Miami-Dade County total home sales, single-family home transactions and $1M & up condo sales surged in December 2024 as Miami single-family homes ended 2024 with more sales, more dollar volume, price appreciation and inventory versus 2023
MIAMI, Jan. 24, 2025 /PRNewswire-PRWeb/ -- Miami-Dade County total home sales, single-family home transactions and $1M & up condo sales surged in December 2024 as Miami single-family homes ended 2024 with more sales, more dollar volume, price appreciation and inventory versus 2023, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Miami total home sales (+2.9%), single-family home transactions (+9.9%), $1M & up condo sales (+51%) posted year-over-year gains in December 2024. The robust month led Miami single-family homes to end 2024 with 10,738 transactions, 1.9% more than 2023. Miami $1M & up condo sales ended 2024 with 1,736 transactions, 1.6% more than 2023.
"Now that the presidential election is over and we have more certainty, buyers who have been waiting on the sidelines are now making moves," 2025 MIAMI Chairman Eddie Blanco said. "South Florida leads the U.S. in price appreciation, migration, luxury sales, global buyers and more. Even with mortgage rates topping 7%, Miami total sales surged in December 2024. That speaks to our high-demand, low-supply market."
Realtor.com ranked Miami-Fort Lauderdale-Pompano Beach, FL as the No. 2 Top Housing Market in the U.S. for 2025, forecasting a 24% year-over-year increase in sales and a 9% increase in median sale prices for 2025. Miami also ranks No. 2 in the U.S. in home-price appreciation, according to the January 2025 CoreLogic U.S. Home Price Insights.
Miami-Dade Condominium Sale Prices Have Appreciated 126% in the Last 10 Years
Existing condo median prices increased 4.9% year-over-year in December 2024, from $410,000 to $430,000. Condo median prices have stayed even or increased in 156 of the last 163 months, a span that covers 13.6 years.
Miami condo prices have risen 126.3% from December 2014 to December 2024, from $190,000 to $430,000.
Miami-Dade County single-family home median sale prices increased 10.7% year-over-year in December 2024, increasing from $610,000 to $675,000. Miami single-family median prices have risen for 157 consecutive months (13.1 years), the longest running-streak on record.
Miami single-family prices have risen 175.5% from December 2014 to December 2024, from $245,000 to $675,000.
Miami Real Estate Home Equity & Appreciation is Nearly 2X the National Figure
Miami's home equity gains are nearly two times the national figure. Home equity gains on a single-family home purchased in Q3 2009 and sold in Q3 2024 are: Miami-Dade County at $542,175 versus the U.S. average at $310,232, according to new MIAMI REALTORS® Research.
Florida's Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area's median income.
Despite the increase in prices, Miami remains a value in comparison to other global cities. In Miami, $1M nets you at least 60 square meters of prime property, according to the 2024 Knight Frank The Wealth Report. This is much higher than other global cities: Sydney, Australia ($1M only purchases 43 square meters), Shanghai (42), Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22) and Monaco (16).
Miami Total Sales, Single-Family Home Sales Surge in December 2024
Miami-Dade County total sales increased 2.9% year-over-year in December 2024, from 1,714 to 1,764.
Miami single-family home sales increased 9.9% year-over-year, from 754 to 829. Miami single-family homes posted year-over-year gains in eight of the 12 months in 2024. Miami single-family homes ended 2024 with 10,738 transactions, 1.9% more than 2023.
Both Luxury and Affordable Miami Condo Sales Rise Year-over-Year
Miami-Dade $1M & up condo transactions increased 50.9% year-over-year in December 2024 to 115 transactions.
Affordable Miami condo sales are increasing. Miami condos priced between $150K to $200K rose 14.3% year-over-year in December 2024 to 39 transactions. Miami condos priced between $200K to $250K increased 13.2% year-over-year in December 2024 to 86 sales.
Miami total existing condo sales, which are on pace with the state and nation, decreased 2.6% year-over-year in December 2024, from 960 to 935. The statistics would be much stronger if they included South Florida's robust developer new construction market and volume. The decline is due to lack of condo financing and inventory at key price points.
The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 21 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.
Just 0.9% of South Florida condo buildings are approved for FHA loans.
