Residential Real Estate News
Greater Miami Residential Sales Uptick 3 Percent Annually in 2024
According to the Miami Association of Realtors, total Miami-Dade County residential sales rose 2.9% year-over-year in December 2024, driven by a 9.9% rise in single-family home sales and a 51% surge in $1M+ condo transactions.
Miami single-family homes recorded 10,738 transactions for the year, up 1.9% from 2023. Luxury condo sales hit 1,736 transactions, a 1.6% increase over the previous year. Despite mortgage rates above 7%, demand remained high due to Miami's attractiveness in luxury sales, migration trends, and global buyers.
Other greater Miami area housing market highlights for December 2024 include:
Miami Price Appreciation:
- Single-family home median prices increased 10.7% year-over-year to $675,000, while condos saw a 4.9% rise to $430,000.
- Over the past decade, single-family home prices rose 175.5%, and condo prices climbed 126.3%.
Economic Impact and Inventory:
- December's home sales generated $1.7 billion in total dollar volume, a 30.4% increase year-over-year.
- Active listings rose by 39.3% year-over-year but remained 21.5% below historical averages.
- Miami's single-family market shows a seller's market with 5.2 months of inventory, while condos are in a buyer's market with 11.1 months of supply.
Challenges and Financing:
- Only 0.9% of South Florida condo buildings are FHA-approved, limiting financing options.
- Rising mortgage rates remain a headwind, but experts predict sales and prices may surge in late 2025 as rates decline.
Luxury and Affordable Housing:
- Luxury condo sales ($1M+) rose by 50.9% year-over-year. Affordable condos priced between $150K-$250K also saw double-digit increases.
- Florida's Live Local Act encourages affordable housing by incentivizing developers to allocate 40% of units for lower-income buyers.
Market Resilience and Cash Sales:
- Distressed sales remain minimal at 0.7% of transactions, indicating a healthy market.
- Cash sales accounted for 40.4% of transactions, significantly higher than the national average of 28%, reflecting Miami's appeal to foreign buyers and investors.
Outlook for 2025:
- Forecasts indicate a 24% increase in home sales and a 9% rise in median prices.
- Miami continues to outperform national and state markets in terms of price appreciation and market demand.
