2024 Housing Market Overview for Real Estate Investors
Ocala Real Estate Market: A Good Place to Invest?
Get insights about the 2024 Ocala real estate market to determine if it’s the best location for your next single-family or multi-family investment properties.
Ocala Real Estate Market Trends and Statistics for Real Estate Investors 2024
Ocala is the principal city of the Ocala Metropolitan Statistical Area (MSA). This vibrant city boasts a strong economy and a fast-growing population. As of the 2020 census, the city of Ocala had a population of 63,591, up from 56,315 in 2010. In 2022, the broader metro area had a population of 396,415.
Ocala is known as the “Horse Capital of the World,” with over 400 thoroughbred farms and equestrian centers, making it an exciting place for horse lovers to live. Outdoor enthusiasts can explore Ocala National Forest for stunning scenery, hiking trails, or Silver Springs State Park’s freshwater springs. Ocala also offers lakes and rivers for boating, fishing and swimming.
Ranked as the 26th best place to retire in the U.S., Ocala attracts retirees with its warm climate, low taxes, and excellent healthcare. Ocala’s huge retirement community makes its economy recession-proof, bringing in jobs for the healthcare, distribution and services industries.
According to Zillow, the average home price in Ocala is $273,449, 21% lower than the national average and significantly lower than Florida’s average of $389,000. Over the last decade, home prices have appreciated by 137.6% in Ocala. This means there’s potential for both cash flow and appreciation, making the Ocala real estate market enticing to investors.
Many new builds in Ocala have lower maintenance costs and warranties. These properties are usually in infill locations away from the coast and less vulnerable to hurricanes.
Is Ocala, Florida a good investment?
Due to strong equity and rent growth, massive population growth and a stable job market, investors continue to be interested in the Ocala housing market. In the following section, you’ll learn more about these factors and what makes Ocala a strong place to invest in real estate today.
Data Sources:
- www.census.gov
- www.deptofnumbers.com
- www.zillow.com
- RealWealth Property Team Data
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Ocala Housing Market Trends
Ocala’s economy is thriving. In 2022, it had the fourth highest wage growth in the country, with businesses like FedEx and AutoZone as major contributors. This increase continues to attract new residents—Marion County alone gained over 15,000 people and ranked ninth in the country for domestic migration last year.
So, what about Ocala’s real estate market? The housing market is moderately competitive. According to Redfin, homes typically receive one offer and sell within 67 days. Below, we’ll look at median home values and rent trends to help us understand Ocala’s affordability and equity growth opportunities.
Ocala home values are more affordable than other metros around the country.
Median Home Value
The data in this chart is based on the average single family home in Orlando and the United States as of January 2024.
The average home price in the Ocala metro area in 2024 is $273,449, 21% lower than the national average. In neighborhoods where RealWealth members invest, the average price is $330,000, and these properties are primarily brand-new builds.
According to Realtor.com, the median home listing price in Ocala is $295,000, and the median sold home price is $250,000. Prices have remained stable over the last year, making Ocala, Florida, a stable real estate market for investors.
Ocala rents are also lower than the average U.S. metro.
Median Monthly Rent
The data in this chart is based on the average single family home in Orlando and the United States as of January 2024.
In 2024, the average monthly rent for single-family rentals will be $1,553, 22% below the national average. For RealWealth investors in Ocala, the average rent will be $1,995, and since these are usually new-build properties, they have fewer maintenance issues.
Apartments between $1,500 and $2,000 dominate the Ocala real estate market, making up 56.35% of rentals. The largest renter age group in the metro area is young professionals ages 25-34. They make up 25% of renters, followed by those in the 35-44 age group at 21%.
Ocala’s price-to-rent ratio of 14.7 leans slightly towards buying, hinting at good cash flow opportunities. The rent-to-value ratio in the metro area is 0.57%. However, RealWealth investors see better returns at 0.66%.
Ocala home values are appreciating faster than the national average.
Median Home Value (2014-2024)
138%
61%
Over the past decade, home values in the Ocala housing market have grown by an impressive 138%, which translates to a steady 10.1% annual growth. Ocala’s home value growth in the last ten years outpaces the national average by 61%.
This growth means that Ocala homeowners have seen significant equity gains. According to Realtor, the average Ocala homeowner gained $147,400 in home equity over the past seven years due to price appreciation. The 3-year appreciation rate for Ocala, Florida, as of Q1 2024 was 42.7% compared to 21.2% for the US.
Looking at recent trends, Zillow reports an average home value of $273,984, with a slight upward trend of 0.3% in the past year. This suggests that home value growth has slowed, but prices are stable.
