🇺🇸❤️🇮🇹 South Florida Market Stats for Broward for the Month of July 2024

Unleashing Broward’s Real Estate Potential: Opportunities Abound!

Broward Single Family Homes: Steady Growth, Solid Opportunities

The single-family home market in Broward is on an upward trajectory. In July 2024, we saw 1,131 closed sales, up 7.5% from last year. Families are flocking to Broward, eager to put down roots and invest in their futures.

The median sale price has climbed to $625,000, reflecting a 4.2% increase from July 2023. This steady appreciation highlights the growing value of single-family homes in Broward. Sellers, take note: while the market is strong, the percentage of original list price received dipped slightly to 96%, down 2% from last year. This means buyers are negotiating, so price strategically and present your home in the best possible light.

Timing is everything in real estate. The median time to contract has risen to 30 days, a 50% increase from last year. Sellers, this is your cue to make that first impression count. From curb appeal to online listings, make sure your property stands out from the get-go.

One of the biggest changes is the jump in active inventory, up 56.3% to 4,483 homes. With a months’ supply of inventory now at 4.4 (a 57.1% increase), buyers have more options than ever. Sellers, this means competition—so make sure your home shines.

Broward Townhomes & Condos: Navigating Shifts, Seizing Opportunities

The townhomes and condos market in Broward is navigating some shifts, but there’s still plenty of opportunity. Closed sales dipped 4.6% year-over-year, with 1,132 transactions in July 2024. But don’t let that fool you—this is still a market ripe with potential for those who know how to navigate it.

The median sale price has nudged down to $272,500, a 2.7% decrease from last year. For buyers, this presents a golden opportunity to enter the market at a slightly lower price point. Sellers, focus on what makes your property unique—there’s always a buyer looking for just the right fit.

One standout figure is the median time to contract, which has shot up by 88.5% to 49 days. Buyers are taking their time, weighing their options. Sellers, this is your chance to make sure your property isn’t just another listing, but a standout choice that catches the eye and holds interest.

The inventory has more than doubled, with an increase of 102.3% to 8,988 listings. The months’ supply of inventory now sits at 8.0—a massive 128.6% increase from July 2023. Buyers, this is your playground, with more options than ever. Sellers, be strategic—market your property with precision to capture attention.

The Bottom Line: Broward’s Market Is Ready and Waiting

Broward County’s real estate market is alive with possibilities. Whether you’re buying or selling, the key to success lies in understanding the trends and making smart, informed decisions. The market is full of opportunities for those who approach it with insight and determination.