Are you wondering how the 2020 real estate market fared now that the year has come and gone (thank goodness)? If so, you are probably also wondering if that housing trend will continue…right? Let’s take a look back at the 2020 Lakeland Real Estate Market.
As you know, many try to predict housing trends, but few are ever right. This is because most news stories are designed to create fear. That’s how they get people to listen. Well, not here. We are not going to try to predict anything. However, we are going to give you the facts based on what we do know about the real estate market in 2020 as we look at the year in review.
The 2020 National Real Estate Housing Market in Review
With the COVID-19 global pandemic hitting hard in 2020, this was a year unlike any other in recent history. Every aspect of our lives was upended, and all spectrums of our economy were affected in one way or another. Some industries did very well and others—not so much!
So how did the real estate industry fare? Surprisingly, it fared very well. This was in part due to the low-interest rates, a high number of first-time homebuyers, new remote working options, and home supply shortages. These combined factors made 2020 a record-breaking year in terms of residential real estate sales.
There were a few hurdles along the way though. In the spring, as the reality of the pandemic was becoming clear and stay-at-home orders were put in place, the housing market paused. However, the housing market overall had a record-breaking year. In fact, at year’s end, almost 6% more homes were sold nationally in 2020 than there were sold in 2019.
That’s pretty amazing especially in the wake of a pandemic. And that just goes to show how resilient real estate and the housing markets truly are. Think about how many times the housing market has been hit hard (think 2008) and has bounced back better than ever. So, you really can’t go wrong when buying a house even if the market drops or falls out completely. Real estate always seems to have the ability to bounce back even stronger.
Before we move on to the Lakeland, FL real estate market statistics, let’s summarize the Lakeland, FL housing market as a whole.
Lakeland, FL Housing Market Summary
Lakeland is a city in the State of Florida that consists of 45 different neighborhoods. These neighborhoods are made up of mostly single-family housing homes.
Here is the housing market share breakdown give or take as the market fluctuates.
- Single-family homes around 48%.
- Apartments and high-rise apartments around 21%.
- Mobile homes or manufactured housing around 16%.
- Duplexes and other housing around 12%.
The Lakeland, FL real estate market is a mix of owner-occupied and renter-occupied housing. Most of the homes here were built somewhere between 1970 and 1999. However, there were plenty of homes being built throughout the 90s and beyond as well.
The earlier built homes constructed between 1940 and 1969 can be found also. Those homes make up about 22% of the Lakeland housing market. Additionally, there are about 6% of the homes here were built before 1939 which are located in Lakeland’s historic districts.
Over the past 10 years, Lakeland, FL has seen some of the highest home appreciation rates in the country. In fact, real estate in Lakeland has seen an appreciation rate of almost 75% over the past 10 years. Talk about a great investment!
If you compare Lakeland to the rest of Florida, the most recent appreciation rate is more than 70% of other cities and towns around Florida. However, please keep in mind these are average appreciation rates. That means the rates for any given city or town could vary a great deal.
If you want to research a specific city or town, you can use a resource such as Neighborhoodscout.com then talk with your real estate agent for further, more detailed information. Taking these steps will help you make a solid educated decision about whether or not any given location is right for you and your family.
Lakeland, FL home sizes vary. Here is a breakdown of homes based on the number of bedrooms they have.
- No bedroom – approx. 9.5%.
- 1-bedroom – approx. 11%.
- 2-bedrooms – approx. 38%.
- 3-bedrooms – approx. 32%.
- 5 or more bedrooms – approx. 2%.
Now let’s take a look at the 2020 Lakeland real estate market statistics.
Lakeland Real Estate Market Statistics for 2020
OK, so how did the Lakeland real estate market fare in 2020? Did it do as well as the national outcomes? Yes, it did! Here are the 2020 Lakeland real estate market statistics.
Single Family and Villas Sold Homes Summary:
- New Listings – up 39.1% from December 2019 – 202 homes listed.
- New Pendings – up 28.3% from December 2019 – 269 homes pending.
- Closed Sales – up 36.6% from December 2019 – 262 closed sales.
- Median Sold Price in Lakeland, FL – up 12.2% from December 2019 – currently at $243,711.
- Average Days on the Market in Lakeland, FL – 30 days – down from December 2019 which was at 45 days.
- Average Sold Versus Original List Price Ratio – 97.6% – this was up from December 2019 which was at 95.8%.
Condo, Co-Op, and Townhome Sold Homes Summary:
- New Listings – up 5.9% from December 2019 – 17 homes listed.
- New Pendings – 0% from December 2019 – 26 homes pending.
- Closed Sales – up 71.4% from December 2019 – 14 closed sales.
- Median Sold Price in Lakeland, FL – up 30.6% from December 2019 – currently at $125,950.
- Average Days on the Market in Lakeland, FL – 17 days – down from December 2019 which was at 32 days.
- Average Sold Versus Original List Price Ratio –98.1% – this was up from December 2019 which was at 94.4%.
Mobile Home, Manufactured, Modular Sold Homes Summary:
- New Listings – down 32.3% from December 2019 – 31 homes listed.
- New Pendings – 0% from December 2019 – 37 homes pending.
