Miami-Dade County continues to be a dynamic hub for real estate, and Q3 2024 did not disappoint. As a real estate professional specializing in Kendall, one of the hottest markets in the area, I’m thrilled to share the latest trends and data. This quarter has been a fascinating mix of growth, inventory shifts, and pricing dynamics that every buyer and seller should know about.
Sales Growth and Rising Prices
In Q3 2024, single-family home sales in Miami-Dade rose 1.1% year-over-year, with 2,781 homes sold. While this might not seem like a massive leap, it signals a steady demand even in a changing economic environment. The median sale price for single-family homes also climbed to $650,000, reflecting a 5.7% increase. For those of us who’ve been watching the market, this growth showcases Miami-Dade’s resilience and continued appeal.
Kendall, in particular, has remained one of the top-selling markets. As someone who lives and works here, I’m proud to see its ongoing success. Kendall offers a unique blend of suburban charm, excellent schools, and vibrant amenities, making it a favorite for families and professionals alike. It’s not just a neighborhood; it’s a community where people truly feel at home.
Inventory on the Rise
One of the most significant changes this quarter has been in active inventory. Miami-Dade saw a 35.7% increase in available listings, rising to 4,503 homes. This shift has resulted in a 5.1-month supply of inventory, up 34.2% from the same time last year. For context, a balanced market typically has about a six-month supply, so we’re inching closer to equilibrium.
What does this mean for buyers and sellers? For buyers, more inventory translates to increased choices and potentially less competition for properties. However, with the median sale price rising, affordability remains a challenge for many. Sellers, on the other hand, may find that while demand remains strong, the growing inventory means pricing your home competitively is more critical than ever.
Time to Contract: A Slower Pace
Another noteworthy trend is the average time to contract, which increased by 39.1% to 32 days. While Miami’s market has long been known for its fast-paced transactions, this slight slowdown could be a sign of buyers taking more time to weigh their options, especially with more inventory on the market.
For sellers, this means patience might be necessary. Homes are still selling, but it’s taking a bit longer to find the right buyer. Pricing, presentation, and marketing—all things I help my clients with—are more important than ever in ensuring your home stands out. It’s not just about listing a property; it’s about telling its story and making it shine.
Kendall: A Star Performer
Kendall is home to a diverse and vibrant population, with nearly 80,000 residents as of the latest census data. The average household income in Kendall is approximately $78,000, which is notably higher than the county average, reflecting the area's robust economic opportunities.
Additionally, Kendall’s schools consistently rank among the best in Miami-Dade, offering exceptional education options from elementary to high school levels. The community is known for its cultural diversity, with a significant portion of the population being of Hispanic or Latino origin, reflecting Miami’s rich cultural tapestry.
Religious affiliation also plays a role in Kendall’s diverse makeup. Approximately 40.6% of residents identify with a religion, with the majority being Christian. Of these, 22.4% are Catholic, 5.4% Baptist, and smaller percentages belong to other denominations like Pentecostal and Methodist.
Non-Christian faiths also have a presence, including 1.2% Jewish and 0.9% Muslim residents. This data, sourced from BestPlaces.net, underscores Kendall's inclusive and multicultural character, offering a variety of spiritual communities and places of worship.
Families and professionals are drawn to Kendall for its highly rated schools, a median household income above the county average, and a variety of housing options that cater to different budgets. Whether you’re looking for a single-family home or a modern townhouse, Kendall has something for everyone.
Kendall continues to shine as one of the most sought-after neighborhoods in Miami-Dade. Its mix of family-friendly communities, vibrant local amenities, and proximity to key highways makes it a magnet for homebuyers. This quarter’s data reinforces what I’ve always known: Kendall is a fantastic place to live and invest in.
As someone deeply rooted in the Kendall community, I’ve seen firsthand how its appeal has grown over the years. Whether it’s the excellent schools, the diverse dining options, or the strong sense of community, Kendall checks all the boxes for many buyers.
If you’re thinking about buying or selling in Kendall, now is a great time to get in touch—I’d love to help you navigate the market. Every neighborhood has its own charm, and Kendall’s charm is undeniable.
What’s Driving These Trends?
Several factors are influencing these Q3 2024 trends in Miami-Dade:
Economic Stability: Despite national concerns about inflation and interest rates, Miami’s economy has remained robust. Job growth, particularly in tech and finance, continues to attract new residents.
Migration Patterns: Miami’s appeal to out-of-state buyers, especially from high-tax states, has kept demand steady. These buyers often come with higher budgets, contributing to the rise in median sale prices.
Interest Rates: While rates remain higher than pre-pandemic levels, they’ve stabilized somewhat, giving buyers more confidence to enter the market. That said, affordability remains a challenge for first-time buyers, especially in a competitive market like Miami-Dade.
Lifestyle Appeal: Miami’s year-round sunshine, cultural diversity, and vibrant lifestyle continue to draw people from across the country and the world. For many, Miami isn’t just a place to live; it’s a place to thrive.
Tips for Buyers and Sellers
Whether you’re buying or selling, navigating today’s real estate market requires a strategic approach. Here are some tips tailored to the current Miami-Dade trends:
Buyers
With more inventory available, take the time to explore your options. Work with a local expert (like me!) who knows the neighborhoods inside and out. And remember, getting pre-approved for a mortgage is more important than ever in showing sellers you’re serious. Having a clear picture of your budget will also help you focus on homes that truly fit your needs.
Sellers
Pricing your home correctly is crucial in a market with rising inventory. Consider making small upgrades to boost your home’s appeal. And don’t forget the power of professional photography—it’s often the first impression buyers will have of your home. Staging your home to highlight its best features can also make a big difference.
Looking Ahead
As we move into the final quarter of 2024, the Miami-Dade real estate market shows no signs of slowing down. While rising inventory and longer time-to-contract periods signal a shift toward a more balanced market, demand remains strong, especially in high-demand areas like Kendall.
For anyone considering buying or selling, staying informed about market trends is essential. Whether you’re looking to find your dream home, sell for top dollar, or simply learn more about the market, I’m here to help. With my expertise in Kendall and surrounding areas, I can provide the guidance and insights you need to make confident decisions.
Ready to Make Your Move?
If you’re considering buying or selling in Kendall or anywhere in Miami-Dade, let’s connect. I specialize in helping clients navigate this exciting market, and I’d love to work with you. Reach out today to learn more about how I can help you achieve your real estate goals! Your journey to success in the Miami-Dade market starts with a conversation—let’s make it happen!
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