Home sellers will continue to enjoy negotiating power in the tug-of-war with buyers, though higher interest rates and slower rent growth eventually will lead to more of a balanced market, according to real estate website Zillow.com.
Home and condominium values across South Florida rose 9 percent in October from a year ago to a median $243,800, Zillow said in a report released Tuesday. Rents for homes, condos and apartments in the tricounty region also were up, rising 4 percent from last year, to $1,881 a month.
Prices have escalated since 2012, when investors entered the market searching for bargains. More recently, a shortage of homes for sale has kept prices on the upswing, though South Florida buyers are gradually seeing more properties to choose from, Zillow said.