South Florida is a great place to invest in real estate for a number of reasons. The warm climate is a major draw for many people, as is the proximity to the beach. The area also has a strong economy and is home to many businesses and cultural attractions. Galaxy title & escrow offers a full range of services to make your real estate transaction as smooth and stress-free as possible.
In 2021, the median single-family home price in the state of Florida was 348,000 U.S. dollars, up from 145,000 U.S. dollars in 2012. Despite this consistent growth in home prices, the volume of single-family homes sold in the state stagnated between 2015 and 2018.
Miami’s hot housing market, fueled by domestic and international homebuyers, ended 2021 with 39,394 existing total home sales, up 49.5% from the 26,345 transactions in 2020 and 31.1 percent from the previous annual record of 30,041 transactions in 2013. Miami’s dollar volume of sales will reach $30.3 billion in 2021, a 103.4 percent annual increase.
Broward ended 2021 with 40,423 total home sales, a 28.4 percent increase over the previous year and a 19.3 percent increase over the previous annual record of 33,891 transactions set in 2016. Broward also set new annual records for single-family home sales (18,565) and condominium sales (18,565). (21,858).
Palm Beach County lies directly north of Broward County and Miami-Dade County. It is ranked 18th on Bloomberg’s latest list of the richest places in the country, based on U.S. Census data for average household income. According to a 2019 census report, the county had a population of 1,496,770, making it the third-most populous county in the state of Florida and the 25th-most populous county in the United States.