Spring flowers aren't the only thing the month of May brings. Entering into this new month also means we're officially more than a quarter of the way through 2024.

This year, the Lakeland real estate market has been a hot topic of conversation on our social media + in our inbox. So we're breaking down the data to help you stay informed, whether you're buying, selling, renting, or just sizing up the market.

The Lakeland housing market offers a wide variety of homes, from historic to new construction. | Photo by @mcmill_painting

Residential

According to Rocket Homes, Lakeland's housing market is overall classified as a "seller's market" as of April 2024, meaning home prices tend to be higher and properties usually sell faster. This tracks with last year's data as well, as Lakeland was also classified as a "seller's market" in April 2023.

Currently, the median sale price of homes in Lakeland is $313,410 — nearly $4,000 more than last year. However, out of the 279 homes sold in April 2024, more than 50% were sold for under the asking price. Properties are also moving quickly, with 55% of homes sold in 30 days or less.

Lakeland’s build-to-rent housing market is booming, too. A new study ranked Swan City as a top emerging market in the US. Nearly 500 homes intended for long-term renters were built around the city from 2019 to 2023, and another 317 are in progress now.

We can't wait to see what's next for this iconic spot on north Florida Avenue. | Image via LDDA, provided by Augie Schmidt

Commercial

Things are just as hot when it comes to commercial real estate. According to PropertyShark, there's more than 15.2 million sqft of commercial space available in 172 commercial properties across the city, ranging from retail and office spaces to warehouses and vacant land.

Have any pressing real estate-related questions? Submit them here and we may feature them in an upcoming newsletter. We’re also in the market for local real estate agents to share their expertise. If you want to answer reader questions, email us.