Miami-Dade County's real estate market showed significant growth in April 2024, with total home sales rising by 5.4% year-over-year. Single-family home sales increased by 6.5%, while condo sales saw a 4.5% uptick, according to the MIAMI Association of Realtors and the MIAMI Southeast Florida Multiple Listing Service.
Cash Buyers and Wealth Migration Drive Market
The resilience of Miami's real estate market can be attributed to a high percentage of cash buyers and significant wealth migration. MIAMI Chairman Gus Fonte highlighted that cash buyers, who saw a double-digit increase, greatly boosted the condo market, particularly for properties priced at $300,000 and above.
Luxury Market Soars
Sales of homes priced at $1 million and up jumped by 29.4%, with condo transactions in this range soaring by 45% and single-family home transactions rising by 18.5%. Miami is recognized as the top U.S. city for luxury residential market price growth and ranks highly for wealth migration and millionaire growth rates.
Job Growth and Migration Support Market Stability
Despite rising interest rates, Miami's housing market remains robust, bolstered by strong job growth and migration. The 30-year fixed mortgage rate averaged 7.02% in mid-May, yet Miami continues to attract buyers, particularly cash buyers who are less affected by these rates.
Increase in New Listings and Inventory
New listings in Miami have been rising for eight consecutive months, approaching pre-pandemic levels and providing more options for buyers. However, total inventory remains 35.5% below historical averages. Active listings at the end of April increased by 39.6% year-over-year.
Sustained Price Appreciation
Miami has experienced over 12 years of consecutive home price appreciation. In April 2024, the median price for single-family homes rose by 9% to $654,000, while condo prices increased by 7% to $444,000. Despite these increases, Miami remains a relative bargain compared to other global cities.
Economic Impact
The sale of homes in Miami had a significant economic impact, generating $285 million in April 2024. The total dollar volume for the month was $2.2 billion, with single-family home sales contributing $1.2 billion.
Healthy Market Indicator
Distressed sales remain low, making up only 0.9% of all closed sales, indicating a healthy market. Miami's cash sales were significantly higher than the national average, with cash purchases accounting for 40.3% of all sales.
About the Author: Liz Kenneally is a seasoned real estate agent in Miami with extensive experience in the city's dynamic market. She is also licensed in community association management. Liz specializes in coveted neighborhoods of Coral Gables, Dadeland, Continental Park, East Kendall, Palmetto Bay, Pinecrest, South Miami, and The Falls, Liz ensures smooth transactions for her diverse clientele. Fluent in both English and Spanish, she can be contacted at 786-423-3348 or through the EMAIL AGENT form provided alongside this blog.