Fort Lauderdale: Real Estate Market & Current Trends

fort lauderdale real estate market

Fort Lauderdale is a relatively small coastal city with a population of around 180,000. It is usually grouped within the larger Miami-Fort Lauderdale-West Palm Beach metropolitan area which is rapidly growing and, based on recent data, now consists of over 5.5 million residents

For several years, Fort Lauderdale has humbly existed in the shadows of Miami. However, its recent developments and the consistent uprising of its economy can no longer be ignored.

Thanks to the significant economic boom spurred partly by the skyrocketing Miami real estate market, Fort Lauderdale has stumbled upon a major residential and commercial improvement of its own.

With 23 miles of picturesque beaches, it also has an expansive canal system running over 500 miles thus earning its title “Venice of America”.

Here are some of the recent facts about Fort Lauderdale real estate market;

  • Fort Lauderdale is considered as the 7th most expensive city in the state of Florida. The cost of living is 37% higher compared to the national average based on recent statistics gathered by SalaryExpert. 
  • The average real estate listing price for homes is $495,000 according to Zillow and other online resources. Apartments usually range between $1,470 and $2,053. This depends on where you want to live, the type of property and its proximity to areas of interest such as offices, schools, and other establishments among other factors. 
  • Residents of Fort Lauderdale are lucky enough to experience a recent boost in home equity. Home values have risen significantly since they last hit rock bottom in 2011.

    The increase in the value of properties has managed to help many homeowners recover from underwater mortgages with the rate of delinquent mortgages dropping by 12% since the same time last year.

    This means that more homeowners in South Florida still owe more than what their properties are valued at in comparison to the national average. The good thing is that the housing market in Fort Lauderdale is looking more positive with the increased in home sales over the last 3 years. 
  • Construction starts have risen over the past year for Fort Lauderdale housing market. As expected, local inventory is showing signs of stabilization. However, it should be noted that stabilization may be caused by increased foreclosures and low sales since their presence actually added more properties in the market.

    In the past years, what padded the market with new inventory were the new constructions which were being implemented. However, starting in 2015, it is apparent that foreclosures and sales shortage are creating a much bigger impact. 
  • Due partly to the uprising of Miami’s real estate market, Fort Lauderdale has become the beneficiary of excess real estate investment income. It is currently attracting investors who are willing to pay huge amounts of money to acquire and develop real estate or land for new commercial and residential development.

    Experts also agree that Fort Lauderdale housing market is strongly backed by both demographic and economic principles.
  • The housing market of Fort Lauderdale has about 2,125 homes listed for sale. Even more impressive are the numbers of properties which had been recently sold which reached an encouraging figure of 9,400.

    These figures show an excellent level of healthy activity and that there is certainly a huge demand in its real estate market.