Broward County Sees Growth in Home Sales: What It Means for You

Broward County Sees Growth in Home Sales: What It Means for You

By William Gartin Real Estate | August 22, 2024

Broward County's real estate market is on the rise, with total home sales and single-family home transactions experiencing significant growth in July 2024. According to the latest statistics from the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS), Broward County continues to attract buyers despite a competitive market.

Rising Single-Family Home Sales

In July 2024, total home sales in Broward County increased by 1.1%, from 2,238 to 2,263 transactions. Single-family home sales saw an even more impressive jump of 7.5%, rising from 1,052 to 1,131 transactions. This growth is largely fueled by declining mortgage rates, which are creating a more favorable environment for buyers.

What Does This Mean for Buyers?

With mortgage rates on the decline, now is an opportune time to consider purchasing a home in Broward County. As Venus Proffer, President of BROWARD-MIAMI, noted, "The lowering of rates through 2025 will unleash more buying activity in all of South Florida, which remains a top destination for global and domestic buyers."

Price Trends and Market Conditions

While single-family home prices in Broward County have appreciated by 4.2% year-over-year, reaching a median price of $625,000, condo prices have seen a slight decrease. The median price for existing condos dropped by 2.7% in July 2024, from $280,000 to $272,500. However, over the past decade, condo prices have appreciated by 112.9%, reflecting the long-term strength of the market.

Inventory Levels and Market Dynamics

Inventory in Broward County remains below the historical average, with total active listings down 12.5% from the norm. Despite this, the market is showing signs of balance, with a 4.4-month supply of inventory for single-family homes, indicating a seller’s market, and an 8-month supply for condos, indicating a balanced market.

Why You Should Act Now

As mortgage rates continue to decline, the demand for homes in Broward County is expected to increase. This is the perfect time to explore your options, whether you're looking for a single-family home or a condo. The current market conditions offer a unique opportunity to secure a property before competition intensifies and prices rise further.

Ready to Find Your Dream Home in Broward County?

As an experienced realtor, I’m here to help you navigate Broward County's dynamic real estate market. Whether you’re a first-time buyer or looking to invest in a new property, I can guide you through every step of the process.

Visit www.williamgartinrealestate.com to explore the latest listings and start your home search today. Don't miss out on this chance to secure your ideal home before market conditions shift.

Contact me today at 305-842-6097 to discuss your options and take the first step toward owning a piece of Broward County's thriving real estate market.