September 2024 Real Estate Market Trends

If you’re a homeowner or thinking of buying a single-family home in Coral Springs, Parkland, or Coconut Creek, staying updated on the market trends is crucial. In this article, we'll break down the key real estate stats for September 2024 in these three cities, helping you make informed decisions whether you're selling, buying, or just curious about the market. Let’s dive into the numbers!

Coral Springs Real Estate Trends

In Coral Springs, September 2024 saw steady growth in home prices. The median sale price for single-family homes hit $618,000, marking a 7.4% increase from last year. While prices are rising, the market appears to be slowing, with homes taking longer to sell and fewer transactions being completed compared to the summer months.

Homes spent an average of 65 days on the market in September, up from earlier in the year, indicating a slight cooling in activity. Although prices are rising, buyers are still able to negotiate, with homes generally selling around 2-5% below the list price.

Key Coral Springs Stats:

• Median Sale Price: $618,000 (up 7.4% YoY)
• Average Days on Market: 65
• Sales-to-List Price Ratio: Selling 2-5% below the asking price

Parkland Real Estate Trends

Parkland continues to be a highly desirable area, particularly for luxury home buyers. The median listing price in September 2024 was $1.17 million, a 2.9% increase from last year. Homes here don’t stay on the market for long—around 57 days—as demand remains strong, especially for upscale properties.

Parkland's attractive schools, spacious homes, and large lots keep driving demand. Even though prices are higher, buyers remain interested in these premium listings. With limited inventory available, homes are selling quickly once listed.

Key Parkland Stats:

• Median Listing Price: $1.17 million (up 2.9% YoY)
• Average Days on Market: 57
• Sales Activity: High demand, limited supply

Coconut Creek Real Estate Trends

Coconut Creek’s housing market saw a slight drop in home prices in September 2024. The median sale price was $302,000, reflecting a 4.1% decrease compared to last year. Additionally, homes in this area stayed on the market for an average of 86 days, showing that it’s taking longer for sellers to find buyers.

Despite the price dip, Coconut Creek remains an attractive option for those seeking affordability in Broward County, especially compared to its pricier neighbors, Coral Springs and Parkland. Buyers may find more room to negotiate in this slower-paced market.

Key Coconut Creek Stats:

• Median Sale Price: $302,000 (down 4.1% YoY)
• Average Days on Market: 86
• Price per Square Foot: $255 (up 1.4% YoY)
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October 2024 Outlook for Coral Springs, Parkland, and Coconut Creek

Looking ahead to October 2024, we anticipate stable conditions in all three cities, though Coral Springs and Parkland may continue to see slight increases in home values. In contrast, Coconut Creek may experience further adjustments in pricing, making it an attractive option for budget-conscious buyers. Inventory will likely remain low, keeping demand relatively high, particularly in Coral Springs and Parkland.

For Buyers: Is Now a Good Time to Buy?

If you’re thinking about buying in Coral Springs, Parkland, or Coconut Creek, here’s what the data suggests:

• Coral Springs: A good time to buy, with homes selling slightly under list price and still offering solid long-term value.
• Parkland: The luxury market remains competitive, so buyers should be prepared to act quickly on premium properties.
• Coconut Creek: A buyer’s market, with prices down slightly and homes staying on the market longer, giving you more leverage.
  

Mortgage Rates and Why Now Might Be the Right Time to Sell

As of late September 2024, mortgage interest rates are hovering around 7.12%, according to Bankrate and Freddie Mac. While rising rates can make buyers pause, they also create urgency among those who want to lock in rates before they go higher.

For sellers, this is actually a great time to put your home on the market. Here's why:

1. Strong Demand: Even with rising rates, there’s still high demand for single-family homes, especially in Coral Springs and Parkland.
2. Home Value Growth: With home values continuing to climb in these areas, selling now means you could capitalize on your home’s appreciated value.
3. Low Inventory: With fewer homes for sale, sellers face less competition, giving them the upper hand in negotiations.
   

Wrapping It Up

Whether you’re thinking of buying or selling in Coral Springs, Parkland, or Coconut Creek, the market trends show a mix of opportunities and challenges. Sellers can still benefit from rising home values, while buyers may find some negotiating power, particularly in Coconut Creek.