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Real Estate Market Update for Fort Lauderdale in October 2024

Real Estate Market Update for Fort Lauderdale in October 2024

October 2024 

Fort Lauderdale Market Update

The Fort Lauderdale housing market saw significant changes in October 2024, reflecting evolving trends for both single-family homes and townhouses/condos. Here's a breakdown of the key statistics and insights to help you understand the current market conditions.

Fort Lauderdale Single-Family Homes – October 2024

In October 2024, Fort Lauderdale's single-family home market showed a mix of growth and challenges:

  • Closed Sales: 134, up 33% from last year, highlighting strong buyer activity.
  • Median Sales Price: $634,500, down 8.7%, making homes more affordable for some.
  • Active Inventory: 887, a 25% increase, providing buyers with more options.
  • Months Supply of Inventory: 6.9 months, up from 6.0 months, indicating a shift toward a more balanced market.
  • New Listings: 240, down 11%, signaling fewer sellers entering the market.
  • New Pending Sales: 111, down 12%, reflecting tempered buyer demand.

These numbers suggest growing inventory and increased buyer activity but a slower pace in new listings and pending sales.

Fort Lauderdale Townhouses and Condos – October 2024

For townhouses and condos, the October 2024 data indicates notable inventory growth alongside declining prices and sales:

  • Closed Sales: 117, down 11%, showing softened demand.
  • Median Sales Price: $385,000, down 11%, offering more affordability.
  • Active Inventory: 1,547, up a remarkable 52%, giving buyers broader choices.
  • Months Supply of Inventory: 11.4 months, up from 6.7 months, signaling a strong buyer's market.
  • New Listings: 268, down 11%, suggesting seller hesitation.
  • New Pending Sales: 116, down 2.5%, reflecting steady but slower buyer activity.

These shifts in the townhouse/condo market suggest opportunities for buyers while sellers face increased competition.

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