North Port-Sarasota-Bradenton, FL is one of the most expensive real estate markets in the United States. According to the Federal Housing Finance Agency's Home Price Index, homes in Tampa grew by 6.5% more expensive in the previous quarter, while homes in the Sarasota area rose by 6.6%.The Sarasota-Manatee real estate market is booming, with prices on the rise, low inventory and sales happening at record speed. Each week, the Herald-Tribune provides an overview of a neighborhood in Sarasota or Manatee Counties so that potential homebuyers can get an idea of what they can expect if they decide to purchase there. Additionally, Sarasota has a strong healthcare system with excellent hospitals and a reasonable ratio of residents to doctors.
Rents are also steadily increasing, with the city of Sarasota experiencing nine consecutive months of average rent increases starting in April. If home and grocery prices were marginally lower, Sarasota would be even more affordable. Unfortunately, if you're a fan of good food, you'll be spending about 7% more on food in Sarasota than other areas. According to a Florida Realtors study of the top 100 home price increases in the metropolitan statistical area, North Port-Sarasota-Bradenton and Tampa-St. Petersburg-Clearwater were both among the top five. Overall, it's clear that Sarasota is an expensive place to live.
However, it's important to consider all of the factors that make it a desirable place to live - from its strong healthcare system to its booming real estate market - before making any decisions about whether or not it's overpriced.