Pompano Beach Real Estate Market Update for November 2022
Everyone wants to experience what is like to live in Pompano Beach, Florida. Well, who doesn’t? Imagine waking up in a luxurious city with a personal feel of breathtaking sand and sparkling blue waters. Living in Pompano Beach is like living in paradise. No wonder many people dream of one day calling Pompano Beach their home. However, before you decide to move to this beautiful city, you must know the Pompano Beach real estate market update for November 2022. Get to know more about living in Pompano Beach and learn about the current real estate trends below.
Why Pompano Beach Is a Great Place To Live In
Located in the heart of Florida’s Gold Coast, Pompano Beach is a beautiful city just midway between West Palm Beach and Miami. This city in Broward County, Florida offers its residents and visitors not just spectacular views of the ocean but it is also surrounded by numerous amenities.
The good thing about this city is that it is more affordable compared to other Florida cities. The median listing home price in Pompano Beach according to Movoto as of October 2022 is $350,000 which is much lower than Fort Lauderdale at $453K. Real estate varies from waterfront condominiums to luxury estates. You can truly find a home that will suit your personal preferences and needs.
Benefits of Living in Pompano Beach Florida
Climate
One of the great things about living in South Florida is that you will not experience extremely cold winters anymore. Say hello to a warm subtropical climate and mild winter days. You will need to get used to thunderstorms in the afternoon, though. Make sure you have an umbrella ready with you always.
Livability
The livability rating is measured by some factors and city data to indicate the quality of living. This includes access to healthcare, education, housing, food, a safe environment, and transportation. The overall livability score of Pompano Beach is above average. No wonder many people are considering living here in this beautiful city.
Cost of Living
The cost of living in Pompano Beach is much more affordable compared to other cities. Though some areas may be higher, the overall average of living in Pompano Beach is less expensive when it comes to housing costs, transportation health care, food, etc. compared to other South Florida cities and other major cities in the US.
The average cost of living in Pompano Beach is $1948 which may be a little more expensive compared to other cities in the US. However, the State of Florida does not collect any income tax because it can produce enough income from commercial sectors. This means that you can save a lot of money if you want to relocate to Pompano Beach.
Diversity
Florida is known as the cultural melting pot. The good thing about a diverse city is that it is open to more opportunities for people and businesses to grow and become more profitable.
Education
You may want to check out the educational system when moving to a place. Your children’s education will highly depend on what you would have in the area. Pompano Beach has a lot of good public schools. Broward County is the 6th biggest school system in the US. It has 16 public schools, 10 private schools, and 5 charter schools. Having a good educational foundation will lead to better jobs for its residents.
Job Opportunities
Pompano Beach has a lot of different industries such as financial services, IT, medical industry, and tourism. It is also near major cities like Miami and Fort Lauderdale which can offer other job opportunities.
Pompano Beach, FL Real Estate Market Trends & Update for November 2022
The current median price of Pompano Beach homes is $350,000.
Around 1007 are active home listings while there are 89 new houses for sale.
The total number of homes sold in Pompano Beach Florida last month was 1143.
Pompano Beach, Florida was a seller’s market in October 2022. Many people are looking for homes to buy in Pompano Beach.
Pompano Beach Market Trends (Single-Family Homes)
- Median List Price – $442,499
- Median $/Sqft – $331/Sqft
- Homes For Sale – 388
- Median Home Size Sqft – 1,504
- Median Days on Market – 122
Pompano Beach Market Trends (Condos or Townhouses)
- Median List Price – $299,000
- Median $/Sqft – $268/Sqft
- Homes For Sale – 755
- Median Home Size Sqft – 1,115
- Median Days on Market – 138
The above data is from Movoto statistics and should only be used for informational purposes.
South Florida Housing Market Prediction 2022-2023
Global inflation affects everything and real estate is not exempted. The rates will continue to increase considerably this year and in the next year. However, South Florida will remain resilient. This is because many people are still interested in living in Florida because of its more affordable cost of living compared to other states like New York.
Though there is no anticipation of a major meltdown in Florida’s real estate market, it should be expected that the days on the market will rise. This means that it will take time to sell a property compared to the previous years.
Conclusion
Despite global inflation and facing a growing risk of recession, Pompano Beach real estate market remains resilient. This is because Pompano Beach is still one of the most stable housing markets in the US.
Living in Pompano Beach has a lot of perks. That is why many people would want to relocate to this beautiful city. Whether you are a home seller or buyer, Pompano Beach real estate market will continue to stay strong and there is no sight of decline for now. The market trend is still good for both buyers and sellers.
Consult an Expert
If you are having doubts about whether to buy or sell a home in Pompano Beach, the best thing to do is to consult Ed Cook Realty. Hiring a professional real estate agent will keep you from the stress and difficulty of selling or buying a house.
