Are you wondering where in Florida are homes are getting more expensive? According to the latest report by Redfin, based on last month’s housing market data, there are ten places in Florida where home prices are on the rise, with one area experiencing a whopping 111.2% increase. Most of these places are located in South Florida, near Miami and West Palm Beach. Here’s a rundown of the places in Florida with the fastest growing sales prices.
Places in Florida with the Fastest Growing Home Prices
1. Sunny Isles Beach, FL
Sunny Isles Beach, located near Miami, has become the Florida metro area with the quickest growing sales price. The median sale price for a home in Sunny Isles Beach was $1.3M last month, representing a staggering 111.2% increase since last year. Additionally, the median sale price per square foot in Sunny Isles Beach is $689, signifying a 19.3% increase since last year.
Despite the rise in median sale price, homes in Sunny Isles Beach sell faster than before. On average, homes in Sunny Isles Beach sell after 94 days on the market, compared to 111 days last year. In February of this year, there were 45 homes sold, a decrease from 72 sold last year.
2. Lauderhill, FL
Lauderhill, located near Fort Lauderdale, ranked second among Florida metros with the fastest growing sales price. The median sale price of a home in Lauderhill was $240K last month, a 60.0% increase from last year. Also, the median sale price per square foot in Lauderhill is $198, up by 26.4% from last year.
Despite the significant increase in sale prices, it appears that buyers are not deterred as homes are selling at a faster pace than last year. On average, homes in Lauderhill are sold within 64 days of being on the market, compared to 70 days last year.
In February of this year, 73 homes were sold in Lauderhill, which is an increase from 71 homes sold last year. Interestingly, Lauderhill was the most searched metro area by New York homebuyers looking to move.
3. Doral, FL
Doral, near Miami in South Florida, is experiencing a rise in home prices. Last month, the median sale price of a home in Doral was $628K, reflecting an increase of 49.4% compared to the prices from last year. The median sale price per square foot in Doral is $330, which is 3.6% higher than last year.
It is taking longer to sell a house in Doral, as on average, homes in Doral are selling after 81 days on the market, compared to just 46 days last year. Despite this, there were 60 homes sold in February this year, which is an increase from the 54 homes sold last year.
4. Kendall, FL
Last month, the median sale price of a home in Kendall, located near Miami, increased by 47.4% compared to last year, reaching $560K. The median sale price per square foot in Kendall also saw an increase of 10.3% since last year, currently standing at $336.
Despite the nearly 50% increase in the median sale price, homes in Kendall are selling faster than ever, with an average of 43 days on the market compared to 62 days last year. In February of this year, 37 homes were sold in Kendall, which is a decrease from the 50 homes sold last year.
5. Palm Beach Gardens, FL
The median sale price of a home in Palm Beach Gardens, which is located near West Palm Beach, was $770,000 last month. This represents an increase of 41.3% since last year. The median sale price per square foot in Palm Beach Gardens is now $378, which is up 18.9% since last year.
On average, homes in Palm Beach Gardens receive one offer. However, homes are taking longer to sell in the area. On average, homes in Palm Beach Gardens sell after 74 days on the market compared to 67 days last year.
In February of this year, 107 homes were sold in Palm Beach Gardens, which is an increase from 92 homes sold in the same month last year. Palm Beach Gardens is a popular place for New York homebuyers to move to, as they search to move into Palm Beach Gardens more than any other metro.
6. Daytona Beach, FL
In Daytona Beach, the prices of homes are increasing. The median sale price for a home in Daytona Beach was $294K in the previous month, which is a 31.3% increase from last year’s prices.
Typically, homes in this area receive an average of two offers. On average, the median sale price per square foot in Daytona Beach is $220, which represents a 17.0% increase compared to last year.
Currently, it takes longer to sell a home in Daytona Beach. On average, homes in this area sell after 92 days on the market, whereas last year, they would sell after only 69 days. In February of this year, there were 115 homes sold, which is down from 135 sold last year.
7. Jupiter, FL
Home prices in Jupiter, a town near West Palm Beach, are on the rise. The median sale price of a home in Jupiter was $785K last month, which represents an increase of 27.6% since the previous year. Jupiter’s median sale price per square foot is $434, up 20.0% from last year.
Typically, homes in Jupiter receive around 3 offers. Although median home prices have increased, Jupiter homes are selling faster than they did last year, with the average time on the market being 59 days compared to 70 days last year.
In February of this year, 106 homes were sold in Jupiter, up from 96 the previous year. Jupiter is a popular place to move to for New Yorkers.
8. Gainesville, FL
Gainesville’s home prices have been on the rise, with the median sale price of a home increasing to $298K last month, which is a 26.6% increase from the previous year. The median sale price per square foot in Gainesville is $191, which has also gone up by 8.5% since last year.
Homes in Gainesville are taking slightly longer to sell now, with an average of 32 days on the market compared to 24 days last year. In February of this year, 125 homes were sold in Gainesville, which is an increase from the 99 homes sold last year.
Interestingly, homebuyers from Orlando were the ones who searched for homes in Gainesville the most, followed by homebuyers from Miami and Tampa.
9. Palm City, FL
Palm City, a neighboring town of West Palm Beach, has experienced an increase in home prices. The median sale price of a home in Palm City was $655K last month, showing a 23.6% rise since last year. The median sale price per square foot in Palm City is $287, indicating an 8.3% increase since last year.
The average time to sell a home in Palm City has increased. On average, homes in Palm City are sold after 63 days on the market compared to 48 days last year.
Palm City is a favorite among NY homebuyers. New York homebuyers searched for properties in Palm City more than any other metro area. In February of this year, 51 homes were sold, up from 41 last year.
10. Hialeah, FL
Hialeah, which is located near Miami, is experiencing a rise in the price of homes sold. The median price of a home sold in Hialeah was $460K last month, which is an increase of 23.5% since last year. The median price per square foot of a home sold in Hialeah is $327, which is an increase of 16.8% since last year.
Hialeah is a popular place for New Yorkers to move to, and New York homebuyers searched to move into Hialeah more than any other metropolitan area. It took an average of 48 days for homes in Hialeah to sell, compared to 51 days last year. In February of this year, 89 homes were sold in Hialeah, which is down from 94 homes sold last year.
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