Miami-Dade County existing $1M & up condominium sales rose year-over-year in October 2024 as single-family home sales remain on target to top last year's total, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
MIAMI, Nov. 21, 2024 /PRNewswire-PRWeb/ -- Miami-Dade County existing $1M & up condominium sales rose year-over-year in October 2024 as single-family home sales remain on target to top last year's total, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Miami condo $1M & up transactions increased 3.5% year-over-year in October 2024 while condos priced below $150,000 surged 36.4% year-over-year. Miami single-family home transactions are up 1.2% year-to-date through the first 10 months of the year versus 2023.
"Miami real estate has many indicators that bode future home sales," MIAMI Chairman of the Board Gus Fonte said. "Miami has more inventory and options for buyers compared to last year, mortgage rates are forecasted to eventually decline after the first Fed cut, Miami migration is leading the U.S., Miami's job market is outperforming the nation, and more."
Miami-Dade Condominium Sale Prices Have Appreciated 124% in the Last 10 Years
Existing condo median prices increased 2.5% year-over-year in October 2024, from $405,000 to $415,000. Condo median prices have stayed even or increased in 154 of the last 161 months, a span that covers 13.4 years.
Miami condo prices have risen 124.3% from October 2014 to October 2024, from $185,000 to $415,000.
Miami-Dade County single-family home median sale prices increased 8.5% year-over-year in October 2024, increasing from $618,217 to $670,750. Miami single-family median prices have risen for 155 consecutive months (12.9 years), the longest running-streak on record.
Miami single-family prices have risen 179.5% from October 2014 to October 2024, from $240,000 to $670,750.
Miami Again Ranks No. 1 in the Nation in Home Price Appreciation in November 2024
Miami continues to rank No. 1 in the U.S. in home price appreciation, according to the Core Logic US Home Price Insights November 2024
Miami's home equity gains are nearly two times the national figure. Home equity gains on a single-family home purchased in Q1 2009 and sold in Q1 2024 are: Miami-Dade County at $533,955 versus the U.S. average at $287,111, according to MIAMI REALTORS® analysis assuming 10% downpayment
Florida's Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area's median income.
Despite the increase in prices, Miami remains a value in comparison to other global cities. In Miami, $1M nets you at least 60 square meters of prime property, according to the 2024 Knight Frank The Wealth Report. This is much higher than other global cities: Sydney, Australia ($1M only purchases 43 square meters), Shanghai (42), Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22) and Monaco (16).
Miami Single-Family Home Transactions on Pace to Top Last Year's Total
Miami-Dade County single-family homes are ahead of last year's pace of transactions having posted 9,193 through the first 10 months of this year versus 9,080 in the same period last year, an increase of 1.24%.
Miami-Dade single-family homes have posted year-over-year sales gains in six of the first 10 months of the year.
Miami single-family home sales decreased 4.7% year-over-year, from 871 to 830. Miami-Dade total sales decreased 10.2% year-over-year, from 1,971 to 1,769. The decline is due to a 1% recent rise to push mortgage rates north of 7%, uncertainty of the presidential election, lack of inventory at key price points and more.
Miami $1M & Up Condo Sales Rise Year-over-Year
Miami-Dade $1M & up condo transactions increased 3.5% year-over-year in October 2024, from 114 to 118. Miami condos priced below $150K rose 36.4% year-over-year in October 2024, from 22 to 30.
Miami total existing condo sales, which are on pace with the state and nation, decreased 14.6% year-over-year in October 2024, from 1,100 to 939. Year-over-year Miami-Dade total condo sales declines from January to September 2024 (10.4%) are about equal to the condo sale declines of the state (10%) and nation (9.9%) via year-over-year data.
Condo sales, which increased 4.5% in April 2024, continues to see high demand and is heavy cash in properties $1M+.
The statistics would be much stronger if they included South Florida's robust developer new construction market and volume. The decline is due to lack of condo financing and inventory at key price points.
The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 2,374 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 23 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.
Just 0.9% of South Florida condo buildings are approved for FHA loans.
Mortgage Rates Stay Elevated Despite Fed Cut
Mortgage rates have increased since the Fed's first rate cut in four years in September. Rates were at 7.08% this week.
"With mortgage rates remaining elevated, wealthy buyers continue to drive Southeast Florida's market growth, with a phenomenal increase in the market share of million-dollar homes since the pandemic," MIAMI REALTORS® Chief Economist Gay Cororaton said. "However, the area's strong job growth and the marked presence of wealthy buyers have continued to bolster prices. As we head into 2025, I now expect to see mortgage rates hovering at over 6% in 2025 given rising inflation expectations, but the presence of wealthier buyers should make this marker more resilient to higher mortgage rates."
