Top South Florida Locations for Home Price Growth
Home prices in the South Florida real estate market have been on the rise for quite some time now. Last year, we had seen an interesting mix of just where exactly some of the largest gains were occurring. Both the luxury coastal communities as well as entry-level neighborhoods had seen some of the bigger price increases by comparison to the rest of the market.
According to data shared by the Florida Realtors and the Realtor Association of the Palm Beaches and Greater Fort Lauderdale, there were interesting findings for single families in particular. Overall single family sales increased by 0.4% for 2018 over 2017, but median home prices increased more substantially by 6.1%. Of all zip codes studied, 5 of them had year-over-year price increases of over 20%.
Locally here in the Fort Lauderdale area among some of the most noteworthy increases were as follows.
The 33308 zip code which is the region partly of the Fort Lauderdale, Lauderdale By The Sea and Oakland Park neighborhoods. Specifically the number of sales increased by nearly 12% in 2018. Additionally, median sales prices had increased by 14.3%.
The zip code 33311 for Fort Lauderdale – Lauderdale Manors/Roosevelt Gardens also had an increase in number of sales by over 7% while median sales prices had significantly increased by 15.3%.
Two other areas with significant increases include the 33319 area of North Lauderdale and 33315 of Edgewood. North Lauderdale had slightly fewer sales in 2018 as opposed to 2017, but had a median sale price increase by 15.7% while Edgewood had the same amount of sales with a 16% median sale price increase.
While there were increases here locally among different neighborhood types, none of the top zip codes that had at least 100 sales saw price decreases. Only a handful areas experienced median sale prices decline of at least 2% and these were located mostly north and west of the Fort Lauderdale area.