The typical South Florida homeowner who sold their home in 2022 made a nice profit.
According to real estate research firm AttomData, profits from home sales in Palm Beach, Broward and Miami-Dade counties averaged $159,300. This was up from $105,000 in 2021 and from $95,000 in 2020.
The State of Florida as a whole fared quite will as nine of the 10 largest increases came from markets within the state. The Fort Myers market led the way way, up 85.4%, followed by Ocala (82.4%), Port St. Lucie (62.8%) and Miami (64.1%).
These profit margins seem almost unimaginable for homeowners that sold for losses in the Great Recession. From 2008 to 2013 the average South Florida home seller experienced significant losses, exceeding $50,000 from 2009 to 2012.
Due to higher interest rates and elevated home prices AttomData is forecasting in 2023 so it is anticipated that profitability will not be as strong.
South Florida median home sale prices
Median home sale prices in South Florida have grown substantially over the past five years.
• 2022 – $425,000
• 2021 – $358,000
• 2020 – $320,000
• 2019 – $285,000
• 2018 – $273,000
Within three of the past five years, year-over-year growth has exceeded 10%.
• 2022 – 15.5%
• 2021 – 15.0%
• 2020 – 12.3%
• 2019 – 4.4%
• 2018 – 6.2%
Recent South Florida Housing Trends
Since May 2022, South Florida housing sale transactions having been showing a declining trend. Home sales peaked in May 2022 with 9,418 transactions to a low of 5,388 transactions (November).
Despite the decline, 2022 sales were still above the pre-pandemic levels experienced in 2018 and 2019.
• 2022 – 93,515 transactions
• 2021 – 117,756 transactions
• 2020 – 89,739 transactions
• 2019 – 91,236 transactions
• 2018 – 91,251 transactions
