November 2024
Broward County Market Update
November 2024 brought notable shifts in Broward County’s real estate market. Both single-family homes and townhouses/condos experienced dynamic changes, reflecting a market that continues to adapt to evolving conditions. Here's a detailed look at the latest stats for these property types.
Broward County Single-Family Homes
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Closed Sales: 804, down 2.1% from November 2023.
The slight dip in closed sales reflects a cooling off from last year’s activity, signaling more cautious buyer behavior. -
Median Sales Price: $619,500, up 3.3% year-over-year.
Price growth shows continued demand and value appreciation for single-family homes despite fewer transactions. -
Active Inventory: 4,943, up 36%.
Significantly higher inventory levels offer buyers more options, creating a balanced market environment. -
Months Supply of Inventory: 4.9 months, up 3.5%.
An increase in inventory supply suggests the market is moving toward equilibrium, benefiting both buyers and sellers. -
New Listings: 1,385, up 7.65%.
More homeowners are entering the market, taking advantage of favorable conditions and steady price growth. -
New Pending Sales: 890, up 6.2%.
A rise in pending sales indicates consistent buyer interest, even amid increasing inventory.
With inventory climbing steadily and prices continuing to rise, the single-family market offers a balanced landscape, signaling robust activity.
Broward County Townhouses and Condos
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Closed Sales: 819, down 19% compared to last year.
The significant drop in closed sales highlights a shift in buyer preferences or timing in the townhouse/condo sector. -
Median Sales Price: $285,000, up 1.8% year-over-year.
Prices continue to climb modestly, demonstrating resilience in value despite slower sales. -
Active Inventory: 10,299, up 67%.
The sharp rise in active inventory gives buyers a wider range of options, boosting their negotiation power. -
Months Supply of Inventory: 9.8 months, up from 5.1 months last year.
This substantial increase in supply points to a buyer-friendly market with less urgency in purchasing decisions. -
New Listings: 2,018, up 7.1% year-over-year.
New listings keep the market dynamic, reflecting interest from sellers wanting to capitalize on demand. -
New Pending Sales: 944, down 12%.
A decline in pending sales suggests buyers are taking their time, influenced by the abundance of choices.
Townhouse/condo buyers benefit from significantly expanded inventory, while prices have remained relatively stable, ensuring attractive options across the market.
Broward County’s November 2024 housing market highlights rising inventories, steady price growth for single-family homes, and more options in the townhouse/condo market. Learn about the latest trends shaping South Florida real estate!
