Are clouds gathering over the housing market in the Sunshine State’s chief city?
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Fort Lauderdale, FL housing market
The Fort Lauderdale housing market isn’t that competitive. The median home sales price in July 2024 has decreased in the past 3 months to $540,000. That’s up 4.9% and $25,000 higher than July 2023 of last year. That is higher than the Florida state median home sales price of $409,600. Homes typically sell after 87 days on market, which is slower than the state average and higher than 53 days in July 2023 a year prior.
Housing market overview for
How much do homes in Fort Lauderdale, FL cost?
The median home price in Fort Lauderdale was $540,000 in July 2024, up 4.9% from last year.
How many homes are available in Fort Lauderdale, FL?
The real estate market in Fort Lauderdale had 2,332 homes for sale in July and is down from 2383 homes for sale the month prior and up from 1,454 homes in July 2023.
How many homes are sold in Fort Lauderdale, FL?
There were 300 homes sold in July 2024, trending down from 313 homes sold a year ago.
How long does it take to sell a home in Fort Lauderdale, FL?
Homes in Fort Lauderdale are staying on the market for 87 days. That’s 34 days slower than the median in July 2023, which means that the market is less competitive today.
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.
How does the Fort Lauderdale real estate market compare to other markets?
The Fort Lauderdale real estate market has a median sale price of $540,000, which is 24.1% higher than the state median sale price of $409,600. Compare other markets or nearby cities, as they can vary significantly.
Fort Lauderdale, FL | Hollywood, FL | Florida |
---|---|---|
Median home sale | Median home sale | Median home sale |
$540,000 | $485,000 | $409,600 |
Days on market | Days on market | Days on market |
87 | 72 | 59 |
Monthly house payment | Monthly house payment | Monthly house payment |
$3,720 | $3,371 | $2,893 |
Cost to buy a house | Cost to buy a house | Cost to buy a house |
$75,600 | $67,900 | $57,344 |
Cost to sell a house | Cost to sell a house | Cost to sell a house |
$37,800 | $33,950 | $28,672 |
Take the next step in Fort Lauderdale: Find an agent
Navigating the Fort Lauderdale housing market can be tricky, but you don’t have to go it alone. When you're ready to learn more, reach out to a local Fort Lauderdale real estate agent to get the process started. We recommend interviewing multiple candidates and coming prepared with a list of all your questions.
Fort Lauderdale, FL housing market FAQs
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