Who’s Moving to Miami? A Look at the Global and Domestic Buyers Fueling Miami’s Booming Real Estate Market

by William Gartin

Miami Real Estate Market : Strong Demand and Global Interest

The MIAMI Association of REALTORS® (MIAMI) recently highlighted the ongoing strength and appeal of Miami's single-family home market. For the 29th consecutive month, Colombia led as the top international source of web searches for South Florida properties, showcasing Miami's popularity among international buyers. Over 146 countries actively searched for Miami properties on MiamiRealtors.com in August 2024, emphasizing the city’s global draw and its importance as a real estate hub.

Top Countries Searching for Miami Single-Family Homes in August 2024

Colombia - 9%
India - 6%
Philippines - 7%
China - 5%
Canada - 5%

Colombians, in particular, continue to lead international purchases, accounting for 15% of all foreign sales in South Florida in 2023. Miami’s appeal stems from its economic growth, cultural diversity, warm climate, and lifestyle options, making it an ideal choice for buyers from around the world.

Miami Single-Family Homes: Affordable Luxury Compared to Global Markets

Despite rising property values, Miami remains a relatively affordable option for luxury homebuyers compared to other major cities. According to the Knight Frank Wealth Report, a $1 million investment in Miami buys approximately 64 square meters of prime property, nearly double the space available for the same price in cities like New York and London. This relative affordability adds to Miami's appeal for international buyers seeking value and luxury.

Migration Fuels Economic Growth and Demand for Single-Family Homes

Migration to South Florida has significantly boosted the local economy, adding at least $10 billion to household incomes. In Miami-Dade County, the average adjusted gross income of households moving to the area ($175,600) is substantially higher than those leaving ($98,800). This influx of higher-income residents has helped sustain strong demand for single-family homes, contributing to Miami’s ongoing growth and prosperity.

Record Appreciation in Miami’s Single-Family Home Prices

Miami has consistently ranked first in the U.S. for home price appreciation. In September 2024, single-family home prices in Miami-Dade County increased by 8.9% year-over-year, reaching a median price of $653,400. This marks the 154th consecutive month of rising single-family home prices, illustrating Miami’s enduring value as a real estate investment. Over the last decade, single-family home prices have surged 161%, from $250,000 in 2014 to today’s median of $653,400.

Top U.S. Cities and States Showing Interest in Miami Real Estate

Virginia emerged as the leading state for domestic web searches for Miami real estate in August 2024, followed by Georgia, New York, and Ohio. On the city level, New York, Washington D.C., and Atlanta ranked highest in searches for Miami properties, underscoring Miami’s popularity among East Coast buyers.

Inventory and Market Conditions for Miami Single-Family Homes

Inventory levels for single-family homes in Miami-Dade County have increased significantly, with a 35.7% year-over-year rise in active listings as of September 2024. Despite this increase, inventory remains below historical averages, resulting in a seller’s market with a 5.1-month supply of single-family homes. This low supply supports continued demand and price appreciation, positioning Miami as a strong market for sellers.

Economic Impact and Future Outlook

Each home sale in Florida has a substantial economic impact, generating approximately $123,000 in local spending. With 1,692 homes sold in September 2024, Miami’s single-family home market contributed over $200 million to the local economy that month. Although mortgage rates remain elevated, Miami’s real estate market is forecasted to stay robust as rates are expected to decrease, potentially boosting buyer activity even further.

Miami’s unique combination of affordability, luxury, and strong economic growth makes it a prime destination for both domestic and international homebuyers. As the market continues to evolve, Miami remains an attractive and resilient choice for anyone looking to invest in a dynamic real estate environment. Whether you're looking for a family home or a lifestyle upgrade, Miami’s single-family home market offers unparalleled opportunities.

Ready to explore the Miami market? Contact William Gartin with eXp Realty at 305-842-6097 or visit williamgartinrealestate.com. Let’s make your Miami dream home a reality!