Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Davie | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $226,834 | $293,727 | $242,182 |
| Price Trend (Annual %) | 18.7% | 12.0% | 8.2% |
| Median Gross Rent | $1,997 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.7% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Davie is about 23% lower than in Florida. Rent is about 28% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Davie, up about 18.7% and 6.7% a year respectively. Home prices are changing faster.
Median rent in Davie rose about 62.1% between 2015 and 2023, from $1,232 to $1,997. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Davie.
Buying the median-priced home in Davie costs roughly 9.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Davie. The price-to-rent ratio in Florida is about 15.7.
| Metric | Davie | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $226,834 | $293,727 | $242,182 |
| Median Household Income | $85,931 | $71,865 | $78,145 |
| Price-to-Income Ratio | 2.6 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Davie rose about 211.5%, while median household income rose about 45.7% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Davie | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.5% | 57.1% | 58.2% |
| Rental Rate | 32.9% | 27.7% | 31.3% |
| Vacancy Rate | 6.5% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Davie has a homeownership rate of 60.5%, higher than the Florida average of 57.1%. Its housing vacancy rate is 6.5%, compared with 15.2% in Florida.
Housing Stock
| Metric | Davie | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.72 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1990 | 1987 | 1978 |
| Median Number of Rooms | 5.1 | 5.2 | 5.5 |
The typical housing unit in Davie was built around 1990. On average, 2.7 people live in a home with about 5.1 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Davie, Florida.
What is the median home price in Davie, Florida?
The median home price in Davie, Florida is $226,834, lower than the Florida average of $293,727.
What is the average home price in Davie, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Davie, Florida?
The median gross rent in Davie, Florida is $1,997 per month, higher than the Florida average of $1,564.
What was the median gross rent in Davie in 2020?
In 2020, the median gross rent in Davie, Florida was $1,566 per month.
What is the price-to-rent ratio in Davie, Florida?
The price-to-rent ratio in Davie, Florida is about 9.5, meaning it would take roughly 9.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Davie.
Are home prices or rent rising faster in Davie, Florida?
Both home prices and rent are rising in Davie, up about 18.7% and 6.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Davie, Florida?
60.5% of households in Davie, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Davie, Florida?
The housing vacancy rate in Davie, Florida is 6.5%, lower than the Florida average of 15.2%.