Real Estate Market Recap

  • Fort Lauderdale home sales decreased by 19.8% as there were 3,292 sales in 2023 compared to 4,105 in 2022. Average price also decreased by 7.1% going from $1,034,786 in 2022 to $960,815 in 2023. These metrics include single families and condos/townhomes. The categorical breakdowns are listed in the infographic to the right.
  • The number of homes listed in 2023 compared to 2022 decreased by 3.3%, moving from 5,513 to 5,332.
  • The number of pending sales decreased by 16.8% with 3,578 in 2023 compared to 4,298 in 2022.

2024 Outlook

As expected, overall home sales were down in Fort Lauderdale in 2023. Unlike Northern states, South Florida inventory is rising, with 2023 ending above 2021 and 2022 levels. This is in spite of a decrease in new listings as overall homes listed were at their lowest level since 2008 in South Florida. One of the main culprits here is condos as stricter regulations and increased insurance premiums are creating challenges for current owners, so condos are being listed faster than they are going under agreement. In 2024, we expect the Fort Lauderdale housing market to continue making its way through an adjustment. As Anthony states in his 2024 Predictions, “the worst is behind us, but we are not out of the woods.” Home sales should increase, especially if mortgage rates continue to trend downward or stay as they are now. Buyer demand in this market specifically is strong, so the leveling of mortgage rates is excellent news for buyers battling with affordability concerns. This should also make want-to-be sellers more motivated to list their homes which should cause inventory to rise even more and in turn price growth should slow, level off, or even fall slightly (NOT crash). You can already see the impact of increased inventory on average sale price in Fort Lauderdale which was lower year over year.

To learn more about South Florida’s performance, click here to read the 2023 South Florida Year in Review Report.

Data provided by SunStats and compared to the prior year.