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In a recent article posted on the Sun Sentinel, the author noted that home prices continue to rise in not only South Florida but also across the entire nation.
In Palm Beach, Miami-Dade and Broward counties, overall home prices jumped by nearly 7% in December 2016 compared to December 2015. This increase was the sixth-largest out of 20 metropolitan areas tracked by the housing index mentioned in the article.
In the United States, the annual average price hike of 5.8% was as high as it has been in 30 months. Although home prices are rising, many experts believe that the rate they are increasing isn’t cause for concern.
When we narrow in on West Palm Beach, the median price increased by 23% in January 2017 compared to January 2016, good for a total jump of over $38,000. The median sale price for homes in the area has increased at a steady pace over the past 5 years, according to Trulia. Last month, the median sale price on a home in West Palm Beach was $202,000.
The number of home sales has experienced several more ups and downs compared to the median price. After reaching a near-historic low of 593 homes sold in June 2016, home sales have recovered nicely. In January 2017, there were 916 units sold.
Over the past three months, the median sale price for a 4-bedroom home was $365,000, up by 5.2% over the same period last year. The median price for a 3-bedroom home was $250,000 (+9.2%), a 2-bedroom home was $115,000 (+2.7%) and a 1-bedroom home was $36,000 (+18%) over the same period.
Last month, the median rent in West Palm Beach was $1,600, a typical amount for this time of year. Additionally, the number of rental units increased to 386 in January 2017 from 299 in December 2016.
If you’re considering buying or selling a home in South Florida, consulting a West Palm Beach mortgage lender at Ideal Lending can provide you with the experience, knowledge and expertise needed to get your dream home.
For more information on how our team can help, contact us today!