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The Real Deal Miami

South Florida home prices rose 9% year-over-year in the fourth quarter of 2017

Median price in Miami, Fort Lauderdale and West Palm jumped to $245,000
By Amanda Rabines | February 01, 2018 04:08PM

(Credit: Luxury Real Estate South Florida Vimeo)

Home prices in South Florida keep rising, according to a new report from Attom Data Solutions.

The index, which tracks prices in 112 U.S. metros, found that median home prices in Miami, Fort Lauderdale and West Palm Beach jumped by 8.9 percent year-over-year to $245,000 in the fourth quarter of last year.

Ocala, Florida saw the biggest annual increases in home prices with a 14.3 percent jump, followed by Kansas City with 13.4 percent.

The median price for a home in Miami-Dade is $269,000, up 9.8 percent compared to 2016 and up 109 percent from $129,000 at the bottom of the cycle in 2011. Home prices peaked in 2007 when the median hit nearly $309,000.

In Broward County, home prices jumped 9 percent year-over-year to $227,900, marking the biggest spike since 2011, when the median price was $100,000. The fourth quarter figure is still lower than the 2006 median price of $270,000.

Palm Beach also experienced an annual bump in home prices to $238,250, according to the report. That’s a 5.9 percent increase from $225,000 the year before. In 2006, the median reached $285,000 and fell to nearly $115,000 in 2011.

In December, single-family home sales dipped in all three counties, according to data released by the Florida Realtors. Condos sales, on the other hand, performed better.