Rents in Ocala are also rising faster than the national average.
Median Monthly Rent (2014-2024)
+83%
99%
Ocala’s rents have grown by 82.65% over the last decade, almost 100% more than the national average. The annual appreciation rate in Ocala for the previous ten years has been 6.92%.
However, things have shifted slightly in the last year. Over the past 12 months, the median rent has declined by 2.1%. The rate drop is lower than the state’s average decline of 2.4% but more significant than the national average rent decline of 0.7%.
But the good news is that Ocala’s rental market is dynamic. Rents rose 6.4% in the first half of 2024, a reversal from the 2.4% decrease observed from January to June 2023, suggesting a rebound in rental demand.
Ocala Population Trends
Population growth is one of the most promising signs of a strong real estate market. In this section, we’ll discuss what’s happening in the Ocala, Florida metro area.
Ocala's population continues to grow incredibly fast.
Population Growth
20%
154%
As the Ocala real estate market continues to thrive in 2024, it’s essential to understand the underlying population trends driving growth in this region. From 2010 to 2022, Ocala’s total population rose by 19.64% or an average of 1.81% annually—that’s 154% faster than the national average. In 1969, the Ocala metro area had just 68,004 residents. Today, it has over 396,415 residents, a massive population increase (482%) over 54 years.
Ocala consistently outpaces both Florida and the U.S. in population growth. From July 2022 to July 2023, it was the fourth fastest-growing metro area in the U.S., reaching a population of 409,959 (growth rate of 3.4%) and becoming the 134th largest metro area out of 392.
Why is Ocala growing so fast? Many people are drawn to Ocala’s natural attractions and affordability. In addition, it offers a charming small-town feel with easy access to big cities like Orlando and Tampa.
Ocala Employment Trends
A strong economy is another sign of a good place to invest in real estate. In this section, we’ll discuss what’s happening with jobs in Ocala, Florida.
Ocala continues to experience significant job growth.
Job Growth
1,600
1%
Ocala is adding new jobs but is doing so slower than the national average. Between November 2022 and November 2023, Ocala had a job growth rate of 1.35% (1,600 jobs), about 20% slower than the national average. Between February 2023 and February 2024, the Ocala metro area added only about 1,200 jobs, bringing the total to 121,100, a 1% growth rate.
While the job growth rate is slow, it’s important to remember that Ocala has a large retiree population. The current unemployment rate is 3.7%, on par with the national average.
While Ocala is known for its thriving equine industry, the economy is well-diversified. Manufacturing is a significant player, and this sector’s employment proportion is nearly double Florida’s average. Other thriving industries include distribution, healthcare and professional services.
Why You Should Consider Buying Investment Property in Ocala
Considering the information above and further research, let’s see what makes the Ocala housing market one of the best places to buy real estate in 2024.
1. Growing population
Ocala, Florida, is experiencing a tremendous population surge, with a growth of 3.4% between 2022 and 2023. Last year, it ranked among the top five fastest-growing metropolitan areas in the United States. Ocala’s total population growth between 2010 and 2022 was over 150% faster than the US average for the same period, and it’s not slowing down anytime soon.
This population surge translates into exciting opportunities for real estate investors. As new residents move in, there is increased demand for homes and rental properties, shops, restaurants, and healthcare facilities. Ocala is a market to watch if you’re looking for an investment with incredible potential.
2. Affordable real estate
Ocala offers single-family homes in top school districts for nearly $100,000 less than the national average. Whether you’re a first-time buyer or an investor, that’s a huge advantage. Plus, Ocala’s overall cost of living is lower than the national average, at 92 (according to AreaVibes).
Ocala is just an hour away from the fun and sun of Daytona Beach and Crystal River Beach. Orlando is also within easy reach, just over an hour away. Ocala offers the best of both worlds, with access to Florida’s top attractions without the hustle and bustle of tourist hotspots.
For investors, buying a new construction home in Ocala is a win-win. You get modern designs, energy efficiency, and lower maintenance costs, which translates to happy tenants and better cash flow.
3. Outdoor recreation and attractions
For nature lovers, Ocala stuns with rolling hills, lush pastures, and crystal-clear springs. The area offers residents year-round adventures, including swimming, snorkeling, scuba diving, biking, hiking, fishing, kayaking, camping, horseback riding, and four-wheeling. It hosts the world’s largest scrub forest, the Ocala National Forest, with over 430,000 acres of botanical diversity, varied wildlife, and more than 600 lakes, rivers and springs.
