According to some local experts, the real estate market in South Florida continues to be red-hot and may not cool off this year in contrast to other markets across the country that have seen a slowdown in prices.
In an interview with WPTV, Jeff Lichtenstein, the president and broker of Echo Fine Properties, said in Palm Beach County the median sales price of a single-family home in 2021 was $559,500. That is up from $367,500 in 2019.
“I think we are going to see a 10 to 20 percent bump in prices,” he said. “We don’t have the inventory. … The biggest reason is supply and demand, especially in Palm Beach County, east of I-95, east of the Turnpike that are really built out.”
Lichtenstein cited the influx of large corporations and individuals in search of a laxer lifestyle as factors driving the demand. Other real estate agents said there has been a bit of a slowdown in open houses due to the recent surge in omicron cases, but they expected the market to pick back up to normal levels.
Are you interested in purchasing a home in Fort Lauderdale or the surrounding South Florida area? Call Fairway Fort Lauderdale today! We would love to help!
