Welcome to another episode of Passive Real Estate Investing. I'm your host, Marco Santarelli. Well it's time for another market spotlight. I think it's been a little while since we did one. And the reason I like doing these market spotlights is to help educate you. So you have a better understanding of the different markets and the opportunities around the country and to share those opportunities around the us with you. But first, remember to subscribe to the show. It takes you all of three seconds. Just click the subscribe button and help us share the show with other like-minded individuals. Visit us on iTunes and leave us a rating and review if you can. We greatly appreciate it. And it helps us share the show with more people.

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With me today again is one of our great builders, Jim. He is one of our multi-city builders in the state of Florida. Great guy. We've done a lot of work with him over the years. And Jim, welcome back on the show.

Yeah, good to be back. Thanks, Marco.

Great having you back, you know, it's very interesting to see what has been going on in Florida. You know, some of the data that I have has shown that nationally appreciation rates have been 20% year over year, and this is coming through new builder surveys. So, you know, mm-hmm, , we we're hitting these record numbers. Four of those regions have posted even higher year over year appreciation rates. And this is led by Florida somewhere in the neighborhood of 25% year over year, which is mind boggling. And what's also impressive is, is if you look at Florida as a state over the last five years, home values in the state of Florida have, have increased by nearly 69%. Those are phenomenal rates of return on the appreciation side of the equation. So you're definitely in a great state in terms of wealth creation and opportunity and migration and all that good stuff. And I think those are some of the things that I'd love to talk to you about today and touch on. So sure. Tell us the markets that we're gonna talk about today. I think there's three of them.

Yeah. We'll focus more up in the Northeast Jacksonville Palm coast and then a little west of us as Ocala. We've done a lot in those markets together over the last, you know, seven, eight years. And it's been great to watch the steadiness of need. These are three markets where the housing demands cannot be kept up on right now. It's very interesting, you know, going into oh seven Marco. I remember, you know, we all remember that writing on the wall in the Jacksonville greater Jacksonville area, there was almost three years of inventory, almost three years on the market that tells you, wow, that's a lot of inventory. It's gonna take a long time. That's gonna press down on pricing right now in Jacksonville. We're sitting at about four months, four months of inventory, which is quite a difference. And that's great for the position we're in for the need of housing.

And we've seen the prices gone up a lot, but it's been interesting to watch. Like I was talking to you in our conversation before Jacksonville's median value is still below 300,000 and it's had great growth, but a lot of our investors that have come out of California for example, and they wanna, you know, get into a, a more landlord friendly area or better tax area. Well, they've gone to salt lake city or they've gone to Boise, Idaho. Just give two examples. Well, on the market check, we did last month on that those median values were at 585. So they're almost $300,000 more in cities like that. The median income in those areas is just around 60,000, Jacksonville's 59,000. So we're feeling really good about the fundamentals of where the price point still is,