- Closed Sales – up 20.0% from December 2019 – 25 closed sales.
- Median Sold Price in Lakeland, FL – up 41.3% from December 2019 – currently at $130,000.
- Average Days on the Market in Lakeland, FL – 44 days – up from December 2019 which was at 23 days.
- Average Sold Versus Original List Price Ratio – 96.4% – this was up from December 2019 which was at 93.4%.
Up-to-date Lakeland Real Estate Market by Zip Codes
Monthly housing statistics for Lakeland FL can be found in detail clicking on the hyperlink. Detailed reports with Average and Median Sales Price, Days on Market, and Market Activity for Lakeland, Florida by Zip Codes.
Why Did the 2020 Real Estate Market Fare Better Than the 2008 Real Estate Market?
So why did real estate fare better in 2020 than it did during the last economic disaster when the bottom fell out of the housing market in 2008? This is because the last economic disaster and mortgage crisis was due to the over-abundance of subprime mortgage loans given to high-risk homebuyers in conjunction with the over-inflated home prices. These factors caused home prices to plummet which resulted in many people losing their homes to foreclosure.
However, in 2020, the demand was already high because of the generational homebuyers. In other words, millennials were advancing to their home-buying age, as well as the market having extremely low-interest rates. And, of course, real estate loans since 2008 are now based on fiscally sound homebuyers, stable loans, and solid loan practices. So, fortunately, all of this is what helps protect against similar related real estate market drops in the future.
Frequently Asked Questions About Lakeland, FL
Here are the most commonly asked questions about Lakeland, FL.
Where is Lakeland, FL located?
Lakeland, FL is located midway between Orlando and Tampa in Polk County off I-4.
What are the zip codes in Lakeland, FL?
33801, 33803, 33805, 33809, 33810, 33811, 33812, 33813, 33815, 33849.
What are the most popular communities around Lakeland, FL?
Auburndale, Plant City, Polk City, Winter Haven, Bartow, and Zephyrhills.
What popular universities and colleges are in Lakeland, FL?
Lakeland is home to Southeastern University, Polytechnic University, Florida Southern College, and Polk State College Lakeland Campus.
What is the population of Lakeland, FL?
Lakeland, FL is the 18th largest city in the State of Florida and is the 257th largest city in the country. The population of Lakeland, FL is approx. 113,851.
How far is Lakeland from Orlando?
If you want to live near all things Florida, then Lakeland is the place to be. Lakeland is centrally located to all the major Florida beaches and attractions including Disney. In fact, Orlando is only a short 49 miles or 57 minutes from Lakeland if you are driving on I-4 E by car.
How cold does it get in Lakeland, FL?
Lakeland doesn’t have four distinct seasons. The summers are hot, humid, and wet. The winters are short, cool, comfortable, and absolutely beautiful. The typical temperatures in Lakeland, FL range somewhere between 90° and 94° during the summer and between 36° and 50° in the winter. However, 30-degree temperatures are rare and short-lived when they do occur.
Is Lakeland, FL a good place to retire?
Absolutely! Lakeland is frequently named one of the best places to retire in Florida because of its central location, proximity to a wide variety of health care providers, and an abundance of fun things to do.
What are some of the fun things to do in Lakeland, FL?
As you could imagine, there are plenty of fun things to do in Lakeland and throughout Florida for that matter. Here are some of the most popular fun things to do in Lakeland, FL according to Tripadvisor.
- Circle B Bar Reserve – A nature and wildlife area.
- Hollis Garden – A park with botanical gardens.
- Joker Marchant Stadium – A sports stadium.
- Lake Mirror – A park, landmark, and point of interest full of outdoor activities, gardens, playgrounds, snacks, bistros, and upscale restaurants, and more.
- Frank Lloyd Wright at Florida Southern College – An architectural building with daily tours and a unique collection of Frank Lloyd Wright architecture.
- Common Ground – A park with a large jungle gym, toddler area, grass slide, ropes, rock climbing, a sandpit, and swings.
- Lake Hollingsworth – A lake with beautiful aquatic birds, alligators, water lilies, and beautiful sunrises and sunsets.
- Lake Morton – A beautiful lake with lots of birds.
- Colt Creek State Park – A state park at the foot of the Green Swamp with mostly pine, flatwoods, cypress domes, and a variety of wetlands. There are plenty of outdoor recreation activities to enjoy.
- Lake Parker Park – A 100-acre park full of native Florida vegetation, lots of unique birds, great for walking, biking, and hiking for all ages.
The Bottom Line
As you can see, Lakeland, FL is centrally located to anything and everything you could ever possibly want to do and see in Florida. Lakeland is great for families and retirees alike. Additionally, Lakeland home values are rising and there are plenty of great schools and fun things to do here. So why not consider making Lakeland your home—most people who live here never want to leave!
If you want more information about buying or selling a house in or around the Lakeland, Fl area, please Contact Lakeland Real Estate Group today. We specialize in effective negotiation and expert analysis when assisting our clients with any real estate need. Our more than 20 years of experience gives us the knowledge and expertise to help our clients achieve the absolute best possible results. And we look forward to doing the same for you.
Don’t forget to request our Free Buyer’s Guide today.