Miami-Dade County single-family home sales have seen an upward swing in the first quarter of 2024 as reported by Chris Umpierre in the article Miami-Dade 1Q 2024 Single-Family Home Sales Rise. According to recent statistics released by the MIAMI Association of Realtors (MIAMI) and the Southeast Florida Multiple Listing Service (SEFMLS), these monthly transactions are consistently maintaining the pre-pandemic normal range.
A Closer Look at the Numbers
In a year-over-year comparison, Miami-Dade single-family home sales saw a 1.5% increase in 1Q 2024, with numbers rising from 2,413 to 2,449. The city saw a s 22.5% drop in existing condo sales year-over-year. It dipped from 1,420 in March 2023 to 1,100 in March 2024. The culprit? Lack of inventory at pivotal price points and sky-high mortgage rates.
Despite the dip in condo sales, Miami saw a 5% increase in home sales over $1M in March 2024.
Now, brace yourselves for the next BIG thing. Miami skyrocketed to the No. 1 spot for Millionaire Growth Rate over the past decade, boasting a whopping 75% increase.
Miami's Real Estate Demand Continues to Soar
"Miami real estate demand remains high, and you can see it from new global migration data and new-to-market company relocations," says MIAMI Chairman of the Board, Gus Fonte. He further emphasized that while the supply is also increasing, Miami's market is still in need of more new listings at key price points due to its high-demand, low-supply nature.
Leading the Nation
It's not just the local market where Miami is making waves. On a nationwide scale, the city has secured impressive rankings. In 2023, the CoreLogic S&P CoreLogic Case-Shiller Indices recognized Miami as the Highest Appreciating U.S. Housing Market. Moreover, according to new Census numbers, Miami ranks No. 1 in the U.S. for international migration.
The Historical Perspective
Looking at the historical data, Miami-Dade's single-family home sales for March 2024 totaled 1,041. While this is slightly below the historical average of 1,095 transactions for the period 2008-2019, Miami-Dade inventory is down 36.7% from the historical average.
