Fort Lauderdale 2022 Year in Review

South Florida, even more so than the rest of the nation, experienced a frenzied market in 2021 and the beginning of 2022. Fort Lauderdale was no exception to this trend. However, as we head into 2023, the frenzied demand in the market has began to cool and will continue to do so in 2023. Increased mortgage rates continue to impact buyer affordability, and buyer demand is down as a result. The Fort Lauderdale market in particular will feel the effects of this rate hike as it is a large market for 2^nd homeowners. Other factors impacting sales in the region include recent insurance changes and new condo requirements as a result of the Surfside collapse. Prices skyrocketed in Fort Lauderdale during 2021 and into 2022, but we have started to see the rate of increase slow. Regardless, prices are still expected to rise in 2023, just not as quickly as they have been previously. Anthony explains the market trajectory in depth in his 2023 predictions here.

To learn more about South Florida performance, click here to read the 2022 South Florida Year in Review Report.