The state of Florida has experienced an increase in home prices, not just this year but over 10 years in general. The state of Florida has seen an increase between 8% and nearly 9% in 2020 alone. This is the second biggest increase across the country with only 10 states presenting higher increases. According to Wells Fargo:
- Home prices nationwide rose 7.8% in the year ending in the third quarter of 2020.
- In the third quarter of 2020, U.S. home prices rose at a 13.0% annual rate. That’s fastest quarterly increase in the 30-year history of the data series, surpassing the 11.0% annualized increase during the second quarter of 2005. In the second quarter of 2020, home prices rose at a 4.2% annual rate.
- Over the past three years, home prices rose at a 6.3% average annual rate.
- Over the past ten years, home prices rose at a 4.8% average annual rate.
- The map shows the percent change in home prices in the year ending in the third quarter of 2020 by state.
- All data in this report reflect the prices of homes sold with conforming financing and are seasonally adjusted.[Source]
Florida came in 16 on the fastest increase in home prices for 2020 and #5 in the country for the last 10 years. That means that only 4 states came in above Florida as having the biggest changes in home prices, Idaho, Colorado, Nevada and Arizona.
Local Changes in Home Prices:
Coral Springs: Home prices have increased 16.1% over the last year with a price per square foot increase of 21% making the median sale price $430,000 and an average days on the market of just 47.
Parkland: Home prices have increased 9.1% year over year with a 12% increase in price per square foot making the median sale price of $688,000.
Boca Raton: Home prices increased 16% over the last year with an increase in sales of nearly 30% and an average home price of about $385,000. Days on the market have dropped nearly 17% over the last year.
In September, home prices were up 23% from September 2019 for the entire state, and supply was down nearly 38%, which naturally accounts for the increase in home prices. However, more and more people are moving to places with more space, beautiful weather and affordable home prices, Florida being one of them.
This is great news for seller but buyers may find themselves struggling with competition. This is why it’s extremely important to have a qualified and experienced buyer’s agent on your side to help navigate the tough market and create a sold offer.
If you’ve been holding off selling, now is the time. Even as we head into winter, home prices will continue to rise and people are moving here in droves. Now is the time to sell and even to buy to get in on instant equity. Call me anytime and let’s get started!Contact Me Today
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