Florida has a booming economy, an excellent climate, and an exciting atmosphere. And, high demand for real estate. So, it is no wonder that it is one of the five states with the highest housing appreciation in 2021. And the trend does not stop even in 2022, especially in South Florida. The same goes for Fort Lauderdale. Using the assistance of moving services in South Florida, you will easily reach this picturesque town. However, before buying, check the Fort Lauderdale housing market trends. In general, they have increased by over 20% since the last year. And, the trend continues. So, buying a house in Fort Lauderdale might also be a good investment.
Let’s talk about housing market trends today
Whether you are an investor or a homebuyer, purchasing a home in Fort Lauderdale may bring you big gains. In addition to the steep rise in real estate prices in 2021, the experts predict further growth of 11% by the end of 2022. So, by buying now, you definitely don’t need to fear that housing prices will drop.
The only things you should be cautious about are the interest rates. Namely, if you are taking a mortgage to purchase real estate, expect higher interest rates than the year before. Also, if your intention is to resell the house, consider the location. That is one of the factors that influence the house price considerably.
Many people are moving to Florida
Although the demand is growing, the South Florida seller’s market remains high. The number of people moving into the state is partly an outcome of the favorable tax policies. Also, there are many tech companies moving to the Fort Lauderdale area. And, they are followed by a big number of young professionals. If you are one of them, give a call to movers Fort Lauderdale FL. They will provide you with an easy and affordable relocation.
Another reason for people moving to Florida is lower home prices than in other areas and reasonable living costs. That is also one of the reasons why retirees are moving south, to Florida.
Florida’s strong education system contributes to population growth
How this is influencing the Fort Lauderdale real estate market? Well, the thing is that Florida hosts some of the prestigious universities. Among them are
- Florida State University
- University of Central Florida
- University of Miami
Those institutions are not only offering highly rated education. Moreover, soon after graduation, they are offering jobs. This way, they are helping the graduates in their first steps into the business world. So, young people are straying in Florida. And, they need to rent or purchase a home. So, a lot of them are moving to Fort Lauderdale, where big companies are glad to accept people. And, it is well known that the higher demand is causing the rise in real estate prices. This might be a fraction of the overall factors influencing the Fort Lauderdale real estate market in 2022. But, it adds up.
Why is Fort Lauderdale so attractive to housebuyers?
Fort Lauderdale is an attractive place, with a nice climate. It is surrounded by natural beauty. Also, it is a walkable place, offering a rather relaxed lifestyle. Besides, job offers are rising at an impressive rate. And, that is attracting many to move to the city. If you are preparing to join them, look n further than local movers South Florida. They will help you with relocation. Also, they can help you with other moving services, at your request.
You might also consider buying real estate in Fort Lauderdale, as an investment. So, you might be looking for a single-family home or a condo apartment. In both cases, you will be renting them out. And, with rents rising in Fort Lauderdale, your investment will soon pay off. Besides, in case you don’t intend to live in the city, you can always hire a reputable property management company. They will help you with rent collection, maintenance, and other tasks. Also, with real estate prices rising, you can always resell the property. And make a nice profit on that transaction.
Fort Lauderdale housing market trends in figures
Following the real estate price changes from January 2021, to September 2022, we can see a rather high rise. For example, in January 2021, you could buy a home for $370,000. In December 2021, for the same size home, you needed $440,000. And, in September 2022, the price was $539,000. It is expected that the price will go up to 560,000 by December 2022.
Also, the housing prices in Fort Lauderdale depend on the city’s neighborhood. So, let us see the list of them, with median home prices:
- South Middle River – $422,340
- Middle River Terrace – $403,563
- Progresso Village – $410,144
- Lake Ridge – $641,382
- Flagler Heights – $445,610
- Home Beautiful Park – n/a
- Victoria Park – $781,130
- City View Townhome – $408,051
- Poinsettia Heights – $761,422
However, regardless of the neighborhood in which you are buying your new home, you can count on residential movers South Florida.
Fort Lauderdale housing market is a competitive one
So, in case you are considering buying a property in Fort Lauderdale, don’t wait for too long. The first reason is that real estate prices are going up almost daily. The second reason is that the housing market is rather competitive. Or, simply said, the house that you like will not stay listed for too long time. It can easily happen that, while you are rethinking, the house will already be sold. Ar, at best, you will pay more for it, just you were waiting for too long.
On average, homes in Fort Lauderdale sell after being listed for 49 days. In the same period last year, the average listing period was 54 days. And, in the case of houses with lower asking prices at a good location, they will be sold much faster. Sometimes within several days after being listed.
Fort Lauderdale housing market trends are exciting for the time being
The real estate market in the city is enjoying exciting growth nowadays. Besides the economic factors, caused by post-pandemic real estate market recovery, there are also new job opportunities. So, many young professionals are moving to Fort Lauderdale. And investing in real estate. Which is, on the other side shortening the listing time, and increasing demands. So, with such an overview of the Fort Lauderdale housing market trends, you can see that waiting too long is not an option. If you are considering a quality investment, you have to act immediately.