Pompano Beach is included in the South Florida trifecta referred to as the Miami-Fort Lauderdale-Pompano Beach area. It is also called the Tri-County area and the Miami Metro area.
Regardless of its names, South Florida is one of the most sought-after spots in the state due to its excellent real estate, good economy, sunny weather, colorful culture and diverse population.
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Pompano Beach Median Home Value News
As of late, Pompano Beach’s median home value clocks in at $229,709. It has risen up to 2.1 percent last year and according to the experts at Zillow, will go higher once more at 3.8 percent within the following year.
This translates to a very hot market indeed, thus homes will be selling like greased lightning. Homes that sell really fast is a situation that all real estate sellers should take advantage of.
In terms of median list price per square foot in the area, it rates at $211, which is lower compared to the $230 average of the Miami-Fort Lauderdale-West Palm Beach Metro area. Median price of houses listed in Pompano Beach at this time is $259,450.
For homes that were sold, the median price is 215,200. Median rent price clocks in at $1,700 and is lower compared to the $2,000 median rent price in the Miami-Fort Lauderdale-West Palm Beach Metro area.
Real Estate Market 2020 Prediction for Pompano Beach
Florida’s real estate has been unpredictable since the last 12 years or so, but many experts still count on the Sunshine State as one of the best markets for homes and condominiums in all of the U.S.
If you’re after luxury housing, then you need to check out Pompano Beach. Its great location made it the hub of the rich while its amenities, thriving economy, new development projects and diverse population are just several of its many big draws. Thus, the demand for condominium units and apartments are still on the rise in the area.
If you’re wondering about buyer demand, 2019’s second half was actually very kind to Pompano Beach real estate properties. Many expect that this excellent buyer demand will carry on during the last half up to the first month of 2020.
Then again, we do have to consider the effect of the COVID-19 pandemic on the country’s economy. If prolonged, the pandemic may have a drastic effect on real estate despite the strength the market has gained in the beginning of the year.
Several real estate honchos though see a more lucrative real estate in Florida amid the COVID-19 scare. Gary Tasman, Cushman & Wakefield Commercial Property’s CEO in Southwest Florida has this to say about the situation.
“Oddly, it can affect us positively,” said Tasman. The CEO says people may be encouraged to get on with their moving plans due to the pandemic. “We’ve been planning to move to Florida, so let’s do it now.”
Despite the doom and gloom brought on by the spread of the virus, economic forecasts are optimistic, drawing attention to better GDP rate, flat interest rates and sounder employment rates. There’s still a huge interest for purchasing properties in places all over Florida due to the state of local taxes, thriving economy and a significant number of retirees.
Things to Consider If You Want to Invest in Pompano Beach Property
Are you a retiree who has plans to move to sunny Pompano Beach? Are you after Pompano Beach vacation house or condo and apartment rentals? Do you want to gift your family the good life in a beautiful single-family home in this city?
Better consider these factors first before settling on a decision.
- The actual cost of living in Pompano Beach
- Cost of mortgage payments for the next 10 years
- Hot, humid Florida summers
- Overall safety of the area
- High demand for your profession/business
- Florida’s hurricane season
Pompano Beach is an enclave for those who love the ocean and sunny weather. It’s filled to the brim with excellent housing choices from luxury models to livable apartments and condominiums. If you are after the excitement of a city close to the ocean, living here may just be your style. Contact Ed Cook Real Estate for more information about exciting real estate opportunities in Pompano Beach.
