A Look At SFL's Housing Market

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 with people relocating and it’s a good opportunity to see what’s really going on for people 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. Also, all three counties are still expected to see appreciation over the next year and South Florida is currently “buyers” markets.

If you’re thinking of making a move here’s a quick breakdown of each county. Broward prices are up 5.6% over the past year and are expected to rise by 1.9% over the next year. Miami-Dade prices went up 5% over the past year and are expected to rise by 1.5% over the next year. Lastly, Palm Beach prices. They are up 5.1% over the past year and should increase by 1.5% over the next year.

The biggest reason it’s a buyer’s market right now is 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.

Photo by: Getty Images North America

 

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