It is home to numerous natural springs, perfect for swimming, snorkeling, and scuba diving. The crystal-clear water in these springs maintains a refreshing 72 degrees year-round, offering a cool escape at any time.
Ocala also offers a beautiful lakeside beach on Lake Weir, where residents enjoy boating, fishing, swimming, volleyball, picnicking, and more. The area has various hiking and biking trails, including the Santos Trailhead and Campground and the Baseline Trailhead Park.
4. Diversified economy
Thanks to its central Florida location, Ocala is a magnet for distribution, healthcare, and service businesses, and the area is becoming a hub for manufacturing and logistics. In 2022, over 7 million square feet of industrial space started, and another 8 million square feet are planned.
Nicknamed the “Horse Capital of the World,” Ocala’s equine industry alone contributes $4.3 billion annually to the local economy.
While the job market is witnessing slow growth, Marion County boasts a median household income growth rate that surpasses the national average. From 2016 to 2020, the area’s median household income increased by 31.4%. Additionally, in 2022, the Ocala metro area ranked fourth in annual wage growth and 25th in five-year wage growth nationally.
5. High home appreciation potential
Over the last seven years, Ocala home appreciation gained $147,000 in equity. In the last ten years, home prices in the metro area have grown by almost 138%, 61% faster than the national average.
Ocala has a seller’s market, with a 4.2-month supply of homes overall and 3.4 for entry-level homes, which means prices are likely to keep rising.
New construction is thriving, with 31% of sales being new builds. The market is actively responding to the growing population and increased housing demand.
Newsworthy Building and Developments in Ocala
Planned developments can help investors estimate how the value of their investment properties in Ocala might change over time. Here are some notable projects in the works in the Ocala real estate market right now.
1. World Equestrian Center Expansion
The World Equestrian Center is about to get even bigger and better. Below are four main projects coming to the center between 2024 and 2025. The Shoppes at 80th (opening 2025) is an 80,000-square-foot outdoor mall that will feature high-end brands like Lugano Diamonds, Gucci, Ariat, The Debonair Collection, J McLaughlin, Parlanti, Haala Denim, and John Craig Clothier. The University of Florida Health Walk-in Care Phase 1 (opening Summer 2024) brings convenient medical care to the center. This 10,000-square-foot facility will contain the UF Health Pharmacy, UF Health Orthopedics and Sports Medicine offices. Ralph L. Roberts Office Building Phase II (coming 2025) offers 54,000 square feet of premium medical and Class A office space with customization options. The Event Center at WEC (opening in the Summer of 2025) boasts over 180,000 square feet of space. It will feature a grand ballroom, meeting rooms, banquet spaces, covered balconies and rooftop dining options. Photo credit: World Equestrian Center
2. Ocala Heath Brook
A new 13-acre luxury apartment community is coming to Ocala that will bring 291,896 square feet of luxury apartments across seven buildings and offer a diversified unit mix, including 87 one-bedroom units, 105 two-bedroom units, and 36 three-bedroom units. The community boasts a resort-style swimming pool with a pool pavilion and two cabanas, a modern clubhouse equipped with a fitness center and clubroom, a dog park, a maintenance building and dedicated trash/recycling areas. Developed by FaverGray, a leading multifamily and student housing general contractor, Heath Brook broke ground in February 2024 and is slated to be completed in Q4 2025. Photo credit: Ocala Heath Brook
3. AdventHealth's Office Building
AdventHealth hosted a groundbreaking event in April for a new medical office building. The building will be across from AdventHealth Ocala’s main facility (1500 SW 1st Avenue). The site for AdventHealth’s new medical office, 1219 S Pine Avenue, used to be the Marion County Utilities Administration building but was removed in 2017. This new addition is part of AdventHealth’s commitment to expanding its services in Ocala. It joins several other ongoing healthcare projects in Ocala, Florida. Photo credit: AdventHealth Ocala
4. Buc-ee's Ocala Travel Center
Buc-ee's is adding a new 80,000 square foot travel center in Ocala, making three total locations for the state (there is one in Daytona Beach and St. Augustine). The center will provide more than 800 parking spaces, 120 gas pumps, a ton of indoor and outdoor shopping, and food and beverage services. Located just west of I-75 at the new interchange on Northwest 49th Street on a 35-acre parcel bought for $8.6 million, this Buc-ee’s is in a prime spot near distribution centers, making it a key part of the area’s growth. It’s expected to create 1,500 new jobs and pump $21 million into the local economy. The opening is scheduled for 2025.
