Fort Lauderdale Housing Market Trends and Forecast 2024 – Norada Real Estate Investments

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Fort Lauderdale is a popular city in the state of Florida, known for its beaches, canals, and boating waterways. In recent years, the city has experienced significant growth in its population and a surge in its housing market. Fort Lauderdale currently leans towards being a seller’s market. While the competition is not intense, the higher median sale price, coupled with a relatively short time on the market, suggests a favorable environment for sellers.

How is the Fort Lauderdale housing market doing currently?

Unlike many other cities in Florida, the housing market in Fort Lauderdale is not fiercely competitive. According to Redfin, on average, homes in this coastal city receive three offers and sell in approximately 63 days. However, this doesn’t mean it lacks vitality; let’s delve deeper into the specifics.


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Last month, the median sale price of a home in Fort Lauderdale reached $503,000, reflecting a 4.7% increase compared to the previous year. This upward trajectory extends to the median sale price per square foot, which now stands at $397, marking an 8.0% rise since last year.

Comparative Analysis: December 2023 vs. Previous Year

In December 2023, Fort Lauderdale experienced a 4.7% surge in home prices, reaching a median of $503,000. This price appreciation is coupled with a slightly prolonged selling time, with homes staying on the market for an average of 63 days, compared to 55 days the previous year. The total number of homes sold in December 2023 increased to 288, up from 254 in the same period the previous year.

Market Position: Above National Averages

Fort Lauderdale’s housing market boasts a median sale price 22% higher than the national average, underscoring its desirability. In this market, multiple offers are a rarity, with homes typically selling for approximately 4% below the list price and going pending in an average of 62 days. However, there is an exception for hot homes, which can sell for around list price and go pending in a mere 34 days.

Key Metrics: Sale-to-List Price, Homes Sold Above List Price, and Price Drops

  • Sale-to-List Price: Currently standing at 95.3%, this metric has experienced a 0.23-point decrease year-over-year.
  • Homes Sold Above List Price: While still significant at 10.8%, there has been a 1.8-point decrease year-over-year.
  • Homes with Price Drops: Representing 17.0% of the market, this metric has seen a 1.5-point increase year-over-year.

Homebuyer Mobility: Insights from October ’23 – December ’23

During this period, 26% of Fort Lauderdale homebuyers contemplated moving out of the city, while 74% preferred to stay within the metropolitan area. On a national scale, 3% of homebuyers sought to relocate to Fort Lauderdale from outside metros.

Interestingly, New York homebuyers led the pack in considering a move to Fort Lauderdale, followed by Boston and Washington. This dynamic reflects the city’s appeal to individuals from diverse geographical backgrounds.

Are Home Prices Dropping?

No, home prices in Fort Lauderdale are not dropping. Instead, they have experienced a 4.7% increase in the past year, indicating a positive trend in property values.

Based on the current data, there is no indication of an impending housing market crash in Fort Lauderdale. The steady increase in median home prices and the moderate pace of sales contribute to the market’s stability.

Is Now a Good Time to Buy a House?

For potential buyers, Fort Lauderdale offers a mix of opportunities. While the market is not overly competitive, it’s crucial to act promptly when dealing with hot homes, which tend to sell quickly at or near the list price. Evaluating personal preferences and goals will play a significant role in determining if now is the right time to buy in this unique real estate landscape.

Fort Lauderdale Housing Market Forecast for 2024

According to Zillow’s data, as of December 31, 2023, the average Fort Lauderdale home value stands at $515,154, reflecting a noteworthy increase of 4.2% over the past year. Homes in this vibrant city are not only in demand but also exhibit resilience in value.

  • For Sale Inventory: A total of 1,982 homes are listed for sale, providing a diverse range of options for potential buyers.
  • New Listings: In December 2023 alone, 447 new listings entered the market, indicating a dynamic real estate landscape.
  • Median Sale to List Ratio: As of November 30, 2023, the ratio is 0.966, showcasing a balanced and competitive market.
  • Median Sale Price: November 30, 2023, records a median sale price of $501,950, providing insights into the affordability factor for potential homebuyers.
  • Median List Price: Homes are listed at a median price of $665,333 as of December 31, 2023, revealing the market’s overall pricing dynamics.
  • Percent of Sales Over List Price: November 30, 2023, witnesses 13.3% of sales exceeding the list price, indicating a competitive environment.
  • Percent of Sales Under List Price: A significant 74.4% of sales are below the list price, offering opportunities for savvy buyers.

