The Treasure Coast hasn’t seen a real estate market this hot since … well, maybe never before. Here’s how it’s changing Martin, St. Lucie and Indian River counties:
COVID-19 is driving thousands of people to move to the Sunshine State for its outdoor living, sparking an unprecedented real estate boom.
The problem is there aren’t enough houses for them to buy. As supply decreases, prices skyrocket, new-home construction times increase and building supplies dwindled.
It’s no surprise the hottest sales locations were by the water — and the bigger the better, with more outdoor recreation and a better quality of life. A Stuart mansion was the highest-priced resale ever, the Martin County Realtor said.
Even rental prices skyrocketed, for three specific reasons, adding to the area’s affordable housing crisis as more luxury homes are being built.
But is the hot market cooling? Treasure Coast home sales declined in July and August, but prices remained high.
The hot real estate market was the driving force behind property value increases: