The median sale prices for single-family homes in both Broward and Palm Beach counties jumped by more than $120,000 year over year in May.

The report from the Broward, Palm Beaches & St. Lucie REALTORS® showed price hikes in the condo/townhouse market in both counties as well, while condo inventory dropped sharply.

The median price of a single-family home in Broward County increased from $463,750 in May 2021 to $586,000 in the same month this year. Time to contract and months of available housing inventory remained mostly flat year over year. Median days to contract dropped from 12 to 11 and months of inventory rose from 1.4 to 1.5. 

The condo/townhouse market remained hot in Broward. The median sale price rose from $210,000 to $253,500 year over year. Median days to contract shrunk from 33 to 14 and months of inventory dropped from 2.7 to 1.4.

In Palm Beach County, the median sale price for a single-family home jumped nearly 30%, from $475,000 in May 2021 to $615,000 last month. The median time to contract was unchanged at 11 days, while months of inventory supply grew from 1.3 to 1.7.

The Palm Beach County condo/townhouse market mirrored Broward County. The median condo/townhouse sale price rose from $250,000 to $307,500 year over year. Median time to contract dropped from 22 days to 10, and months’ supply of inventory dropped from 1.8 to 1.3.

“Along with the rise in median sale price (in Palm Beach County), we also saw a 23.1% increase in active listings and 30.8% increase in months’ supply of inventory. This uptick in inventory can be attributed in large part to the federal interest rate hikes to combat inflation,” said Carlos A. Melendez, president of Broward, Palm Beaches & St. Lucie REALTORS®.