Official Stats on the Miami-Dade County Real Estate Market
MIAMI — Miami-Dade County single-family home sales rose 6% year-over-year in May 2024 as South Florida real estate continues to buck national trends because of its robust migration, jobs market and cash buyers, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
“Miami real estate is always the exception to the rule,” MIAMI Chairman of the Board Gus Fonte said. “While other U.S. markets are seeing prices and sales decline, Miami home equity has surged two times the national figure over the last 15 years. Massive in-migration of households with higher incomes from the Northeast plus a high percentage of cash buyers is shielding the market from most of the impact of elevated mortgage rates.”
Miami-Dade County homeowners have earned nearly two times the national figure in home equity gains in the last 15 years with $533,955 in equity compared to the U.S. average of $287,111, according to new MIAMI REALTORS® analysis. The home equity gains are based on single-family homes purchased in Q1 2009 and sold in Q1 2024.
Miami Single-Family Home Sales Gains in Six of the last 7 Months
Miami single-family home sales increased 6% year-over-year, from 1,040 to 1,102. Miami single-family home sales have posted year-over-year gains in six of the last seven months.
Miami total home sales declined negligibly 0.6% year-over-year in May 2024, from 2,412 to 2,397. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume.
Miami existing condos, which rose in April 2024, decreased 5.6% year-over-year in May 2024, from 1,372 to 1,295. The condo market declined due to a lack of inventory at key price points. About 53% of new condo inventory is at $600,000 or above.
Miami $1M & Up Total Home Sales, Mid-Market Condo Sales Rise
Total $1M & up Miami home sales surged 9.5% year-over-year in May 2024, from 409 to 448. The upper end market is posting sizable sales gains because that’s where most of the new inventory is.
Miami mid-market condos, priced between $400,000 to $600,000, increased 7.5% year-over-year in May 2024, from 334 to 359.
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 Chief Economist: South Florida Price Appreciation to Continue
“High mortgage rates continue to derail sales, but home prices are still rising in over half of markets across all counties,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “The price appreciation reflects the rising share of million-dollar home sales and the competition for lower priced homes. I don’t foresee this appreciation abating with mortgage rates heading towards a quarter percent below 7% by the end of 2024 and a quarter percent below 6% by the end 2025, boosted by the entry of frustrated buyers from the past three years.”
According to Freddie Mac, the 30-year fixed-rate mortgage 6.87% as of June 20. That’s down from 6.95% the prior week but up from 6.67% one year ago.
Miami New Listings Nearing Pre-Pandemic Level, Giving Buyers More Options
Miami new listings have increased for the ninth consecutive month and are nearing pre-pandemic levels. This has added to total inventory and is giving home buyers more variety.
Miami total new listings increased 14.12% year-over-year in May 2024, from 3,280 to 3,743.
Miami-Dade Inventory is Still Down 33.9% From Historical Average
Total inventory is down 33.9% from the historical average for Miami. The monthly historical average for Miami-Dade existing inventory is 20,302 and current inventory is at 13,405.
Total active listings at the end of May increased 43.7% year-over-year, from 9,331 to 13,405.
Inventory of single-family homes increased 30.8% year-over-year in May 2024 from 3,018 active listings last year to 3,949 last month. Condominium inventory increased 49.8% year-over-year from 6,313 to 9,456 listings during the same period in 2023.
Months’ supply of inventory for single-family homes is 4.4 months, which indicates a seller’s market. Inventory for existing condominiums is 8.6 months, which indicates a balanced market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of May was 1.28 million units, up 6.7% from April and 18.5% from one year ago (1.08 million). Unsold inventory sits at a 3.7-month supply at the current sales pace, up from 3.5 months in April and 3.1 months in May 2023.
Miami Real Estate: 12+ Years of Consecutive Home Price Appreciation
Miami-Dade County single-family home median prices increased 6% year-over-year in May 2024, increasing from $620,000 to $650,000. Miami single-family median prices have risen for 150 consecutive months (12.5 years), the longest running-streak on record. Miami single-family prices have risen 242.1% from May 2012 to May 2024, from $190,000 to $650,000.
Existing condo median prices increased 2.4% year-over-year in May 2024, from $415,000 to $425,000. Condo median prices have stayed even or increased in 150 of the last 156 months. Miani condo prices have risen 183.3% from May 2012 to May 2024, from $150,000 to $425,000.
Miami ended 2023 as the highest appreciating U.S. housing market via CoreLogic.
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).
South Florida’s Massive Wealth Migration
With elevated levels of out-of-state migration into Southeast Florida and its strong economy that has attracted business expansions and relocations, the share of million-dollar homes to total sales has steadily climbed since 2019. In 2023, the share of million-dollar homes to total single-family sales listed on the MIAMI SEFMLS rose to 17% in 2023 (6% in 2019); for condos/townhomes, the share rose to 9% (5% in 2019).
Migration into Southeast Florida remains strong. In 2023, 153,347 driver licenses were exchanged for a Florida license in the counties of Miami-Dade, Broward, Palm Beach, and Martin, up 8.3% from the level in 2022 (141,621). New York, New Jersey, and California continue to be the market’s top feeder states.
Miami Real Estate Posts $294 Million Local Economic Impact in May 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 2,397 homes in May 2024 for a local economic impact of $294 million.
Miami total dollar volume totaled $2.2 billion in May 2024. Single-family home dollar volume increased 21.6% year-over-year to $1.3 billion. Condo dollar volume decreased 4.1% year-over-year to $943 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 May 2023. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.2% and 0.8% year-over-year, respectively, of total Miami sales in May 2024.
Miami’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in May 2024, virtually unchanged from last month and the prior year.
Miami Sales, Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 26,252 in May 2024, down 0.5% year-over-year, while existing condo-townhouse sales totaled 10,415, down 8.6%. 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 – retreated 0.7% from April to a seasonally adjusted annual rate of 4.11 million in May. Year-over-year, sales waned 2.8% (down from 4.23 million in May 2023).
The statewide median sales price for single-family existing homes was $426,581, up 1.6% 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 $330,000, up 1.5% over the year-ago figure. 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 May was $419,300, the highest price ever recorded and an increase of 5.8% from one year ago ($396,500). All four U.S. regions registered price gains.
Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 96.2% in May 2024. The median percent of original list price received for existing condominiums was 95.2%.
The median number of days between listing and contract dates for Miami single-family home sales was 33 days, down from 27 days last year. The median time to sale for single-family homes was 76 days, down from 71 days last year.
The median number of days between the listing date and contract date for condos was 46 days, up from 36 days. The median number of days to sale for condos was 87 days, up from 77 days.
Miami Cash Sales 37.5% More than National Figure
Cash sales represented 38.5% of Miami closed sales in May 2024, compared to 40.9% in May 2023. About 28% 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 48.9% of all Miami existing condo sales and 26.2% of single-family transactions.
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
Resource: MIAMI Association of Realtors®
* It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
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