Residential Real Estate News
Greater Miami Overall Residential Sales Dip 9 Percent in November
According to the Miami Association of Realtors, total residential sales in Miami-Dade County fell by 8.5% year-over-year in November 2024, declining from 1,651 to 1,510 transactions. Despite this, sales of single-family homes increased by 1.3%, rising from 707 to 716. Year-to-date, single-family home transactions have reached 9,909 compared to 9,787 during the same period in 2023, marking a 1.25% increase.
In contrast, total existing condo sales declined by 15.9% year-over-year, from 944 to 794 in November 2024. The median sale price for single-family homes rose by 5.7%, climbing from $615,000 to $650,000. This marks the 156th consecutive month (13 years) of rising single-family home prices, the longest streak on record. Over the past decade, single-family home prices have surged 165.3%, increasing from $245,000 in November 2014 to $650,000 in November 2024. Miami's home equity gains nearly double the national average, with an equity gain of $542,175 on a home purchased in Q3 2009 and sold in Q3 2024, compared to the U.S. average of $310,232.
Median prices for existing condos increased by 3.9% year-over-year in November 2024, from $420,000 to $436,354. Condo median prices have remained stable or increased in 155 of the past 162 months (13.5 years).
Inventory Insights
Total inventory remains 25.9% below Miami's historical average of 20,302, with the current inventory at 16,117. Active listings rose by 39.2% year-over-year, from 11,576 to 16,117, but this increase has not fully compensated for inventory shortages. Single-family home inventory grew by 24.4%, from 3,856 listings in November 2023 to 4,797 in November 2024. Condominium inventory surged by 46.6% year-over-year, rising from 7,720 to 11,320, though it remains 26.3% below pre-pandemic levels (15,369 in November 2019).
Months' supply of inventory for single-family homes stands at 5.4 months, indicating a seller's market. For condos, the months' supply is 11.1, suggesting a buyer's market. A balanced market typically offers 6-9 months of supply.
Sales Volume and Market Trends
The total dollar volume for Miami sales reached $1.3 billion in November 2024. Single-family home dollar volume rose by 2.1% year-over-year to $782 million, while condo dollar volume fell by 14.2% to $547 million. Distressed sales accounted for just 0.9% of all residential sales, consistent with November 2023. Nationally, distressed sales made up 2% of transactions in November 2024. In 2009, by contrast, distressed sales represented 70% of Miami's market.
Short sales and REOs (bank-owned properties) made up 0.07% and 0.8% of Miami's total sales, respectively.
Selling Trends
The median percent of original list price received was 95.6% for single-family homes and 94.1% for condos in November 2024. The median days from listing to contract for single-family homes increased to 36 days, compared to 23 days a year ago. The median time to sale rose to 81 days, up from 64 days. For condos, the median days from listing to contract increased to 50 days from 32, with the median time to sale rising to 93 days from 72.
Cash Sales
Cash transactions accounted for 37.4% of Miami's closed sales in November 2024, down from 40.9% in November 2023. Nationally, about 25% of home sales are cash-based. In Miami, cash sales comprised 48.7% of condo transactions and 24.9% of single-family home sales.
