According to a recent report from Redfin, rent price increases outpaced mortgage payment increases for new home buyers in 19 of the 50 largest metro areas in the U.S. during November 2021. While home prices rose 15% across the nation from the previous year, the 10 metro areas with the biggest increases in rent prices — up 28% year over year or more — were almost exclusively in Florida and New York. Miami, Fort Lauderdale, and West Palm Beach ranked at the top of the list, with all of these cities posting a 35% increase in November year over year.
By contrast, Miami (84.6%) had the largest share of homes predicted to sell for below list price, according to Redfin Estimate data, followed by West Palm Beach, FL (79.7%) and Fort Lauderdale, FL (79.2%). The slowdown in local price growth coupled with fast-rising rents and low mortgage rates make this the perfect time to purchase a home in South Florida. Homebuyers should take advantage of these favorable conditions while they last.
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!
