Table of Contents

• Introduction
• Inventory trends: single-family vs condos
• Why Condo Inventory Is Rising in Broward County
• Home Prices and Total Dollar Volume in Broward County Real Estate
• Days on Market in Broward County
• Cash Buyers and Mortgage Trends in the Broward County Housing Market
• What the Broward County Market Means for Buyers and Sellers
• Practical Real Estate Strategies for the Broward County Market
• Frequently Asked Questions About the Broward County Housing Market
• Final Thoughts on the Broward County Real Estate Market

Introduction

Broward County's housing market in Fall 2023 is not collapsing, but it is shifting toward balance. Total closed home sales in October moved from 2,229 last year to 2,149 this year, a modest decline of 3.6%. Interest rates year over year were roughly similar (near 7%), so this is a reasonably clean apples-to-apples comparison.

Rather than a dramatic plunge, the market shows stabilization after big pandemic highs. Demand remains supported by continued migration into South Florida from the Northeast and West Coast, plus international buyers. A significant portion of purchases here are still made in cash, which cushions the market compared to other regions of the country.

Inventory trends: single-family vs condos

Inventory tells the real story. For single-family homes, active listings are still tight — down about 8.5% year over year. That scarcity keeps prices elevated in that segment.

Condos and townhomes show the opposite pattern. Active listings for condos jumped sharply — a roughly 45% increase year over year — making Broward the largest condo-inventory gainer in the Tri-County area for October. That surge pushes the condo market toward a more balanced supply-demand situation.

New listings overall rose 15.6% in October, with single-family homes up about 5.3% and condos up roughly 26%. For buyers, more listings equals more choices. For sellers, more competition means negotiating power softens compared to the frantic pace of the pandemic years.

Why Condo Inventory Is Rising in Broward County

Several forces are pushing condo owners to list now:

• Rising condo fees and insurance — higher homeowner association fees and insurance premiums increase carrying costs for owners.
• Regulatory pressure — statewide safety requirements enacted after the 2021 Surfside collapse require building inspections and possible remediation for condos older than 25 years. Those costs are a real concern for many associations and individual owners.
• Cash-out opportunities — investors and long-term owners who can sell while prices remain elevated are choosing to cash out rather than face uncertain future costs.

Local officials are debating deadlines and mitigation strategies, but any structural repairs and inspections will likely hit condo wallets. That combination—higher ongoing costs and potential one-time capital calls—is motivating increased listings.

Home Prices and Total Dollar Volume in Broward County Real Estate

Home prices in Broward are still moving upward, although at a much smaller clip than during the peak frenzy. The median sale price for single-family homes increased from about $545,000 to $575,000 year over year — roughly a 5.5% rise. Existing condo median prices rose from approximately $262,000 to about $272,750, around a 4% increase.

Total dollar volume for October reached about $1.2 billion. Single-family home dollar volume was approximately $800 million (up about 14% year over year), while condos contributed roughly $410 million (a modest jump of around 1%).

Sellers are still capturing most of their list price. The median percent of the original list price received was about 97.1% for single-family homes and 96.5% for existing condos. That means sellers often get very close to asking price, especially in the single-family segment where inventory remains low.

Days on Market in Broward County

Speed matters. Single-family homes are moving quicker: the median days from listing to contract was around 23 days (down from 27), and the median time to closing was roughly 63 days (down from 67).

Condos and townhomes are a bit slower. The median time from listing to contract increased to about 27 days (from 21), and the median days to sell for condos rose to roughly 66 days (from 62). That gap is partially explained by additional HOA approvals, inspection items, and increasing inventory in the condo space.

With the holidays approaching and active condo listings up significantly, expect days on market to increase further in the short term for condos. Single-family homes may stay tighter unless supply catches up.

Cash Buyers and Mortgage Trends in the Broward County Housing Market

Cash remains a major factor in Broward. In October, cash purchases accounted for nearly 40% of all closed sales. For condos, cash purchases were especially prominent — roughly 55% of condo sales were cash deals. For single-family homes, cash made up about 24.4% of closings, with the remainder still financed.

