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Sanford is ideally situated in Central Florida, offering easy access to major cities like Orlando and Daytona Beach. Residents can enjoy the best of both worlds, with the bustling city life just a short drive away, while they can still come home to a quieter and more relaxed atmosphere. Sanford also offers a wide range of housing options, from historic homes to modern developments.
When it comes to buying property in Sanford, it’s worth paying attention to the current state and trajectory of the real estate market. This article can provide you with valuable insights into the market's performance, so you can make your home purchase strategically.
Read on to learn how the market has performed in 2023 and what’s in store for 2024, based on a recent quarterly report released by the National Association of Realtors (NAR).
Sanford housing market forecast for the rest of 2023
If you’re looking to purchase a home in Sanford, it’s important to stay up-to-date with the latest trends. Below, you’ll find details on the area’s home values, mortgage interest rates, population migration, and the state of the Sanford real estate market after COVID-19.
Home values increasing in Sanford
Housing prices in the Sanford area increased by about 5% in the first quarter of 2023 compared to the same period in 2022. The median price at the end of the first quarter was $419,900.
Mortgage interest rates dropping slightly
Interest rates directly affect monthly mortgage payments. Securing a lower interest rate can potentially save you thousands or even tens of thousands of dollars in interest payments.
Mortgage rates in the Sanford area dropped to 6.36% during the first quarter of 2023 compared to 6.69% during the same period in 2022. Thirty-year mortgage rates averaged around 6.1% during the third quarter.
Positive net population migration
According to the U.S. Census Bureau, the Sanford population on July 1, 2022 was 63,154. That accounts for a 3.4% increase in the population from April 1, 2020. However, that entire number doesn’t necessarily reflect the percentage of residents who have moved here.
If you’re purchasing a rental property in Sanford, the city’s growing population could mean a larger pool of potential tenants. This could translate into higher rental value, ensuring a potentially profitable return on investment.
Home inventory levels
Sanford is currently experiencing historically low home inventory numbers. This means buyers may have a harder time finding properties for sale, and the market may have shifted into a seller’s market.
Sanford foreclosure statistics for 2023
The Sanford area’s foreclosure rate has dropped significantly over the last decade, from nearly 9% to below 2%. However, the foreclosure rate here still remains slightly above the U.S. average. Given this downward trend, foreclosure rates in the Sanford area may decrease even more throughout 2024.
The foreclosure rate comes with many advantages and disadvantages for buyers. A low foreclosure rate often indicates neighborhood stability, affordable housing prices, and overall local economic conditions. On the other hand, buyers can often find excellent deals on foreclosed homes.
Sanford real estate market: Should you purchase a home?
Sanford real estate is well worth the investment. Many homes here are close to Lake Monroe and the area’s amenities, highways, public transportation systems, and much more. Below, you’ll find the best neighborhoods in Sanford to buy property.
Lake Markham Preserve
Lake Markham Preserve is the city’s most luxurious community, nestled along the shores of Lake Markham. Multimillion-dollar homes line its meandering streets and a prestigious guard gate marks the entrance. This is the best community to find luxury Sanford waterfront homes for sale.
Lake Forest
This neighborhood offers its residents resort-style living behind a private 24-hour manned gated entrance offering both privacy and exclusivity. All amenities are included: a private clubhouse, tennis and pickleball courts, a fitness center, and a junior Olympic swimming pool. Lake Forest was designed around its central lake, including three islands showcasing many Sanford waterfront homes for sale.
Seminole Estates
Seminole Estates is a neighborhood of homes with lot sizes of 5 acres or more, bringing a rural feel to this suburban community. Homebuyers seeking horse property or large luxury estates will find it very appealing.
Historic Sanford
Historic Sanford is known for its brick streets and historic buildings. Residents here are close to local shops, restaurants, art galleries, and the Lake Monroe waterfront walkway, Riverwalk.
Sylvan Lake Reserve
Sylvan Lake is the largest lake in western Sanford and is home to Sylvan Lake Reserve. This neighborhood offers many different sizes of homes, including the most lakefront homes in Sanford in one community. Situated next to Sylvan Lake Park, the neighborhood’s residents enjoy soccer, tennis, and recreational facilities.
Buckingham Estates
This upscale neighborhood boasts elegant homes, meticulous landscaping, and a guard-gated entrance. Residents enjoy a private clubhouse, community pool, and easy access to area golf courses, shopping, and dining options.
Take the next step to purchase a Sanford home for sale
No matter the type of property you’re looking for, the Sanford real estate market offers plenty of options. Real estate agents Mel and Tina on the Mel Bernstein Team can help you explore them. As longtime residents of the Sanford area, Mel and Tina know where to find the best properties that suit your interests.
Do you have further questions about buying a home in Sanford? They would be glad to answer them and guide you in the right direction during a consultation. Contact the Mel Bernstein Team to learn how to get started.