If you’ve been thinking about relocating your family sometime in the near future, you may want to think about what Florida has to offer. Obviously, there’s some of the best weather in the country here. Palm Beach County and Fort Lauderdale – (see all homes for sale here) also have another attractive aspect that should draw your attention: a recent report said they were amongst the top five single-family markets in the entire country.
Ranking for the Second Year in a Row
Obviously, landing on Ten-X’s Top Single-Family Housing Markets Report is always a good sign for those that make the list. However, in this case, both Fort Lauderdale and Palm Beach County are returning from last year.
Palm Beach County actually climbed a few spots, making it to fourth. Fort Lauderdale was second last year, but is still at a very respectable fifth place this time around.
The list gave the top spots to Seattle (first) and Portland (second) for the second year in a row. Nashville took bronze.
Other cities in Florida made appearances as well. Orlando came in at number six; Tampa took the 11th spot; Miami was at 19; and Jacksonville received the 31st position.
Factors for Ranking
Ten-X uses a number of different factors for compiling this popular list. Amongst other things, this includes:
• Home appreciation
• Home prices
• Economic conditions
• Cost of living
Obviously, the better a city does in those five areas, the easier—and more affordable—it will be to raise a family. Again, other factors were taken into consideration too.
Home Prices on the Rise
Although we may be out of the recession, the economy is still fairly shaky in most parts of the country. This is as true for the housing markets as anything else.
According to the report, Fort Lauderdale’s home prices went up 8% from the year before though. Palm Beach County enjoyed a very impressive 14.1% boost to its home prices during that same time period.
Fort Lauderdale also got a 1.7% shot in the arm to its home sales; whereas, in Palm Beach County, that number was just a bit higher at 2%.
Possible Room for Continued Growth
Best of all, there is still a lot of room for growth. That doesn’t mean housing prices will absolutely keep going up, of course. However, home prices in these two areas are still well below peak levels.
For example, the median sales price for a home in Palm Beach County is $247,000, but that’s 18% short of its peak. For Fort Lauderdale, they are 22% below their peak with homes selling at a median price of $227,000.
Again, there’s no guarantee that home prices will continue to appreciate in these parts of Florida, but they certainly have been for the past few years now, which is definitely a good sign.
While many people would move to Fort Lauderdale or Palm Beach County just for the weather, you now have another reason to take the plunge. If you’re looking for single-family homes, you should consider striking while the iron is hot.
If you’re considering to purchase a property, please contact our office – One Sotheby’s International Realty at (305) 336-0457 or view our site with up-to-date listings – www.sunnyislesmiamirealestate.com/Fort-Lauderdale/Homes-For-Sale/