South Florida Housing Market Heats Up, New Construction on the Rise
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. Southeast Florida, 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 the median sale price reaching new heights across four major South Florida counties. Broward County had a 14.1 percent year-over-year increase to $445,000. Palm Beach County’s median sale price increased 18.9 percent to $440,000. Meanwhile, the median sale price rose 30.4 percent to $489,000 in Martin County and increased 15.8 percent to $281,153 in St. Lucie County.
Despite the trend of increases in median sale price, the housing inventory levels have decreased in all four counties: 55.1 percent in Broward County, 56.6 percent in Palm Beach County, 64.9 percent in Martin County, and 59.5 percent in St. Lucie County. With the demand for housing being at an all-time high in Florida, we’re seeing buyer competition ramp up which is creating the low levels in inventory.
"South Florida builders haven taken notice of the low inventory levels and 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," said Karen Johnson, President of Broward, Palm Beaches & St. Lucie Realtors®.
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.