How did South Florida real estate fare in 2015? Remarkably well it seems. Residential property values skyrocketed by just over $61 billion last year. Collectively, townhome residences, single family homes, and condos throughout the three counties managed to reach $773 billion, an increase of nearly ten percent when compared to 2014.
Market values in South Florida have continued to steadily rise since 2011 when it was valued at about $523 billion. The following year, prices would hit the bottom, leading to a huge influx of activity among investors that would prove critical in helping the real estate market recovery after its six-year collapse.
In November of last year, the median home value in South Florida was $224,900, an increase of over ten percent when compared to 2014. Although prices are expected to rise once again this year, sellers should be aware that they are not necessarily in a position to ask for whatever price they feel is right. While inventory shortages certainly favors buyers are highly discriminating.
Median rent also increased during November 2015 in Miami-Dade, Broward, and Palm Beach to a new total of $1,817. That number is an increase of four percent from November 2014.
This update is brought to you by The Lotus Sisters, experts in Wilton Manors real estate. We are also well versed in Broward County communities like Fort Lauderdale real estate and affluent Miami-Dade neighborhoods such as Coral Gables and Bal Harbour. Contact us today to answer any buying or selling questions you may have.