Parkland Real Estate Trends: A Look at Median Home Prices in Parkland Real Estate, May 2024

The real estate market in Parkland, Florida, continues to be a topic of interest for both current residents and prospective buyers. As we review the data from May 2024, several key metrics stand out, particularly the median sale price for homes in the area.

Steady Growth in Median Sale Prices for Parkland Real Estate

In May 2024, the median sale price for homes in Parkland was $1,150,000. This marks a 1.7% increase compared to May 2023, when the median sale price was $1,131,000. This upward trend, though modest, reflects a steady appreciation in home values, indicating a robust real estate market that remains attractive to buyers.

Comparing Average Sale Prices in Parkland, FL

While the median sale price provides a snapshot of the middle market segment, the average sale price offers additional insight. In May 2024, the average sale price was $1,202,086, which is a 6.0% increase from the previous year’s $1,134,135. This significant rise in the average sale price suggests that higher-end properties have seen considerable activity, driving the overall market upwards.

Parkland Real Estate Market Dynamics and Influences

Several factors contribute to the evolving market dynamics in Parkland:

  1. Cash Sales Decline: One notable trend is the 40.0% drop in cash sales, from 20 in May 2023 to 12 in May 2024. This decline is reflected in the cash sales as a percentage of closed sales, which fell from 39.2% to 24.5%. This shift might indicate a changing buyer profile, with fewer investors or buyers looking for immediate transactions.
  2. Sales Volume and Inventory: Despite a slight 3.9% decrease in closed sales (49 in May 2024 compared to 51 in May 2023), the dollar volume of sales increased to $58.9 million from $57.8 million. Additionally, new listings saw a 10.0% increase, and active inventory rose significantly by 42.6%. This increased inventory has expanded the months’ supply from 3.1 to 4.2 months, providing more options for buyers and potentially moderating price increases in the future.
  3. Time to Contract and Sale: The median time to contract has increased by 19.2% to 31 days, and the median time to sale has risen by 22.1% to 83 days. These longer times suggest that buyers are taking more time to finalize their purchases, possibly due to a more extensive selection of available properties.

Looking Ahead at Parkland Real Estate

The Parkland real estate market demonstrates resilience with consistent growth in median and average sale prices. The increase in inventory and longer sales timelines indicate a market that is balancing supply and demand more effectively. As we move forward, it will be crucial to monitor these trends to understand better how they will impact home values and the overall market health.

For buyers and sellers in Parkland, staying informed about these market dynamics is essential. Whether you’re looking to invest, sell, or buy, understanding the latest trends can help you make more strategic decisions in the evolving real estate landscape.

Stay tuned for more updates and detailed analyses of the Parkland real estate market as we continue to track its performance and uncover opportunities for homeowners and investors alike.

Call a Parkland Real Estate agent at 954-505-6000 to discuss listing your Parkland Home For Sale or to buy real estate in Parkland.


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