Tequesta is a stunning tropical oasis that sits in northern Palm Beach County. Residents can enjoy the peace of suburban living, luxurious real estate, ocean views, and vibrant living without sacrificing access to a stellar selection of shops, world-class eateries, and renowned entertainment venues.
Tequesta calls for locals to take life slower by providing ample opportunities to relax and get out in nature. Area residents are at the center of a golf lover’s paradise and have the exclusive Tequesta Country Club in town. Just to the north is the sprawling Jonathan Dickinson State Park, where guests can hike, swim, kayak, and enjoy the outdoors. Surrounded by the Loxahatchee River and abutting the Atlantic Ocean, Tequesta is a stunning dreamscape that attracts many to the region looking for access to the water.
Tequesta housing market prices, trends & forecasts 2023
Filled with stunning natural beauty, ample waterfront real estate, and one-of-a-kind high-end homes, it comes as no surprise that homebuyers and real estate investors are setting their sights on Tequesta. However, with inflation on the rise and uncertain economic conditions nationally, many are feeling less confident about their home-buying aspirations in 2023. If you always dreamed of owning a home in Tequesta, learning more about the local housing market can give you a sense of what to expect before making your purchase.
Tequesta housing market forecast 2023
Each year, authorities on the local real estate market put out a forecast, so buyers and sellers can make sound decisions for their properties and wallets. Historically, Tequesta has been a great location for real estate investors to set up shop. However, smart investors know that can change at any time and watch the housing market forecasts each year to help them guide their actions. Keep reading to find out what you can expect for the Tequesta real estate market for the rest of 2023.
Home values increasing
Over the past five years, the Tequesta housing market has gone through several ups and downs. In early 2020, the real estate market in Tequesta peaked at a five-year high. That was quickly met with a rapid decrease in home values for the next several months. By early 2021, home values were back on the rise and have been trending strongly upward ever since.
Currently, experts are predicting the market will remain strong for the next five years, with home values expected to increase by an astounding 11.5 percent by the end of 2028. For homeowners and buyers in Tequesta, this indicates the likelihood of a strong return on investment in the future.
Lowering interest rates
For the past several months, homebuyers had to watch as mortgage rates climbed. This led many interested home buyers to postpone their search. After peaking at 6.96 percent in July 2023 for a 30-year fixed-rate mortgage, interest rates dropped by about two-tenths of a percent by the end of the month.
Financial experts are predicting a continued gradual decrease in interest rates throughout the rest of 2023. Some forecast rates could go as low as six percent by the end of the year and continue to decrease to about five-and-a-half percent throughout 2024. For homebuyers, this means finally getting some breathing room to finance their home.
Investing indicators will not favor landlords
In Tequesta, 2023 is not predicted to bring about favorable conditions for landlords. Declining interest rates are likely to pull interested homeowners out of the woodwork. Plus, with increasing home values in Tequesta, now is the time to jump on the purchase to reap a sound return in the future.
Increased interest in owning a home coupled with the declining population in Tequesta means landlords have been lowering rent to attract more tenants. Single-bedroom rental prices in Tequesta declined by a substantial 33 percent over the past year. Landlords with larger units may see more success, with rent prices for three-bedroom homes increasing by about 11 percent since 2022.
Negative net population migration
After four decades of steady growth, Tequesta’s population hit its all-time high in 2020 and then began to decline. Over the past three years, the number of people living in Tequesta has dropped by over two percent. For homebuyers, this may indicate less competition over housing in Tequesta over the next couple of years, while sellers could see less interest in their listings. However, rising home values are still indicative of an enduring strong housing market in Tequesta despite the declining population.
Tequesta median home prices 2023
Located along a stunning section on the coast of the Atlantic Ocean, Tequesta is a highly sought-after destination for homebuyers and vacationers alike. The area is home to a gorgeous selection of luxury properties, making owning a piece of real estate in Tequesta a dream for many. Investors looking to snag a piece of Tequesta real estate should be prepared for the price tag.
Currently, the median home price in 2023 sits at $1,022,500. This is significantly higher than the average price for the rest of Palm Beach County, which has been sitting at just $625,000 this year. The density of luxury homes, the desirability of the area, and its prime location on the water are responsible for driving up Tequesta’s median home price.
Buy with confidence with the help of Jeremy Kershbaumer
If you want to buy a home in the competitive Tequesta area, you need to have an experienced local realtor on your side. Jeremy Kershbaumer has been in the real estate business for over ten years and has lived and worked in South Florida, Pennsylvania, and New Jersey. After investing in South Florida real estate for years, he decided to begin serving the region as a real estate agent. Today, he specializes in helping buyers secure investment properties so they can generate wealth with real estate. Before looking at homes for sale in Tequesta, get in touch with Jeremy.
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