South Florida Sales Rise as Mortgage Rates Stay Elevated
Mortgage rates have only increased since the first fed cut in September 2024.
"Southeast Florida's single-family market ended the year on a remarkable upswing, with sales up in all counties, prices rising at a broad level, and inventory still below 6 months' supply," MIAMI REALTORS® Chief Economist Gay Cororaton said. "Rising mortgage rates are still a major headwind in the first half of the 2025, but we'll likely see a vigorous upswing in sales and prices in 2025 particularly in the second half of the year as mortgage rates fall to the mid 6%."
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.96% as of January 23. That's down from 7.04% one week ago but up from 6.69% one year ago.
Miami Condo Active Listings Are 23.2% Below Pre-Pandemic
Total inventory is still down 21.5% from the historical average for Miami. The annual historical average for Miami-Dade existing inventory is 20,302 and current inventory is at 15,939.
Total active listings at the end of December increased 39.3% year-over-year, from 11,445 to 15,939, but not enough to make up for the lack of inventory.
Inventory of single-family homes increased 24.7% year-over-year in December 2024 from 3,755 active listings last year to 4,683 last month.
Condominium inventory increased 46.4% year-over-year from 7,690 to 11,256 listings during the same period in 2023, but the total is still significantly below pre-pandemic. Current Miami condo inventory (11,256) is 23.2% below December 2019 pre-pandemic inventory (14,662).
Months' supply of inventory for single-family homes is 5.2 months, which indicates a seller's market. Inventory for existing condominiums is 11.1 months, which indicates a buyer's market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of December was 1.15 million units, down 13.5% from November but up 16.2% from one year ago (990,000). Unsold inventory sits at a 3.3-month supply at the current sales pace, down from 3.8 months in November but up from 3.1 months in December 2023.
Miami Total Dollar Volume Rises 30.4% Year-over-Year
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $123,000, according to NAR. Miami-Dade sold 1,764 homes in December 2024 for a local economic impact of $216.9 million.
Miami total dollar volume totaled $1.7 billion in December 2024, up 30.4% vs. December 2023. Single-family home dollar volume increased 43.72% year-over-year to $982 million. Condo dollar volume increased 15.8% year-over-year to $714 million.
Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.7% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, versus 0.9% December 2023. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.1% and 0.6%, respectively, of total Miami sales in December 2024.
Miami's percentage of distressed sales are less than the national figure. Nationally, distressed sales represented 2% of sales in December 2024, virtually unchanged from last month and the prior year.
Miami Sales, Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 20,784 in December 2024, up 12.8% year-over-year, while existing condo-townhouse sales totaled 7,169, down 0.5%.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 2.2% from November to a seasonally adjusted annual rate of 4.24 million in December. Year-over-year, sales swelled 9.3% (up from 3.88 million in December 2023).
The statewide median sales price for single-family existing homes was $415,000, up 1.2% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month's statewide median price for condo-townhouse units was $315,000, down 4.5% vs. last year. The median is the midpoint; half the homes sold for more, half for less.
Nationally, the median existing-home price for all housing types in December was $404,400, up 6.0% from one year ago ($381,400). All four U.S. regions posted price increases.
Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95% in December 2024. The median percent of original list price received for existing condominiums was 93.8%.
The median number of days between listing and contract dates for Miami single-family home sales was 43 days, up from 28 days last year. The median time to sale for single-family homes was 83 days, up from 69 days last year.
The median number of days between the listing date and contract date for condos was 58 days, up from 37 days. The median number of days to sale for condos was 96 days, up from 76 days.
Miami Cash Sales 44.3% More than National Figure
Cash sales represented 40.4% of Miami closed sales in December 2024, compared to 39.7% in December 2023. About 28% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects Miami's top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 51% of all Miami existing condo sales and 28% of single-family transactions.
To access December 2024 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Realtors®
The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 105 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 279 international organizations worldwide. MIAMI's official website is http://www.MiamiRealtors.com
Media Contact
Chris Umpierre, MIAMI Association of REALTORS, 3054687047, [email protected], www.MiamiRealtors.com
SOURCE MIAMI Association of REALTORS
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