A four-year snapshot of South Florida’s average home and condo prices gives perspective to the real estate boom over that same time frame.
ISG World’s 2022 Q1 Miami housing report shows the dramatic increase in single-family home prices since 2018 and how the spike in condo pricing, while less dramatic, is on a similar upswing.
The average sale price of a single-family home in Miami-Dade, Broward and Palm Beach counties was $1.065 million in the first quarter of 2022, according to the report. That’s a 16% year-over-year increase and more than double the average sale price in 2018.
The average single-family home sale price by year:
2018 — $447,425
2019 — $550,333
2020 — $693,420
2021 — $915,314
2022 — $1,065,993
Condo pricing was flatter, until the last year when there was a sizeable jump. The average sale price of a condominium in Miami-Dade, Broward and Palm Beach counties was $683,000 in the first quarter of 2022. That’s a 25% annual increase.
The average condo sale price by year:
2018 — $517,768
2019 — $508,883
2020 — $522,414
2021 — $546,617
2022 — $683,271
Total active listings of both condos and single-family homes in South Florida have dropped by half or more since 2020, driving up demand and pricing even as interest rates continue to climb.