South Florida Real Estate Trends 2021: What You Need to Know

Posted by Jeremy Olsher on Monday, January 11th, 2021 at 11:00am.

 

Wow, 2020 was an interesting year. I would like to start off by saying THANK YOU to all of our clients for your continued support, to my team for being so incredible, and to the Compass staff for helping us take our business to the next level. With over $35 million in closed sales and 90+ happy families in 2020, I am so happy and grateful to be part of this team.

With everything that happened last year, you might be wondering how it will impact South Florida real estate trends in 2021. Here is what we’re currently seeing:

Single family homes with yards and pools are in the most demand

The single-family home market in South Florida experienced explosive growth in 2020. Here are some of the things the most people want right now in a single-family home:

  • A backyard pool
  • Yards that are a quarter acre or larger
  • Located in a gated community with reasonably priced HOA fees and amenities

Homes are selling at an all-time high and inventory is low

Homebuyers have been in a frenzy over South Florida residential real estate, and there’s no sign of slowing. We have an endless list of buyers looking for single-family homes with the features listed above, but there aren't enough houses to satisfy this influx. As we all know, whenever supply is less than the demand, home values are given the opportunity to rise.

Home values are up, and now is the time to sell!

The median list price of a single-family home in Delray Beach rose from $610,879 in Q3 2019 up to $788,104 in 2020. In Boca Raton, the median list price of a single-family home increased 37.15%, from $674,646 up to $925,304. If you've been on the fence about selling, now is the time to act and get top dollar! Contact me today for a free private consultation to discuss what your home is worth. It may be worth more than you think!

People continue to move here from around the U.S.

Between the pandemic, taxes, and year-round sunshine, a South Florida move is looking more attractive to people around the country. We’re getting calls from lots of people from the Northeast, Chicago, and California, and helping them find homes in the area.

People are buying property and building new homes

Some people are speculating the future and buying lots in East Delray with homes built in the 1950s and 60s. They are tearing these homes down to build new structures. We’re here to discuss the real estate market in the East Delray neighborhoods where you can buy a piece of property and build new.

 

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com