Pompano Beach Real Estate Market Update September 2023

Pompano Beach, Florida, is a dream destination for many people. With its luxurious atmosphere, breathtaking beaches, and sparkling blue waters, it’s no wonder that so many people dream of living in this paradise.

However, before you make the move to Pompano Beach, it’s important to understand the current real estate market. Here’s a closer look at living in Pompano Beach and the latest real estate trends:

Why Pompano Beach Is a Great Place To Live In

Pompano Beach is a beautiful city in Broward County, Florida, located halfway between West Palm Beach and Miami. It offers residents and visitors stunning ocean views and a variety of amenities.

Pompano Beach is a more affordable city than others in Florida. The median listing home price is $399,000, which is much lower than Miami’s $650,000. A wide variety of real estate is available, from waterfront condominiums to luxury estates, so you can find a home that suits your needs and budget.

Benefits of Living in Pompano Beach, Florida

Climate

Living in South Florida means you can wave goodbye to freezing winters and say hello to a warm subtropical climate with mild winters. While thunderstorms are common in the afternoon, you can still enjoy plenty of sunny days. Be sure to keep an umbrella handy, though, just in case!

Livability

The overall livability score of Pompano Beach is 70, which is excellent. This rating is based on various factors, including access to healthcare, education, housing, food, safety, and transportation. The city’s high livability rating makes it a popular destination for those relocating to Florida.

In other words, Pompano Beach is a great place to live because it offers residents a high quality of life.

Cost of Living

Pompano Beach, Florida’s cost of living is 8% higher than the national average. This means that goods and services in Pompano Beach are, on average, 8% more expensive than those in the rest of the United States.

Several factors contribute to Pompano Beach’s higher cost of living. One factor is the city’s location in South Florida, a region that is known for its high cost of housing. Another factor is the city’s popularity as a tourist destination, which drives up prices for goods and services.

However, it is important to note that the cost of living in Pompano Beach can vary depending on your lifestyle and spending habits. For example, if you choose to live in a desirable neighborhood or eat out frequently, your cost of living will be higher than if you live in a less expensive neighborhood and cook at home more often.

Diversity

Florida is a state with a rich cultural diversity, which is often referred to as a melting pot. This diversity is valuable, creating a more welcoming and inclusive environment for people and businesses. A diverse city offers more opportunities for people to grow and businesses to become more profitable.

Education

Education is an important factor to consider when moving to a new place. The quality of your children’s education will depend on the schools in the area. Pompano Beach has a good public school system, and Broward County, which Pompano Beach is part of, is the sixth largest school district in the United States. There are also 24 private schools and 5 charter schools in Pompano Beach. A strong educational foundation can lead to better job opportunities for residents.

Job Opportunities

Pompano Beach has a variety of industries, including wholesale trade, healthcare and social assistance, and educational services. It is also close to major cities like Miami and Fort Lauderdale, which can provide more job opportunities.

Pompano Beach, FL Market Trends & Statistics for September 2023

• The current median price of Pompano Beach homes is $399,999.
• Around 1054 are active home listings, while there are 107 new houses for sale.
• Last month, the total number of homes sold in Pompano Beach, Florida, was 863.
• In August 2023, Pompano Beach, FL, was a seller’s market, indicating that more people were looking to buy than available homes.

Pompano Beach Market Trends (Single-Family Homes)

Median List Price – $499,999

Median $/Sqft – $366/Sqft

Homes For Sale – 281

Median Home Size Sqft – 1,571

Median Days on Market – 7,500

Pompano Beach Market Trends (Condos or Townhouses)

Median List Price – $358,350

Median $/Sqft – $306/Sqft

Homes For Sale – 582

Median Home Size Sqft – 1,150

Median Days on Market – 59

The above data is from Movoto and should only be used for informational purposes.

South Florida Housing Market Prediction 2023-2024

The South Florida housing market still favors sellers, with no signs of a major price decline or crash. Higher interest rates are expected to lead to more days on the market (giving buyers more choices) and ultimately slow the pace of price increases. This could lead to an increase in total inventory in the future, although the current market is unlike any other in history. Historically, inventory has grown six months after interest rates have risen.

Conclusion

Pompano Beach’s real estate market remains strong despite global inflation and the growing risk of recession. This is because Pompano Beach is one of the most stable housing markets in the United States.

Living in Pompano Beach has many advantages, which is why so many people want to move to this beautiful city. Whether you are a home buyer or seller, the Pompano Beach real estate market is expected to remain robust for the foreseeable future. The market trend is still favorable for both buyers and sellers.

Consult an Expert

If you’re hesitant about buying or selling a home in Pompano Beach, turn to Ed Cook Realty for help. Hiring a professional real estate agent can take the stress and hassle out of the process.