Fort Lauderdale Named the Top Single-Family Housing Market in the Nation by Ten-X
October 24, 2016
Online real estate marketplace Ten-X today released its “Top Single-Family Housing Markets Report” for fall 2016—and named Fort Lauderdale the top market in the nation for the quarter.
Fort Lauderdale overtook Palm Beach County as the top market this quarter. Palm Beach County now ranks second, followed by Tampa, Orlando and Las Vegas.
"Florida's housing market continues to set the pace for the nation, with five of the top ten metros on our report," said Rick Sharga, Ten-X executive vice president, in a written statement. "While all of the top five markets took substantial hits during the housing crash, especially Las Vegas, the continued road to recovery for these destination cities is looking even brighter."
Ten-X ranked the nation’s 50 largest housing markets according to current and forecasted housing fundamentals. Each of the top markets demonstrated consistently strong demand, home price appreciation and economic and demographic growth.
According to Ten-X, single-family prices in Fort Lauderdale grew by 11.9 percent year over year, while sales grew by 3.6 percent. Home prices are now at their highest level since 2007, yet remain 17.6 percent below their prior peak, Ten-X reported.
“Inventory is even tighter than it was last year, when we thought that we had seen the shortest time on market,” says Jeff Kahn, broker-owner of South Florida Home Pros in Fort Lauderdale. “Pricing is going up, and buyers are readjusting their expectations because the number of available houses has shrunk.”
Palm Beach County’s single-family market also performed well, with price growth of 10.5 percent year over year, and sales growth of 4.1 percent.
To see the entire list of 50 housing markets, visit www.Ten-X.com.