Home prices in South Florida are projected to rise another 6% this year after seeing record growth in the last couple of years. As of December 2021, the median sale price for single-family homes in South Florida stood at $475,000.
The migration pattern to Florida from both businesses and individuals due to its tax-friendly environment and quality of life continues to lift demand. For real estate investors with an eye on dependable cash flow and long-term appreciation, the local housing market is a golden egg. Following are some key statistics about South Florida’s largest counties: Miami-Dade, Broward, and Palm Beach.
Miami-Dade County
Largest cities: Miami, Hialeah, Homestead
Zillow Home Value Index: $395,249
Annual home value increase: 17.4%
Median listing price: $450,000
Median selling price: $406,500
Median list price per square foot: $332 per square foot
Days on market (median): 73
Sale-to-list ratio: 98.1%
Most expensive city: Pinecrest with a median listing price of $1.5 million
Most affordable city: North Miami with a median listing price of $297,000
Broward County
Largest cities: Fort Lauderdale, Pompano Beach, Hollywood
Zillow Home Value Index: $354,176
Annual home value increase: 20.4%
Median listing price: $350,000
Median selling price: $345,000
Median list price per square foot: $247 per square foot
Days on market (median): 60
Sales-to-list price ratio: 98.7%
Most expensive city: Parkland with a median listing price of $939,000
Most affordable city: City of Sunrise with a median listing price of $169,900
Palm Beach County
Largest cities: Boca Raton, Boynton Beach, West Palm Beach, Palm Beach Garden
Zillow Home Value Index: $390,595
Annual home value increase: 23.3%
Median listing price: $400,000
Median selling price: $386,000
Median list price per square foot: $248 per square foot
Days on market (median): 58
Sales-to-list ratio: 98.9%
Most expensive city: City of Palm Beach with a median listing price of $1.8 million
Most affordable city: Village of Palm Springs with a median listing price of $164,900
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!
