South Florida Housing | Year-End Update (2022)

For 2022, the South Florida housing market (Miami-Dade, Broward and Palm Beach counties) started to experience evidence of cooling from the frenzy that has taken place over the past two years. Recent sales trends of strong as as out-of-state buyer activity continued and the demand remains above pre-pandemic levels.

According to FloridaRealtors, there were a total of 93,515 existing, home sales throughout South Florida during 2022. This represents a 20.6% decline from the number of existing single-family sale transactions during 2021 (117,756).

The amount of closed sales have continued to increase based on the following historical levels.

2022 – 93,515 (down 20.6% year-over-year)
2021 – 117,756 (up 31.2% year-over-year)

2020 – 89,739 (down 1.6% year-over-year)
2019 – 91,236 (static on a year-over-year basis)
2018 – 91,251 (up 2.9% year-over-year)

2017 – 88,682 (down 3.2% year-over-year)
2016 – 91,581 (down 4.5% year-over-year)
2015 – 95,908 (up 5.3% year-over-year)

Based on the current level of activity, it is anticipated that the trend of increasing sales of existing homes in South Florida will subside during for 2023 due to a combination of higher interest rates, reduced demand and elevated pricing levels.

Overall dollar sales volume for 2022 was $63.8 billion which is was a 14.6% increase from the $74.7 billion amount realized during the prior year but still considerable higher than pre-pandemic levels. Dollar sales volume has continue to increase not only due to a growth in the number of transactions, but also the substantial growth of home values.

2022 – $63.8 billion (down 14.6% year-over-year)
2021 – $74.7 billion (up 69.3% year-over-year)
2020 – $44.1 billion (up 17.5% year-over-year)

2019 – $37.6 billion (up 2.0% year-over-year)
2018 – $36.8 billion (up 10.8% year-over-year)
2017 – $33.2 billion (up 3.6% year-over-year)

2016 – $32.1 billion (down 1.6% year-over-year)
2015 – $32.6 billion (up 8.7% year-over-year)

Home Prices (Year End 2022)

The median sale price is one of the preferred statistical methods for measuring price activity as it is not as sensitive of extraordinary high or low sale prices (that are not typical of a particular market area) which can easily skew the values.

For 2022, the median sale price for single-family home sale transactions in South Florida was $480,000 which is 20.6% higher than that observed for 2020.

2022 – $425,000 (up 15.5% year-over-year)

2021 – $368,000 (up 15.0% year-over-year)
2020 – $320,000 (up 12.3% year-over-year)
2019 – $285,000 (up 4.4% year-over-year)

2018 – $273,000 (up 6.2% year-over-year)
2017 – $257,000 (up 8.0% year-over-year)
2016 – $238,000 (up 9.2% year-over-year)

2015 – $218,000 (up 10.1% year-over-year)

For the same period, the average sale price for single-family home sale transactions in South Florida was $682,174. This amount is 7.5% higher than 2021 and largely driven by the sale of homes over $1,000,000.

2022 – $682,174 (up 7.5% year-over-year)
2021 – $634,325 (up 29.0% year-over-year)
2020 – $491,650 (up 19.5% year-over-year)

2019 – $411,573 (up 2.1% year-over-year)
2018 – $403,285 (up 7.7% year-over-year)
2017 – $374,625 (up 7.0% year-over-year)

2016 – $350,200 (up 3.0% year-over-year)
2015 – $339,978 (up 3.2% year-over-year)

Inventory Levels (Year End 2022)

Inventory is the number of active property listings on the market for sale at any given point in time. This particular statistic is one of the main components in a healthy real estate market.

Overall inventory was up by 50% (year-over-year) as of the year-end 2022, but still well below pre-pandemic levels. In the past three years, overall inventory has been extraordinary low compared to that experienced from 2015 to 2019.

2022 – 26,168 homes (up 50% year-over-year)

2021 – 17,440 homes (down 50.9% year-over-year)
2020 – 35,486 homes (down 21.8% year-over-year)
2019 – 47,377 homes (down 10.0% year-over-year)

2018 – 50,395 homes (up 8.0% year-over-year)
2017 – 46,675 homes (down 1.9% year-over-year)
2016 – 47,599 homes (up 5.7% year-over-year)

2015 – 45,041 homes (down 0.7% year-over-year)

The months supply of home inventory also increased, but is historically low. At the current pace of sales, there is less than four months of inventory available for sale in South Florida (as of year-end 2022) which is up 88.9% from 2021.

2022 – 3.4 months supply (up 88.9% year-over-year)
2021 – 1.8 months supply (down 61.7% year-over-year)
2020 – 4.7 months supply (down 21.7% year-over-year)

2019 – 6.0 months supply (down 9.1% year-over-year)
2018 – 6.6 months supply (up 4.8% year-over-year)
2017 – 6.3 months supply (up 1.6% year-over-year)

2016 – 6.2 months supply (up 10.7% year-over-year)
2015 – 5.6 months supply (down 6.7% year-over-year)

Although overall inventory increased, the number of new home listings were put onto the market during 2021 declined by 8.0% (from YE 2021) to 126,545 units.

2022 – 126,545 homes (down 8.0% year-over-year)
2021 – 137,535 homes (up 5.3% year-over-year)

2020 – 130,644 homes (down 3.8% year-over-year)
2019 – 135,773 homes (down 5.5% year-over-year)
2018 – 143,601 homes (up 4.1% year-over-year)

2017 – 137,937 homes (down 3.5% year-over-year)
2016 – 143,010 homes (up 0.2% year-over-year)
2015 – 142,755 homes (up 0.4% year-over-year)

Are you thinking of selling?

Based on the most recent data, the current state of the residential market is changing fast. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, now may be the perfect time to do so while prices are still strong.

Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide. We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.

The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted. All information, content, and materials available on this site are for general informational purposes only.

Home Prices (Year End 2022)

Inventory Levels (Year End 2022)

Are you thinking of selling?

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