Earlier this month, the real estate company Coldwell Banker released its latest Home Listing Report (HLR). The HLR is published annually and offers keen insight into home price trends in hundreds of real estate markets across the country.
The latest report compiles average listing prices for four-bedroom, two-bathroom homes listed for sale on coldwellbanker.com between December 2014 and June 2015. The company analyzed 81,417 listings in 2,722 local real estate markets across the country.
In addition to providing national trends, the HLR offers a state-by-state breakdown as well. The list below shows the most expensive real estate markets in Florida, as we head into 2016.
Most Expensive Florida Housing Markets, Going Into 2016
According to the Coldwell Banker report, the average listing price of a four-bedroom, two-bathroom home in Florida is $250,534. But the average is much higher in some cities, including those listed below. Here are the 10 most expensive housing markets in Florida as we approach 2016.
1. Doral: $552,390
Doral is a city located in Miami-Dade County, Florida. The city gets its name from the Doral Golf Resort & Spa, which is located within its boundaries. Based on the Coldwell Banker analysis, Doral is currently the most expensive real estate market in the state of Florida. The average listing price for homes in the area is $552,390. But the city might not top the list for very long. A recent prediction by Zillow suggests that home prices within the Doral real estate market could actually drop between now and November 2016. The company has forecast a -3.3% change in house values over the next year or so.
2. Palmetto Bay: $525,019
Last year, Palmetto Bay had the distinction of being the most expensive housing market in Florida, with an average list price of $499,559. This year it drops to #2 in the HLR ranking. Palmetto Bay is an incorporated village and suburb of Miami. About 24,000 people live within the village, as of the last census count.
3. Parkland: $504,836
Parkland is an affluent city located in Broward County, Florida. The city is zoned to have a “parklike” character, which limits new construction and housing supply. While home prices in the Parkland housing market rose over the last year, Zillow’s economic team expects them to dip slightly over the next 12 months or so.
4. Fort Lauderdale: $481,066
Home prices in Fort Lauderdale have risen a bit since last year. According to Coldwell Banker, the average listing price for this housing market was $453,155 in 2014. The current average is slightly higher at $481,066. This makes Fort Lauderdale the fourth most expensive real estate market in Florida, based on the metrics mentioned earlier.
5. Delray Beach: $471,470
Delray Beach is a coastal city located on the southeastern coast of Florida, north of Miami. It is part of the Miami metropolitan area and has a population of around 65,000 people. According to Coldwell Banker, the average listing price in Delray Beach during the first half of 2015 was $471,470, making it the fifth most expensive real estate market in Florida heading into 2016. The Zillow Home Value Index (ZHVI) for Delray Beach rose by 12.2% over the last 12 months (as of November 2015). In contrast, Zillow’s economists have forecast a change of only +0.2% over the next 12 months.
6. Weston: $459,089
Last year, Weston was the second most expensive real estate market in Florida, with an average list price of $462,636. This year, the Broward County community dropped to #6 in the HLR rankings.
7. Boca Raton: $427,446
Boca Raton holds it #7 position for the second year in a row. The average home price for this market rose from $395,759 in 2014 to $427,446 in 2015. Going into 2016, Boca Raton is still one of the ten most expensive housing markets in Florida.
8. Ponte Vedra Beach: $422,900
Ponte Vedra Beach is an unincorporated seaside community located in St. Johns County, Florida, about eighteen miles southeast of Jacksonville. This upper-income community is a popular tourist destination and home to the PGA Tour. According to Zillow, home prices in Ponte Vedra Beach rose by around 5% over the last year or so.
9. Cooper City: $414,930
Last year, Cooper City was ranked as the state’s fifth most expensive housing market with an average price of $412,028. This year, it drops to position #9 on the HLR (despite the modest increase in prices). Cooper City is part of the South Florida metropolitan area and has a population of around 34,000.
10. Naples: $394,303
The average home price in Naples, Florida rose by around $21,000 in 2015 compared to last year. In 2016, home buyers in the Naples real estate market should be prepared for higher prices and stiffer competition. According to Zillow, house values in the area rose by double digits over the last 12 months.
Disclaimer: This story is based on third-party data and statistics that are deemed reliable but not guaranteed. The Home Buying Institute makes no claims or assertions regarding the Florida real estate market in 2016.