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.78% as of November 14. That's down from 6.79% one week ago and 7.44% one year ago.
Miami Condo Active Listings Are 28.4% Below Pre-Pandemic
Total inventory is still down 23.1% from the historical average for Miami. The annual historical average for Miami-Dade existing inventory is 20,302 and current inventory is at 15,606.
Total active listings at the end of September increased 44.4% year-over-year, from 10,805 to 15,606.
Inventory of single-family homes increased 31.3% year-over-year in October 2024 from 3,550 active listings last year to 4,660 last month.
Condominium inventory increased 50.9% year-over-year from 7,255 to 10,946 listings during the same period in 2023, but the total is still significantly below pre-pandemic. Current Miami condo inventory (10,946) is 28.4% below October 2019 pre-pandemic inventory (15,295).
Months' supply of inventory for single-family homes is 5.2 months, which indicates a buyer's market. Inventory for existing condominiums is 10.6 months, which also indicates a seller's market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of October was 1.37 million units, up 0.7% from September and 19.1% from one year ago (1.15 million). Unsold inventory sits at a 4.2-month supply at the current sales pace, down from 4.3 months in September but up from 3.6 months in October 2023.
Migration Bolstered South Florida's Household Income by $10 Billion
Migration bolstered Southeast Florida's aggregate household income by at least $10 billion in 2022, according to the latest most available Internal Revenue Service migration data after a new Miami Association of REALTORS® (MIAMI) analysis.
In Miami-Dade County, the average adjusted gross income of households who moved to the county (total adjusted gross income of movers divided by number of tax returns) was $175,600, which is 78% higher than the average income of households who left the county ($98,800) and 79% higher than the income of households who lived in the same county ($98,100).
Miami ranks No. 1 in the U.S. in luxury residential market price growth, via Knight Frank's 2024 Wealth Report. The same publication also ranked Miami among the Emerging Wealth Hubs. Miami is also ranked the No. 4 U.S. City for Millionaire Growth Rate over the Past Decade (75% increase), according to Henley & Partners and New World Wealth 2024 report.
Miami Real Estate Posts $217 Million Local Economic Impact in October 2024
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $123,000, according to NAR. Miami-Dade sold 1,769 homes in October 2024 for a local economic impact of $217 million.
Miami total dollar volume totaled $1.7 billion in October 2024. Single-family home dollar volume increased 10% year-over-year to $1 billion. Condo dollar volume decreased 9.91% year-over-year to $646 million.
Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.9% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, lower than 1.1% in October 2023. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.1% and 0.8% year-over-year, respectively, of total Miami sales in October 2024.
Miami's percentage of distressed sales less than the national figure. Nationally, distressed sales represented 2% of sales in October 2024, virtually unchanged from last month and the prior year.
Miami Sales, Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 18,617 in October 2024, down 15.6% year-over-year, while existing condo-townhouse sales totaled 6,499, down 19.9%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – expanded 3.4% from September to a seasonally adjusted annual rate of 3.96 million in October. Year-over-year, sales progressed 2.9% (up from 3.85 million in October 2023).
The statewide median sales price for single-family existing homes was $415,000, up 1.2% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month's statewide median price for condo-townhouse units was $315,000, down 2.2% vs. last year. The median is the midpoint; half the homes sold for more, half for less.
Nationally, the median existing-home price for all housing types in October was $407,200, up 4.0% from one year ago ($391,600). All four U.S. regions registered price increases.
Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95.8% in October 2024. The median percent of original list price received for existing condominiums was 94.7%.
The median number of days between listing and contract dates for Miami single-family home sales was 33 days, up from 26 days last year. The median time to sale for single-family homes was 74 days, down from 67 days last year.
The median number of days between the listing date and contract date for condos was 51 days, up from 33 days. The median number of days to sale for condos was 89 days, up from 75 days.
Miami Cash Sales 41.2% More than National Figure
Cash sales represented 35.3% of Miami closed sales in September 2024, compared to 41.8% in October 2023. About 27% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects Miami's top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 45.9% of all Miami existing condo sales and 23.3% of single-family transactions.
To access October 2024 Miami-Dade Statistical Reports, visit
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Realtors®
The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 104 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 279 international organizations worldwide. MIAMI's official website is
Media Contact
Chris Umpierre, MIAMI Association of REALTORS, 3054687047, [email protected],
SOURCE MIAMI Association of REALTORS
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