The South Florida housing market is booming!
We’re continuing to see people move in droves to Florida from the northeast, across the United States, and internationally to cash in on the lower cost of living. Throughout the COVID-19 pandemic, Florida has solidified itself as one of the nation’s top real estate hotspots. Palm Beach County, in particular, has seen huge growth in the past year with a steady rise in median sale price.
“The latest market reports from March showed median sale price reaching new heights. Palm Beach County had an 18.9 percent year-over-year increase to $440,000. Despite the trend of increases in median sale price, the housing inventory levels decreased 57.1 percent to 1.8 months. With the demand for housing being at an all-time high in South Florida, we’re seeing buyer competition ramp up, which is creating the low inventory levels,” said Karen Johnson, President of Broward, Palm Beaches & St. Lucie Realtors®.
Inventory is calculated by counting the number of active listings on the last day of the month and comparing it with the same month from the following year. Inventory rises when new listings are outpacing the number of listings that go off-market (regardless of whether they sell). Likewise, it falls when New Listings aren’t keeping up with the rate at which homes are going off-market.
“As inventory levels continue to drop, South Florida builders haven taken notice to the increasing demand for housing. They are finding effective ways to provide more opportunities to new and existing South Florida residents at an affordable price. New construction is a great investment option for homebuyers as South Florida continues to grow. Prospective homebuyers also get the benefit of being part of the design process and being able to build the dream home that they have envisioned,” continues Johnson.
Realtors® in South Florida are here to help you find your ideal home and their expertise can help you save thousands on your home purchase. Contact a local Realtor® today and talk to them about your housing wants and needs. Realtor® Members of Broward, Palm Beaches & St. Lucie Realtors® have the tools to help you find the home of your dreams and connect you with a quality builder who will work for you.