Fort Lauderdale, FL housing market

Is it a buyer’s or seller’s market in Fort Lauderdale, FL?

It is considered a balanced market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.2%, making the average house payment $3,720, which is $92 higher than a year before.

Total months of housing supply available for sale is 7.8 months, up 110.8% from 3.7 month(s) in July 2023.

Months of Supply

The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."

Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.

Sales to Listing Ratio

Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.

In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.

Selling a house in Fort Lauderdale, FL

Home values have increased by 5.4% since last year, and the number of days it takes to sell a home has increased from 54 days in July 2023 to 87 days in July 2024.

The best time to sell your home in Fort Lauderdale is in November, when homes sell fastest and for the most money.

Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $32,400 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.

Buying a house in Fort Lauderdale, FL

Homes in Fort Lauderdale have a median price of $540,000, which means you’ll need $54,000 for a 10% down payment. Housing costs have increased 5.4% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.

Home values are only one part of the home affordability equation. When buying a house in Fort Lauderdale, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to a down payment of $54,000 you should have $21,600 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.

Fort Lauderdale home values are 10.2% more expensive than Hollywood and 24.1% more expensive than the state median home value.

Fort Lauderdale, FL housing market FAQs

• Are Fort Lauderdale home prices dropping or rising?

  Home prices in Fort Lauderdale are rising overall. Median home prices are up 5.4% since July 2023 and up 21.3% in the past 3 years.

• Is Fort Lauderdale a seller’s market in July 2024?

  The Fort Lauderdale housing market is not a seller’s market, it’s considered a balanced market. Homes in Fort Lauderdale stayed on the market for 87 days in July 2024.

• Is Fort Lauderdale a buyer’s market in July 2024?

  The Fort Lauderdale housing market is is not a buyer’s market, it’s considered a balanced market. Homes in Fort Lauderdale stayed on the market for 87 days in July 2024, slower than 53 days a year prior.

• When is the best time to buy a house in Fort Lauderdale?

  The best time to buy a house in Fort Lauderdale is in February when homes sell for 94.8% of the list price.

• When is the best time to sell a house in Fort Lauderdale?

  The best time to sell a house in Fort Lauderdale is in November when homes sell for 96.1% of the list price and go pending in 58 days.