Several cities in South Florida have been identified as some of the healthiest real estate markets of 2023, according to a new WalletHub report.
The finance analysis company compared 300 U.S. cities based on 17 metrics: home values, home-price appreciation, median days on market, share of underwater mortgages, rent-price to sale price ratio, foreclosure rates, mortgage delinquencies, vacancy rate, share of new homes, building activity, housing affordability, maintenance affordability, population growth, job growth, unemployment rates, underemployment rates and median credit score.
Port St. Lucie ranked as the No. 9 real estate market in the country — the eastern Florida city has the third-best economy of any city analyzed, as well as a strong real estate market.
Port St. Lucie additionally ranked as the No. 5 best midsize real estate market. Other high-ranking midsize South Florida cities on the list were Hialeah (No. 32), Cape Coral (No. 36) and Pembroke Pines (No. 45).
A large share of Miami-area cities also ranked well for their low share of seriously underwater mortgages: only 0.71% of homeowners owe more than their home is worth in Miami, Hialeah, Miami Gardens and Miami Beach. Miami Gardens also ranked as the No. 1 city in the country for median home-price appreciation.
Comparing large cities, Miami’s real estate market ranked No. 19.