Generally speaking, it’s a buyer's market all throughout South Florida right now. This is the time of year that we typically see the most activity, people are relocating and it’s a good opportunity to see what’s really going on for those looking to buy or sell a home. Using Zillow’s Home Value Index we know that the tri-county area continued to see appreciation over the past year. We also see that all three counties are still expected to see appreciation over the next year and that Broward, Miami-Dade and Palm Beach counties are currently all in “buyers” markets.
If you’re thinking of making a move here’s a quick breakdown of each county. Broward's prices are up 5.6% over the past year and are expected to rise by 1.9% over the next year. Miami is slightly lower with prices are up 5% over the past year and expected to rise 1.5% over the next year. Lastly,Palm Beachprices are up 5.1% since last year and are expected to rise by 1.5% over the next.
The biggest reason it’s a buyer’s market right now it's how long it’s taking to sell homes. It’s anywhere from 98 days in Broward to 120 days in Miami. The old saying about real-estate being local is true. There are big differences between neighborhoods and price points. If you’re looking to sell you might have to be patient. The good news for those looking to buy is that wage growth in South Florida is set to rise faster than home prices over the next year for the first time since the end of the recession.
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