Miami Single-Family Home Sales Surge in 3Q 2024: On Track to Surpass Last Year’s Totals

Miami’s real estate market continues to thrive in 2024, with single-family home sales on pace to surpass 2023 figures. According to the MIAMI Association of Realtors and the Miami Southeast Florida MLS, single-family home sales saw a year-to-date increase of 1.9% through September 2024, with 8,363 homes sold compared to 8,209 during the same period last year.

Single-Family Homes & Luxury Market Performance

The steady rise in Miami’s housing market is largely driven by the wealth migration into South Florida, which continues to bolster sales of high-end properties. The most significant growth was seen in properties priced over $1 million, which have consistently outperformed pre-pandemic levels, thanks to increased demand from both domestic and international buyers.

"The wealth migration to South Florida continues to impact all real estate price buckets north of $1 million," said MIAMI Chairman Gus Fonte. Miami remains the top U.S. market for home price appreciation, with single-family homes seeing a 161% price increase over the last decade—from $250,000 in September 2014 to $653,400 in September 2024.

Miami-Dade County Condo Sales Soar

While single-family homes saw notable growth, Miami’s luxury condo market experienced a tremendous boom. In September 2024, condo transactions priced at $1 million and above surged 87% compared to pre-pandemic levels in 2019. This surge has been driven by Miami's luxury real estate appeal, with properties selling faster than ever.

Rising Property Prices

Property values in Miami continue to rise. Single-family home median prices increased 8.9% year-over-year, reaching $653,400 in September 2024. Condo prices have also appreciated significantly, increasing 115% over the last decade. Despite these price hikes, Miami remains a value-driven market compared to other global cities. For $1 million, buyers can still acquire a minimum of 60 square meters of prime property in Miami, which offers more space than in cities like New York or London.

Limited Inventory & Elevated Demand

Despite increased sales, inventory remains tight. Active single-family home listings rose 35.7% year-over-year, but it remains a seller’s market with a 5.1-month supply. Condo inventory is also below historical levels, with a 10.1-month supply, keeping demand strong. This scarcity of properties, combined with elevated mortgage rates, has contributed to the steady price appreciation seen in Miami.

Future Market Outlook

Miami’s real estate market is expected to remain resilient. Although elevated mortgage rates and the upcoming presidential election may cause some market fluctuations, Miami's job market and continued migration will likely keep demand for housing strong. With mortgage rates expected to decline, buyers may see even more favorable conditions moving forward.

For more information on Miami real estate trends or to explore available listings, contact me directly:

William Gartin
EXP Realty
305-842-6097
williamgartinrealestate.com