What Does a $1 Million Home Look Like in Today’s South Florida Market?
According to the National Association of Realtors, the nationwide housing price increase for the months of April 2020 marked 98 straight month of year-over-year of existing-home price gains.
Reasons for this eight-year growth trend vary based on the individual opinion of the housing professional and have been ranged from record low mortgage interest rates to a general lack of housing inventory. For whatever the reason, what a home purchaser in South Florida could buy for $1 million today is quite different than just a few years ago.
To illustrate the substantial increase, the Zillow Home Value Index was reported to be $252,309 utilizing data through March 31, 2020. During the same month in 2015, the Zillow Home Value Index was $183,000, which is approximately 38% in a five-year period or an average of 7.6% per year.
The South Florida area which extends from Palm Beach County south to Miami-Dade County has also experienced equivalent growth in housing prices. Year-to-date the metro area has experienced an average price year-to-date price gain for single-family homes of 7.9% (as of April 2020) with the average home price of $556,855. Based on these numbers, it appears that South Florida no longer represents an affordable alternative for those relocating from the northeastern states like New York and Massachusetts.
With prices continuing to rise, homes of more than $1 million are becoming a larger segment of the overall marketplace. In 2019 more than 3,000 homes $1 million and up sold in the tri-county area which is an 15.9% increase from 2017.
The following reports consist of several of the most recent property transactions for homes that sold for $1 million and up in Palm Beach, Broward, Miami-Dade and Martin/St. Lucie County.
The information for these reports was obtained from the local multiple listing service (MLS) and while believed to be accurate, is not guaranteed.
Learn More About the Real Estate Market
To learn more about the residential and commercial real estate market throughout South Florida, please visit the Real Estate Market Reports page on our web site.
Every month our market report page is updated with the latest published reports on the housing market in Palm Beach, Martin, Broward, Miami-Dade and a number of other Florida counties as well as commercial real estate information which is provided by data providers and local market experts.
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