Why does cash matter? Cash buyers move fast, avoid appraisal and mortgage contingencies, and are less sensitive to higher interest rates. Many cash buyers are relocating from high-cost states like New York or California, or they are international and high-net-worth purchasers. This cash inflow stabilizes segments of the market even as mortgage rates remain elevated.

Mortgage rates have been volatile. With rates near 7% during the same period last year, many buyers turned to creative financing. Some buyers negotiate rate buy-downs (see the next section) or plan to refinance if rates soften. Experts projected the possibility of rates easing into the mid-6% range by spring 2024, but timing and magnitude remain uncertain.

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What the Broward County Market Means for Buyers and Sellers

The market is moving toward balance, but the impact differs by property type.

• Buyers: More condo inventory means choices and more negotiating power in that segment. Single-family buyers still face limited inventory and competition, especially in desirable neighborhoods.
• Sellers: Single-family owners still benefit from tighter supply and strong list-price capture. Condo sellers may face longer days on market and will likely need to be more realistic on price and terms.

Whether now is the right time to buy depends on personal goals, financial situation, and tolerance for risk. For many buyers who need a place now, financing strategies like a buy-down or planning to refinance later can make purchases affordable even with higher rates. Waiting for rates to fall is a valid strategy, but remember: market timing is uncertain and can cost purchasing power when prices keep rising.

Practical Real Estate Strategies for the Broward County Market

For buyers

• Explore condos for more options. If budget or timing matters, the expanding condo inventory provides more choices and negotiation levers.
• Consider a rate buy-down. A 2-1 buy-down (2% lower year one, 1% lower year two) can lower monthly payments early in a loan and make qualification easier.
• Plan to refinance if/when rates fall. Many buyers accept a temporary higher rate knowing they can refinance later.
• Evaluate cash offers if you can muster cash or part-cash—those offers are highly competitive here.

For sellers

• Price for the market. Especially for condos, realistic pricing and flexible terms will lead to faster sales.
• Address obvious maintenance that could impact buyer confidence, particularly in older condo buildings where inspections and reserve studies are under scrutiny.
• Highlight financing options in listings—buyers often respond to clarity about buy-downs, appraisal contingencies, and timeline expectations.

Frequently Asked Questions About the Broward County Housing Market

Is Broward County's market crashing?

No. The market is cooling from pandemic highs and moving toward a more balanced state. Single-family inventory remains tight while condos are seeing a significant increase in active listings. Prices are still rising modestly in most segments, not collapsing.

Why are condo listings increasing so much?

Higher HOA fees, rising insurance costs, regulatory inspections for older buildings, and owners choosing to cash out have all contributed to the surge in condo listings.

How important are cash buyers in Broward?

Very important. Nearly 40% of all sales were cash in October, with about 55% of condo sales being cash purchases. Cash buyers provide stability and competitive pressure in the market.

Are prices still increasing?

Yes, but modestly. Median single-family prices increased from about $545,000 to $575,000 year over year (~5.5%), while condo medians rose slightly over 4%. Expect slower, steadier price movement rather than explosive growth.

Should I wait for mortgage rates to drop before buying?

Waiting could pay off if rates fall significantly, but it also risks further price appreciation and lost purchasing power. Consider alternatives like buy-downs, adjustable-rate solutions, or being ready to refinance later.

What neighborhoods does this report cover?

The report covers greater Fort Lauderdale and Broward County, including areas from Hollywood and Miramar up to Deerfield Beach and Parkland.

Final Thoughts on the Broward County Real Estate Market

Broward for Fall 2023 is a market of two stories. Single-family homes remain tight and relatively resilient. Condos are correcting toward balance as increased inventory gives buyers more power. Cash buyers and continuing net migration keep the market healthier here than in some other parts of the country.

Ready to Make Your Move in Broward County?
Whether you’re buying your dream home or selling for top dollar, having the right guidance makes all the difference. Call or text us now at 561.609.1345 to schedule a free, no-obligation consultation — we’ll help you create a plan that fits your goals, timeline, and budget.

READ MORE: BROWARD COUNTY REAL ESTATE MARKET UPDATE - SUMMER 2024 INSIGHTS