South Florida’s housing market is tilting toward buyers, fueled by falling interest rates, rising inventory and sellers accepting less than asking prices.
The shift comes after years of soaring costs that kept many would-be homeowners on the sidelines.
Jason Collier is among them. He began his search two years ago after moving to Broward County from Philadelphia, but rising prices made finding a home within his budget difficult. Now, with the Federal Reserve’s recent quarter-point rate cut—and more expected later this year—he is reconsidering his timeline.
“Interest rates going down even a fraction of a percent makes that monthly payment just that much more affordable, makes it that much more realistic to execute on this soon,” Collier said.
Realtors say South Florida is in a buyers’ market
Realtor Justin Brooks with The Brooksy Group said the region has shifted into a buyers’ market. He said inventory is up about 13 percent, sellers are receiving roughly 5 percent less than asking price and homes are taking longer to sell.
Mortgage rates, though not directly tied to the Fed’s decision, are also down to about 6.5 percent. That’s a market many potential homebuyers who were hesitant or previously priced out have been waiting for, Brooks said.
“With this interest rate decline we’re going to have a lot of buyers reentering our market; approximately one to two million buyers are now going to reenter and position in our market locally in South Florida,” Brooks said.
Pending sales rise as buyers return
Other buyers are feeling that same confidence.
According to Florida Realtors, pending sales of single-family homes were up nearly 10 percent in August compared with the same time last year. The average sale price was about $584,000, up 3.5 percent from 2024.
Brooks said buyers may want to act quickly.
“We could be in a situation where there are multiple offers again, where there’s over asking prices, where the door opens on a good value and there’s a line of people looking to purchase,” Brooks said.
He also recommends checking eligibility for homebuyer programs such as Hometown Heroes or Florida Assist, which can help offset costs.
