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Real Estate Market Update for Fort Lauderdale in November 2024

Real Estate Market Update for Fort Lauderdale in November 2024

November 2024 

Fort Lauderdale Market Update

The Fort Lauderdale real estate market exhibited significant trends in November 2024, highlighting shifts in both single-family homes and townhouse/condo sectors. These changes reflect the evolving dynamics of supply, demand, and pricing, providing insights for buyers and sellers alike.

Fort Lauderdale Single-Family Homes – November 2024

  • Closed Sales: 109, down 5.2% from last year.

  • Median Sales Price: $669,000, up 14% from a year ago.

  • Active Inventory: 903 listings, a 25% increase year-over-year.

  • Months Supply of Inventory: 7.1 months, a 6.0% rise compared to last year.

  • New Listings: 198, up 11% year-over-year.

  • New Pending Sales: 115, down 4.2% from last year.

The single-family home market saw robust growth in inventory and pricing, signaling increased opportunities for buyers. However, a dip in closed and pending sales indicates some hesitation in the market.

Fort Lauderdale Townhouses and Condos – November 2024

  • Closed Sales: 105, down 3.7% year-over-year.

  • Median Sales Price: $415,000, a 21% decline from last year.

  • Active Inventory: 1,625 listings, a 52% increase year-over-year.

  • Months Supply of Inventory: 12 months, up significantly from 7.1 months last year.

  • New Listings: 310, a 24% year-over-year increase.

  • New Pending Sales: 135, up 3.1% year-over-year.

The townhouse/condo market displayed an increase in inventory and supply levels, providing ample options for prospective buyers. However, a notable drop in the median sales price suggests increased affordability within this segment.

In November 2024, Fort Lauderdale’s real estate market experienced notable inventory growth across both single-family homes and townhouse/condos. Rising months of supply and varied price trends highlight opportunities for buyers, while sellers navigate an increasingly competitive landscape. Whether you're buying or selling, staying updated on these shifts is key to success.

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