By Brosda and Bentley Realtors
Miami-Dade County’s real estate market is showing resilience and strength as total home sales rose year-over-year for the second consecutive month, according to the latest data from the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system. This upward trend reflects South Florida’s leading position in price appreciation and international migration, making it an attractive market for both buyers and sellers.
Miami Leads in Price Appreciation and International Migration
Miami’s allure is undeniable, with its exceptional lifestyle offerings and robust economy. Gus Fonte, Chairman of the Board at MIAMI, highlighted Miami’s global appeal, stating, “The world is in love with Miami, and you see it in the international migration data.” Miami’s real estate market is characterized by multiple offers and record-high housing wealth, making it a top choice for investors seeking a proven market with steady appreciation for over a decade.
Key Data Highlights
- Miami ranked №1 for Highest Appreciating U.S. housing Market in 2023, according to the latest CoreLogic S&P Case-Shiller Indices.
- Miami also ranks №1 in the U.S. in international migration, based on new Census numbers.
Single-Family Home Sales and Mid-Market Condos on the Rise
Total Miami-Dade sales increased by 0.8% in February 2024, from 1,692 to 1,705. Single-family home sales in Miami increased by 5.1% year-over-year, from 727 to 764. However, existing condo sales saw a slight decrease of 2.5% year-over-year, from 965 in February 2023 to 941 in February 2024. The condo market’s performance is attributed to a lack of inventory at key price points and higher mortgage rates.
Mid-Market Condo Sales Surge
Despite the overall condo market’s challenges, there was a significant increase in mid-market condo sales. Condo sales priced between $400,000 to $600,000 surged by 16.4% year-over-year in February 2024, indicating strong demand in this segment.
Increase in New Listings
Miami’s new listings have been on the rise, providing buyers with more options. New listings have increased for six consecutive months and are approaching pre-pandemic levels. This increase in inventory has added to the total available homes for sale, giving buyers a more diverse selection.
Buyers Have More Choices for Spring Market
The current market conditions offer buyers more choices, especially in the single-family home segment. MIAMI REALTORS® Chief Economist Gay Cororaton noted, “The robust demand and more home listings provide a healthy springboard for the seasonal spring market upswing.” This increase in new home listings is a result of strong job growth and a rising population in the region.
Mortgage Rates and Inventory
Despite the rise in mortgage rates, which averaged 6.74% as of March 14, Miami’s real estate market remains resilient. Total inventory is down 37.3% from the historical average for Miami, indicating a tight market. However, total active listings at the end of February increased by 23.7% year-over-year, providing some relief to buyers.
Miami Real Estate: A Strong Economic Driver
Miami’s real estate market has a significant impact on the local economy. Every home sale generates income for real estate industries, expenditures related to home purchase, and new construction activities. In February 2024, Miami-Dade’s total economic impact from home sales was $208 million.
Miami’s real estate market continues to show strength and resilience, with rising home sales, increasing new listings, and strong economic impact. Despite challenges such as low inventory and rising mortgage rates, Miami remains a top choice for buyers and investors, offering a blend of lifestyle, economic opportunities, and steady home price appreciation.
If interested in buying, listing, or selling residential or commercial real estate in Miami-Dade County, consider reaching out to Brosda and Bentley Realtors. With their expertise and dedication, they can help you navigate the dynamic Miami real estate market. Contact them at (305) 788–9393 to discuss your real estate needs and explore the opportunities available in this vibrant market.
If you’re looking for a real estate agent in Miami, I encourage you to contact Brosda & Bentley Realtors. We’re here to help you find your dream home and make your life in Miami an unforgettable experience.
💎 Visit our Website: brosdaandbentley.com
📞 Contact Us: (305) 788–9393