5. Ocala South Logistics Park
Strategically located 3 miles from I-75 and within a one- to two-hour drive of three major Florida cities (Tampa, Orlando and Jacksonville), Ocala South Logistics Park offers 1,351,725 square feet of Class-A warehouse space, catering to businesses of all sizes with leasing options ranging from 50,000 to 550,000 square feet. Ocala is Florida's distribution hub. Four of the state’s six main trucking arteries (I-75, Florida’s Turnpike, US 301, and US 27) run through Ocala, putting the park on the route of 70% of the state’s total truck traffic and enabling businesses using the park to distribute efficiently. The first building, known as Building 1, began in 2023 and is currently complete. It totals 251,388 square feet and features impressive specs like high ceilings (32-foot clear height), wide column spacing (50-foot by 54-foot), and ample trailer and car parking. Photo credit: Hunt Midwest
Best Places to Buy Investment Property in Ocala & Surrounding Areas
If you’re considering entering the Ocala real estate market in 2024, here are some of the best places to find profitable investment properties now.
1. Marion Oaks
Just 18 miles south of Downtown Ocala, Marion Oaks offers spacious lots and homes at attractive price points. It is conveniently accessible from nearby cities like Ocala and Bushnell, located near Interstate 75, with access from Exit 341 (County Road 484). The neighborhood comprises a diverse mix of industrial centers, undeveloped land and expansive subdivisions. Families with young children are well-served by three elementary schools: Sunrise Elementary School (K-4), Marion Oaks Elementary (K-4), and Horizon Academy at Marion Oaks (5-8). Plus, the College of Central Florida and Marion Technical College are nearby. With a population of 20,283, Marion Oaks has a community-oriented atmosphere. It hosts an annual spring celebration in April, which includes a parade, health fair, book sale, talent show, car show, and many booths selling local goods. As of May 2024, the median home price in Marion Oaks is $289,000, a 7% increase from the previous year. The market is modestly competitive with good cash flow potential. Photo credit: Homes.com
2. Silver Springs Shores
Silver Springs Shores is located southeast of Ocala, near lakes and other amenities. The area's population grew from 6,539 in 2010 to 24,846 in 2020, indicating a rapidly growing community, a positive sign for investments. The area is family-friendly, with schools like Greenway Elementary, Emerald Shores Elementary, Lake Weir Middle School, and Lake Weir High School within or near the community. With a median listing price of $250,000, Silver Springs Shores also offers an affordable entry point for investors. Additionally, a portion of Silver Springs Shores is within an Opportunity Zone, which provides tax benefits for eligible investments. Photo credit: Data USA
3. Southeast Ocala
Southeast Ocala offers a peaceful vibe yet keeps you close to the action. Major roads like SE Maricamp Road and SE 36th Avenue provide easy access to work and leisure destinations. There are many parks and recreation centers here. These include Fisher Park, Walker Park, Carriage Hill Park, and Jervey Gantt Park (with sports facilities including four T-ball fields, basketball, volleyball, racquetball, tennis courts, and an aquatic center). Southeast Ocala is also close to attractions such as the Baseline Golf Course and the Ocala National Forest. The area offers solid investment potential, with some properties' cash-on-cash returns for Airbnb and traditional rentals ranging from 4% to 8%. There are also vacant lots in gated subdivisions, presenting exciting build-to-suit options for developers. Photo credit: Homes.com
4. Belleview
Belleview is located in southern Marion County, with U.S. Routes 27, 301, and 441 passing through it. Thanks to these major highways, the city offers easy access to Ocala, Tampa, Orlando, and Gainesville. With a population of 5,650, it is perfect for renters who want a small-town feel with big-city access. The city is family-friendly and offers good schools and amenities. It is part of the Marion County Public Schools district, which includes Belleview High School, Belleview Middle School and Belleview Elementary School. Photo credit: Belleview Visitors Guide
5. The Villages
The Villages, just outside the Ocala metro area and part of The Villages metro area, was the top-selling master-planned community in the United States in 2017. It was also named in 2023 as the best-selling master-planned community in the US for the eleventh consecutive year by RCLCO Real Estate Advisors. Located 22 miles from Ocala, The Villages’ population has grown fast in recent years. Between July 2021 and July 2022, it grew by 7.5% or 10,103 people to 144,970 residents. Between 2022 and 2023, it also ranked as the fastest-growing metropolitan statistical area in the United States. The Villages caters to active adults (81.6% of the population are 65 or older), creating a stable rental pool with a healthy median income of over $63,000. It offers many amenities, including golf courses, recreation centers, softball fields, a polo stadium, a woodworking shop and a lifelong learning college for skills acquisition.
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