Real Estate Market Stats 2023

Official 2023 Year End Statistics Reported by Florida Realtors

Fort Lauderdale Home Prices Show Strength and Resilience

Blue Line is latest S&P Case-Shiller Home Price Index for South Florida Metro Reporting Area
(Miami-Dade, Broward and Palm Beach Counties)
Dotted Line is Home Price Index for the U.S.
Shaded Areas on Chart represent U.S. Recessions

After shooting up 14.3% in 2022, following the astounding increase of 36.2% in 2021 and 18.9% in 2020 the Real Estate Market in Fort Lauderdale finally took its long-awaited breather in 2023, according to Year End statistics released by Florida Realtors, generated through compiling numbers reported through the MLS of local realtor associations throughout the Sunshine State.

Frankly we expected the market to cool off through '22, but they remained strong.

In 2023 the Median Sale Price of a Single Family Home in Broward County increased 5.5%, to $580,000 from $550,000 in 2022.

In the Condominium and Townhome market, the Median Sale Price went up 9.2% in Broward County, from $250,000 in 2022 to $273,000 in 2023.

Though not eye-popping like we have become used to, those are still pretty good numbers, showing resilience and strength given the tight market conditions, a double-digit decrease in Closed Sales and abnormally high mortgage rates.

Local Real Estate is currently working its way through a period of consolidation, as the South Florida market has done before after sharp rises. If you look at a chart you see a jagged edge, but always trending upward.

This is always more focused and amplified in Fort Lauderdale and Broward County, because aside from being the prime location in Florida it is not a very large geographical area. Broward County is less than 30 miles from north to south, and though it technically stretches halfway across the peninsula, around 45 miles, almost two thirds of it is wetlands, it's source of fresh water. In all Broward County there are only 471 square miles of developable dry land, and at this point it is fully developed.

Paul McCartney Predicts Real Estate Market Trend

A major factor continues to be Net Domestic Migration.

Statistics released by the United States Census Bureau tracking who is moving from where to where in the country reveal the American population are heeding the words of that old Beatles song: people are following the sun.

They are also fleeing high taxes, relocating to states and cities with lower taxes.

Depending whether you count percentage or sheer numbers the Sunshine State can be considered the fastest growing state in the nation. Florida's population growth lead the U.S., up 1.9% in 2022 and 1.6% in 2023, adding around 365,000 residents over the past couple years.

In sheer numbers of new residents, however, the fastest growing state is Texas.

Still, certain factors have changed in the Sunshine State. Between 2019 and 2022 more people were relocating to the South Florida reporting area (Miami-Dade, Broward and Palms Beach counties) than any other Metro in the U.S.

According to the latest stats from the Census Bureau folks moving into Florida flooded into less populous regions as suburbs around other large cities expanded.

When you look at the list of Counties with the highest level of population growth Florida ranked second in the nation with three in the Top 10: Polk County southwest of Orlando Number One, Pasco County north of Tampa, Number Three, and Marion County around Ocala Number Nine.

The main recipient of Net Domestic Migration was the state of Texas, with five of the Top 10 Counties around Houston, Dallas and Austin. Where are these residents moving from? That isn't a surprise. Around 150,000 left the New York City area, and almost 60,000 moved out of Chicago. People are fleeing California; over 150,000 left Los Angeles and Orange County alone.

In Florida 64 of its 67 counties grew in population. Of the only three that declined, one was Miami-Dade, as people fled its grid-locked traffic and dense urban environment.

Real Estate Equals Supply & Demand

A simple enough equation, Real Estate values continue to go up across Florida as the population grows. Given the phenomenal increase in property prices we've seen over the past couple years, and the Net Domestic Migration numbers spreading into other Metros it is not surprising to see values through Miami-Dade, Broward and Palm Beach settle and consolidate.

Following a rise of 18.9% in 2020, 36% in 2021, and 14.3% in 2022, the Fort Lauderdale Real Estate Market took a breather in 2023.

According to the Florida Realtors' Year End stats, the Median Sale Price of a Single Family Home in Broward County rose from $550,000 in 2022 to $580,000 in 2023, an increase of 5.5%.

Slightly better numbers in Condos, which had lagged somewhat while the Single Family market went through the roof. No pun intended. In Broward County the Median Sale Price of a Condominium or Townhome went up to $273,000 in 2023 from $250,000 in 2023, an increase of 9.2%.

Though showing some improvement in recent months the market remains tight. Through 2023 Closed Sales declined 14.6% in Single Family, 20.3% in Condominium and Townhome.

In addition, one stat we always follow is the Median Percentage of Original List Price Received. Historically, through the years, this usually hovered around 95-96%. In 2022 this was an astounding 100%, meaning more sellers received over asking than took money off. That has eased, but not much. In 2023 the Median of List Price Received was 96.9% in Single Family, 96.3% in Condos.

Down three point something percent. This alone should show you how strong the Fort Lauderdale Real Estate Market really is.

One other statistic sticks out: in Condos and Townhomes just under 54% of buyers paid cash. Believe it or not that's actually down from 2022 when 56.6% paid cash.

The Fabled Sunshine State

One other thing we see historically: Fort Lauderdale and Broward County, being the most desirable part of Florida, usually outperforms the rest of the state.

This was the case in 2023 once again.

The Median Sale Price for Florida increased 1.9% in Single Family, from $402,500 in 2022 to $410,000 in 2023, up 5.2% in Condos and Townhouses, from $306,500 to $322,500.

Average Sale Price were in the same neighborhood. In Single Family, Average Sale Price increased 2.1%, from $562,442 in 2022 to $573,977 in 2023. Condominiums were up 3.9% from $445,305 to $462,890.

Closed Sales were down 10.3% in Single Family, 16% in Condos, but Median Percentage of Original List Price Received was still strong, dipping only slightly from over 100% in 2022 to 96.9% in Single Family, 96.2% in Condominium.

South Florida

Perhaps the best numbers were posted by the South Florida Metro, the reporting area encompassing Miami-Dade, Broward and Palm Beach Counties.

The Median Sale Price for the South Florida Metro through 2023 was $592,995 in Single Family, a 6.5% rise from 2022's $557,500. The Average Sale Price increased 2.4%, from $901,473 in 2022 to $923,060 in 2023.

In Condos and Townhomes, the Median Sale Price rose 6.1%, from $310,000 to $329,000, with 55% of Buyers paying cash, which is rather amazing since the Average Sale Price in 2023 was over a half million dollars ($511,718 to be precise), and that was still down from 2022, when 56.2% paid cash.

Again, with Closings down 12.1% and 21.8% in Single Family and Condos, respectively, the Median Percentage of Original Listing Price Received remain remarkably strong though dipping slightly. In Single Family it was 96.2% in 2023, down from 98.9% in 2022. In Condos: 95.9% in 2022, versus 98.5% in 2022.

Gentleman, Start Your Engines

One immutable fact about Fort Lauderdale Real Estate – it does not stay dormant for long. Already showing the stirrings of a revival. In 2010, as we began to recover from the depths of that downturn, we started to advise buyers and investors it was time to get back in the market. This settling and consolidation will not last long. This is another opportunity.

As we tell folks on our home page: buy now or forever hold your piece. Of Cleveland, Newark and Detroit.

2023 Year End Real Estate Market Reports

Click on buttons to download a pdf of statistical reports.