Broward County is continuing on a path of strong performance, keeping up the positive trend it started since COVID hit the country. Whilst the top properties were sold for an average of just under $9M in 2018 (~25% below Florida averages), in 2024 that same average stands at $22.7M (~13% above Florida averages). Broward County continues to benefit from strong growth.
Highlights
Average sales prices have risen 2.5 times since 2018
DOM remains 30% above US average
Longer lists (over 180 DOM) sell 32% below listing price
Broward prices keep rising, but list prices are inflated
Whilst Days On Market (DOM) averages remained relatively stable for the last five years (~380 days), Broward County continues to see slower sales cycles than both US and Florida averages. Somewhat worryingly, we saw listing prices grow even faster. As a result, many owners end up selling at a significant discount compared to their listing price.
While Florida averages a 17% discount of sales price compared to listing price, Broward sees an average 29% discount. Properties listed for more than 180 days sold for 32% discount to listing price. Such numbers are indicative of a somewhat overheated and inflated market. For sellers, to close deals quickly is of utmost importance to secure a more favorable outcome.
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