The housing market in Florida may not be booming but housing data statewide is indicative that the market is actually growing at a steady rate. This just means that the rate of increase for sale prices and sales as well as other relevant data tell you that growth is both sustainable and moderate. Florida, Fort Lauderdale in particular is one of the best places in the country to live. Florida as a state is ranked 4 in term of the largest population in the country and it is the state with the second fastest rate of growth.
Fort Lauderdale has the perks that people look for: great beaches, warm temperatures, a business climate that is healthy and to top it all off, there is no income tax! Fort Lauderdale is hours away from Busch Gardens in Tampa, Universal Studios, Sea world and Disney World as well as quite a few other theme/amusement parks. There are beautiful state parks and the Everglades are just hours away.
Buyers who are looking for Fort Lauderdale homes for sale are finding that it is now easier than ever to get a mortgage because of there being fewer condos that have been foreclosed on. In Fort Lauderdale, as of March of 2015, condo sales saw an increase of 13.7% when put in comparison with last 5 years. Fort Lauderdale commercial real estate is also experiencing a gradual construction boom
Fort Lauderdale residential real estate statistics can be found here:
Influencing Factors for the Fort Lauderdale 2015 Housing Market
- According to Realtor.com, the average value of a home is $192,000
- The median listing price is $239,000
- Values of homes have gone up in the last 5 years by 6.8%. Great values on homes are available at the moment because the homes that are for sale outnumber he ones that are being sold. It is a buyer’s market.
- The current population in Fort Lauderdale is 178,955 with the median age being 42.
- The average household income in this area is $53,940 while the cost of living averages to be $58,900 according to Realtor.com
- Top jobs in the area are Office and Administration, Sales and Ground Maintenance
- The Median rent is $3,152 a month with 1 bedroom units going for around $1,787 and 2 bedrooms averaging $2,568. 3 bedroom rentals average $4,127 and 4 bedrooms average 5,294. When it comes to rentals, there is a high demand but a low availability. Just over the last 3 months, rental prices have increased by 2%. Rental prices in Fort Lauderdale homes for rent are 22% higher than the average nationally and when compared to the average for the state of Florida it is 8% higher.
- Unemployment in the area is low at only 5%.
- For those who are contemplating a move to Fort Lauderdale with their children, there are 87 schools in the area.