South Florida Real Estate Market Update

South Florida Real Estate Market

While 2017 was a rough year for real estate in South Florida, the tides have certainly changed as the state continues to lure thousands of people with the weather and outdoor living. In fact, an estimated 18,000 people move to the state every month, and with those kinds of numbers, you can expect South Florida to see a significant amount of those new residents.

A Snapshot Into Various Areas around South Florida

Many South Florida cities are seeing a rise in homeownership, appreciation, and sales. Palm Beach County revealed an 8% increase in the median home price.

Heading South, Fort Lauderdale’s median home price is $318,00 and is slowly seeing an uptick in activity. The market is 4.5% better off than it was last year, but it has been sluggish.

Further South, the Miami market is showing promising signs with the median home price sitting at $340,000 as of April 2019 which is a 3.8% increase from this same time last year. In South Miami, the median home price is $523,000 which is actually a 6% increase from year to year records.

In general, across the South Florida Board, homes are staying on the market longer than in most markets in the U.S. For example, Fort Lauderdale homes remain on the market for an average of 125 days. Miami homes stay on the market for an average of 154 days and Palm Beach, 183 days.

South Florida Real Estate Predictions 2019

Realtors, investors, and market watchers have basically come to much of the same conclusion about the future of real estate in South Florida. Not much will change. While many markets will see incremental recoveries like Miami and Palm Beach, others will stay relatively stable for the foreseeable future.

Best Housing Marks in Broward County

The most affluent areas in South Florida are Palm Beach, Key Biscayne, West Miami, and Coral Gables. These are well-established neighborhoods with key features for shopping, dining, and other amenities.

For those looking for neighborhoods offering the best value, you’ll want to look at the following areas: Davie, North Miami Beach, Hallandale Beach, Lauderhill. Homes in these markets start below $100,000 and peak at just under $150,000.  

Highest Ranking Neighborhoods on the “Niche” for Overall Quality of Life

  • Bal Harbor – Located in Miami and in the heart of attractions. Lots of nightlife.  
  • Laundergate Isles – Access to dining, shopping, and above-average schools.
  • River Oaks – A family oriented neighborhood with access to good nightlife.
  • Riverland Village – A diverse neighborhood attracting professional families.
  • Sunrise Intercostal – Located in Fort Lauderdale, attracts retirees and is a smaller suburb.
  • Pine Crest – Locals say its a suburban vibe with plenty of coffee shops, restaurants, and parks.
  • Coral Gables – One of the oldest high-end neighborhoods in South Miami, Florida.

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