for the exact same price in building materials and labor. The resale value of those homes could vary significantly, by $10,000, $50,000, $100,000 or more. So for the exact same expenditure on your end, you could see a major differential in home value depending upon where you build your home.
What Are the Current North Lakeland Home Values?
As the name suggests, North Lakeland is situated in the northern region of Lakeland, Florida, a city located in the heart of Polk County. Lakeland is located between Tampa and Orlando, making it a good location for commuters who would like to enjoy the benefits of suburban or even rural living, within driving distance of the amenities in these two major cities.
The most recent census data from 2013 indicates a local population of more than 100,000, spread across 74.4 square miles. North Lakeland is home to a majority of the city’s lakes, which make this area more desirable amongst residents who are seeking a home on lakefront property.
Since North Lakeland is not technically an independent community, the available property value data is for Lakeland as a whole. Notably, Lakeland’s property values are fairly representative of the average real estate prices in Florida (albeit on the low end of “average”.)
According to Zillow’s Lakeland home value data, the July 2016 median sale price was $131,000. This figure reflects a major 11.3% increase in real estate values over 12 months ago.
It’s expected that Lakeland home values will continue to rise by an estimated 6.5% in the 12-month timeframe from August 2016 through July 2017. This would bring the local median home price to $139,000. Notably, this is quite significant because 6.5% is nearly double the predicted value growth rate for other local communities. This makes Lakeland real estate a great pick for anyone who’s seeking to build on property that will increase in value at a fairly rapid clip over the coming months and years.
According to Zillow’s historical home value data for Lakeland, home prices hit a low in December 2011, with the median price at $86,700 at this point in time. The low point marked the end of a downslide that occurred immediately after prices hit their high point in September 2006, when the median Lakeland home value was $171,000.
Home values have been on a steady increase since the low of late 2011. Today’s median home value is equal to the average of November 2008, before the 2009 real estate market crash.
If you’re ready to break ground on a new home construction project in North Lakeland or another Florida community, trust your build to the experts at Hulbert Homes. To chat about your project with our team of home building professionals, we invite you to complete our Contact form or call (863) 232-4924.