The housing market in the State of Florida is one of the strongest in the country. Due to the relocation of out-of-state residents as well as demand from larger investors like financial institutions, asset managers and private equity firms, home prices have grown and double-digit levels for over the past 18 months.
Even with limited inventory levels throughout the state in addition to rising interest rates, the rate of price growth has yet to be deterred. While most industry experts anticipate some type of slowdown prior to the end of 2022, the first quarter remained robust.
In this article you will find home price growth trends across all property types in Florida as of end of the first quarter 2022.
Florida Home Prices (1Q 2022)
As of the end of the first quarter 2022, the FloridaRealtors® indicated that the median sale price in the state of Florida across all property types (single-family, townhouse & condominium) was $365,000. This price is up 23.7% year-over-year and an increase of more than 60% from the January 2019 value of $225,000.
Driven largely by luxury home sales over $1,000,000, the average sale price as of March 2022 was $525,913 which is a 15.4% year-over-year increase.
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Miami-Dade County Inventory Levels (1Q 2022)
Miami-Dade County is the most populous county in Florida and has one of the most robust real estate markets throughout the state. Monthly median home price growth rates for the past 12 months ranged from 14.1% to more than 23% (year-over-year).
As of the end of the first quarter 2022, the median sale price in the county across all property types (single-family, townhouse & condominium) was reported to be $465,000. This represents an increase of 19.2% from that which was reported in March 2021 and an increase of more than 60% from the January 2019 value of $290,000.
Also driven by home sales over $1,000,000, the average sale price as of March 2022 was a staggering $850,608 which is a 8.5% year-over-year increase.
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Broward County Inventory Levels (1Q 2022)
Broward County is the second largest county in the state and is home to more than 1.9 million residents. Monthly median home price growth rates for the past 12 months ranged from 8.6% to over 15% (year-over-year).
As of the end of the first quarter 2022, the median sale price in Broward County across all property types (single-family, townhouse & condominium) was reported to be $365,000. This represents an increase of 13.7% from that which was reported in March 2021 and an increase of approximately 50% from the January 2019 value of $245,000.
Luxury homes sales in Broward have been robust which has driven the average sale price to $566,793 which is a 22.5% year-over-year increase.
Palm Beach County Inventory Levels (1Q 2022)
Palm Beach County is one of the fastest growing counties in the state which is reflective in it’s growth of home values. Monthly median home price growth rates for the past 12 months ranged from around 10% to more than 23% (year-over-year).
As of the end of the first quarter 2022, the median sale price in the county across all property types (single-family, townhouse & condominium) was reported to be $415,000. This represents an increase of 18.6% from that which was reported in March 2021 and an increase of more than 55% from the January 2019 value of $265,000.
Also driven by multi-million dollar luxury home sales in communities like Palm Beach, the average sale price as of March 2022 was $726,196 which is surprisingly a 1.4% decline year-over-year.
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Orange County Inventory Levels (1Q 2022)
Another of the fastest growing area is Orange County which is the fifth largest county in Florida. Monthly median home price growth rates for the past 12 months ranged from around 12% to more than 18% (year-over-year).
As of the end of the first quarter 2022, the median sale price for Orange County across all property types (single-family, townhouse & condominium) was reported to be $382,000. This represents an increase of 17.5% from that which was reported in March 2021 and an increase of over 50% from the January 2019 value of $249,000.
The average sale price as of March 2022 was $455,9416 which is a 15.0% increase year-over-year and driven by upscale homes in higher end communities like Windermere and Winter Park.
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Duval County Inventory Levels (1Q 2022)
While once considered a more affordable area in the state of Florida, Duval County (greater Jacksonville) has experienced double-digit median home price growth for the past 12 months (on year-over-year basis).
As of the end of the first quarter 2022, the median sale price for the county across all property types (single-family, townhouse & condominium) was reported to be $300,000. This represents an increase of 24.5% from that which was reported in March 2021 and an increase of over 65% from the January 2019 value of $249,000.
The average sale price as of March 2022 was $355,985 which is a 23.3% increase year-over-year and driven by the sale of homes over $1,000,000.
Pinellas County Inventory Levels (1Q 2022)
Once considered a retirement destination with a relatively low cost of living, Pinellas County has experienced year-over-year median home price growth for the preceding 12 months that ranged from 12.5% to 27.6%.
As of the end of the first quarter 2022, the median sale price across all property types (single-family, townhouse & condominium) in Pinellas County was reported to be $370,000. This represents an increase of 27.6% from that which was reported in March 2021 and an increase of approximately 65% from the January 2019 value of $225,000.
The average sale price as of March 2022 was $484,004 which is a 20.5% increase year-over-year and driven by the sale of million dollar luxury homes.
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Hillsborough County Inventory Levels (1Q 2022)
Hillsborough County is home to the city of Tampa which is among the fastest growing areas throughout the nation. Monthly median home price growth rates for the past 12 months ranged from around 17% to more than 30% (year-over-year).
As of the end of the first quarter 2022, the median sale price across all property types (single-family, townhouse & condominium) in Hillsborough County was reported to be $376,990. This represents a staggering 30% increase from that which was reported in March 2021 and an increase of approximately 65% from the January 2019 value of $225,000.
The average sale price as of March 2022 was $447,144 which is a 20.6% increase year-over-year and driven by the sale of homes over $1 million.
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Lee County Inventory Levels (1Q 2022)
The Lee County / greater Fort Myers area ans experienced some of the most rapid price growth rates of any county across the state of Florida. Monthly median home price growth rates for the past 12 months ranged from 18.1% to more than 33% (year-over-year).
As of the end of the first quarter 2022, the median sale price across all property types (single-family, townhouse & condominium) in Lee County was reported to be $380,000. This represents a substantial 32.5% increase from that which was reported in March 2021 and an increase of approximately 65% from the January 2019 value of $229,350.
The average sale price as of March 2022 was $529,249 which is a 29.9% increase year-over-year. The average sale price growth rate for the preceding 12 months ranged from 19.1% to 39.8%.
Collier County Inventory Levels (1Q 2022)
Collier County and the Naples/Marco Island area is home to some of the most valuable homes in the state of Florida. Monthly median home price growth rates for the past 12 months ranged from 18.9% to more than 39% (year-over-year).
As of the end of the first quarter 2022, the median sale price across all property types (single-family, townhouse & condominium) in Collier County was reported to be $600,000. This represents a 33.3% increase from that which was reported in March 2021 and an increase of approximately 67% from the January 2019 value of $339,995.
The average sale price as of March 2022 was $1,075,397 which is a 24.6% increase year-over-year, driven largely by multi-million dollar home sales. The average sale price growth rate for the preceding 12 months ranged from 3.1% to 44.7%.
