Ft Lauderdale Home Appreciation

2024 Year End Real Estate Statistics

Median Home Price in Fort Lauderdale Rises to $657,000

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

The Median Sale Price for a Single Family Home in Fort Lauderdale actually rose 2.3% to $657,000 through a sluggish real estate market which continues to consolidate after the steep increases we have seen in home values over the last few years.

The South Florida Metro reporting area comprised of Miami-Dade, Broward and Palm Beach Counties reported a 7.1% increase in home values, the Median Price for a Single Family House going up to $635,000 according to the 2024 Year End statistics released by Florida Realtors, which are generated by compiling numbers reported through the MLS of local realtor associations throughout the Sunshine State. Only the Sebastian-Vero Beach Metro in Indian River County reported a higher percentage gain, the Median Price there rising 8.4% to $420,000.

Overall, the Median Sale Price in Florida rose 2.4% to $410,000 for Single Family. Many Metros reported small gains between one and two percent, and several ended up in The Red: Crestview-Fort Walton Beach-Destin -0.8%; Lakeland-Winter Haven -1.3%; Northport-Sarasota-Bradenton -2.0%; Punta Gorda -2.9%; and Cape Coral-Ft. Myers -3.9%.

(You can see the full list, call up the official pdf reports by clicking buttons below.)

Given the current economic and political turmoil, and an average 30-Year Fixed Mortgage rate in excess of 6%, these results are actually a bit surprising to the up side. The South Florida Real Estate Market boasted eye-popping numbers over the last few years, shooting up 18.9% in 2020, 36.2% in 2021, and 14.3% in 2022

Understandably, the last couple years has seen the market cool and consolidate. 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, then rose another 6.2% to $616,000 in 2024.

Still and all, we feel compelled to point out though Floridians may be used to double-digit gains in home values, an increase of 5.5% and/or 6.2% in Median Sale Price is still respectable.

The Sleeping Giant Begins to Stir

Closed Sales may be one Market Indicator which could be key in this discussion. In 2023 Closed Sales through the State of Florida were down 10.3% in Single Family, 16% in Condos. These figures were actually higher in the South Florida Metro; Single Family Closings were down 12.1% in 2023, with Condos down 21.8%.

In 2024 these statistics bounced back quite a bit. Throughout the State Closings only decreased 1.9% for Single Family, 10.5% for Condos. For the South Florida Metro Single Family Closed Sales only declined 1.4% through 2024, and 1.3% for Condos.

They're Offering WHAT?

Another stat we watch is the Median Percentage of Original List Price Received, or how negotiable Sellers might be, how far they come down from their asking price. Watching these statistics for some years this number has typically been north of 95-96%, meaning (on the average) Sellers weren't accepting offers which took more than four to five percent off their Listed Price.

In 2022 this number was actually over 100%, meaning the Median was actually higher than the asking price.

Statewide in 2024, the Median Percentage of Original List Price Received was still strong, dipping only slightly to 96.2% from 96.9% in 2023 for Single Family. In Condominium and Townhouse properties, this number slipped from 96.2% in 2023 to 94.5% in 2024.

Drilling down a little deeper, we see the usual pattern, where the South Florida Metro reports slightly better numbers than the Statewide, and Broward County and Fort Lauderdale, the most desirable location in Florida, slightly even better.

For Single Family, the South Florida Metro reports the Median Percentage of Original Listing Price Received went from 98.9% in 2022, to 96.9% in 2023, to 96.2% in 2024.

Working with Buyers we tell them, naturally, we'll make any offer you wish, initially, but the final negotiated Sale Price is usually going end up around 95% of the asking, and if you submit an offer taking more than 10% off the Listing Price, you may not even get a response.

Condo Market Lagging

Even the most cursory examination of these latest statistics indicate that due to prevailing headwinds facing the Condominium and Townhome market it is lagging behind Single Family.

In the South Florida Metro, the Median Sale Price for Condos rose to $345,000, a year over year increase of 4.9% (versus 7.1% in SFR). Closed Sales, which declined 1.4% for Single Family, went down 13.3% in Condominiums and Townhomes.

This weakness is also reflected in the Median Percentage of Original List Price Received, which decreased from 95.9% in 2023 to 94.3% in 2024.

In Broward County these numbers were generally weaker. The Median Sale Price for Condos only increased 2.6% to $280,000, while Closings went down 12.9% and the Median Percentage of Original List Price Received dipped 2.2% to 94.2.

Your Prognosis, Doctor?

Currently Fort Lauderdale Real Estate may be stirring slightly, but we get the impression it still remains in a Medically Induced Coma. Historically, this market does not stay dormant for long, but it has been languishing and consolidating for two years now. This is understandable given the sharp upticks it saw in the recent past - rising 19% in 2020, a staggering 36.2% in '21, and then 14.3% in 2022. The Median Home Price (in Single Family) increased a respectable 5.5% in 2023, then another 6.2% in 2024. albeit on lower volume.

At some point we have to think this represents a buying opportunity. If mortgages rates continue to drop the South Florida Housing Market could be off to the races once again.

2024 Year End Real Estate Market Reports

Click on buttons to download a pdf of statistical reports.