Looking Ahead: Boom or Bust?

The critical question that looms over any housing market forecast is whether it will experience a crash or boom. As of the available data, Fort Lauderdale’s housing market appears robust, with steady appreciation in home values and a balanced sales environment. However, market dynamics are influenced by various factors, including economic conditions and external events.

Considering the current trends and the city’s appeal, the Fort Lauderdale housing market seems poised for stability and potential growth. It is essential for stakeholders to stay informed, monitor market changes, and adapt their strategies accordingly.

As we navigate through 2024, keeping a watchful eye on updates from reliable sources like Zillow will be instrumental in making informed decisions in this dynamic real estate landscape.

Fort Lauderdale Housing Market Forecast for 2024
Source: Zillow

Should You Invest in the Fort Lauderdale Real Estate Market?

Fort Lauderdale is a popular destination in South Florida known for its pristine beaches, luxury shopping, and nightlife. It is also a hotspot for real estate investment due to its strong economy, growing population, and favorable climate.

Top Reasons to Invest in the Fort Lauderdale Real Estate Market:

Strong Economy: Fort Lauderdale has a diverse and growing economy, driven by industries such as tourism, healthcare, and technology. The city is home to several major corporations, including AutoNation, Citrix Systems, and Spirit Airlines. The unemployment rate in Fort Lauderdale is also below the national average, which indicates a stable job market and a healthy economy.

Population Growth: Fort Lauderdale’s population has been steadily growing over the years, with projections indicating that the city’s population will continue to increase in the coming years. A growing population means an increase in demand for housing, which is good news for real estate investors. In addition, Fort Lauderdale is a popular destination for retirees, which presents an opportunity for investors looking to cater to this demographic.

Favorable Climate: Fort Lauderdale’s warm and sunny climate makes it a popular destination for tourists and snowbirds. This means that there is a steady demand for short-term rental properties, such as vacation homes and condos. Investors can take advantage of this demand by purchasing properties that cater to short-term renters.

Strong Rental Market: The Fort Lauderdale rental market is strong, with a high demand for rental properties. This is due in part to the city’s growing population and the high cost of homeownership. Investors can take advantage of this strong rental market by purchasing properties that cater to long-term renters.

Affordable Prices: Despite the strong economy and growing population, Fort Lauderdale’s real estate market remains relatively affordable compared to other cities in South Florida. This presents an opportunity for investors to purchase properties at a lower cost and potentially earn a higher return on investment.

Conclusion:

While there are many reasons to invest in the Fort Lauderdale real estate market, there are also some drawbacks to consider. One potential drawback is the risk of hurricanes and other natural disasters, which can cause damage to properties and impact the real estate market. In addition, Fort Lauderdale’s popularity as a tourist destination can result in seasonality in the rental market, with higher demand during peak tourist season and lower demand during the off-season.

Overall, the Fort Lauderdale real estate market presents a strong opportunity for investors looking to capitalize on a growing population, a strong rental market, and affordable prices. However, investors should carefully consider the potential drawbacks and risks associated with investing in this market before making any decisions. By conducting thorough research and working with a knowledgeable real estate professional, investors can make informed decisions and maximize their returns in the Fort Lauderdale real estate market.

Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Fort Lauderdale, FL is your ability to find great real estate investments in that area.

According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market area, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

Let us know which real estate markets you consider best for real estate investing! If you need expert investment advice, you may fill up the form given here. One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.


Sources:

  • https://www.zillow.com/home-values/31606/fort-lauderdale-fl/
  • https://www.redfin.com/city/6173/FL/Fort-Lauderdale/housing-market
  • https://www.neighborhoodscout.com/fl/fort-lauderdale/real-estate
  • https://www.realtor.com/realestateandhomes-search/Fort-Lauderdale_FL/overview

This post was originally published on 3rd party site mentioned on the title of this site

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