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The Florida real estate market remains buoyant, while the US real estate sector, in general, shows signs of slowing down due to the rise in US interest rates. Ranking released by REDFIN shows that of the ten metropolitan cities that saw the real estate market appreciate the most (year-to-year comparison), eight are in the state of Florida.
Florida, like the entire US, also felt the impact of rising interest rates. However, it still resists and maintains the upward trend in prices. The good news is that the Florida market is showing signs, albeit timid, that it is returning to more balanced scenarios. Inventory is rising and competition among buyers is fierce, with bidding wars decreasing.
It remains to be seen if this is a trend or something passing while interest rates are high. Fact is, demand for real estate in Florida remains high. Experts warn that the recent small slowdown is likely to remain only as long as interest rates are high. And the chances of the FED (American Central Bank) deciding to adopt a bearish bias in the next meetings is not low.
So this can be a unique and super opportune time for anyone thinking about buying in Florida. Take advantage of the small adjustment in the market, which may be momentary, and bet on the high expectations of continued appreciation of properties.
See in this article the 8 cities in Florida that are among the TOP 10 that have increased in value in the last year:
Naples – 29.4%
Naples is a charming city in western Florida. As of September 2022, home prices in Naples are up 28.9% from the same period last year. The average price of properties sold was US$ 612 thousand. Naples has one of the lowest absortion rates in Florida, with a home in the area taking just 30 days on average to sell. Last year, this number was even more expressive, of just 11 days.
According to a REDFIN report, in September this year 320 homes were sold in the city, compared to 571 in the same month last year.
Palm Bay – 26.2%
In September 2022, Palm Bay home prices were up 26.2% from last year, selling for an average price of $340,000. On average, homes in Palm Bay are sold after 68 days on the market, compared to 51 days last year. There were 288 homes sold in September this year, down from 307 last year.
West Palm Beach 25.6%
As of September 2022, home prices in West Palm Beach are up 23.3% from last year, selling for an average price of $370,000. On average, homes in West Palm Beach are sold after 52 days on the market, compared to 50 days last year. There were 274 homes sold in September this year, down from 450 last year.
Miami – 24.6%
Miami, Florida’s main market, has seen its home prices rise 24.5% from last year. The median price of homes sold was $530,000 in September 2022. On average, properties in Miami take 55 days to sell (the same time as last September). On average, homes in Miami are sold after 55 days on the market, compared to 55 days last year. There were 898 residential properties sold in September this year, down from 1,365 last year in the same period.
Boca Raton – 24.3%
Boca Raton is considered one of the most elegant and luxurious resorts in the world and is home to a large colony of Brazilians. It is one of the most desired destinations for Americans looking for a retirement retreat. For the past two years, Boca Raton has been one of the most sought after cities on Florida’s east coast.
In the assessment of REDFIN, Boca Raton saw its prices rise 24.5% in September this year, compared to the same period in 2021. The average price was US$ 542 thousand. Homes in Boca Raton sell after 54 days on the market, up from 49 days last year. There were 268 homes sold in September this year, down from 391 last year. Find out all about things to do in Boca Raton
Riverview – 22.1%
As of September 2022, Riverview home prices are up 22.1% from last year, selling for an average price of $405,000. On average, homes in Riverview are sold after 20 days on the market, compared to 6 days last year. There were 210 homes sold in September this year, down from 374 last year.
Boyton Beach – 21.1%
As of September 2022, Boynton Beach home prices are up 21.1% from last year, selling for an average price of $399,000. On average, homes in Boynton Beach are sold after 49 days on the market, compared to 45 days last year. There were 240 homes sold in September this year, down from 316 last year.
Fort Lauderdale – 19.8%
In September 2022, home prices in Fort Lauderdale were up 19.8% from last year, selling for an average price of $491,000. On average, homes in Fort Lauderdale are sold after 49 days on the market, compared to 54 days last year. There were 340 homes sold in September this year, down from 506 last year.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida. If you are interested in knowing more about investment opportunities in the cities of Miami and Orlando, contact me right now and chat with me on WhatsApp: +1 305 318 6968 (Heloisa Arazi).
