Homeowners in Miami-Dade, Florida, have witnessed their property values double in just 15 years, according to statistics reviewed by Miami Realtors. The president of the MIAMI Board, Gus Fonte, recently noted that the real estate market in the Sunshine City "always defies the norm."
He argued that while other real estate markets in the United States are experiencing declines in prices and sales, "the value of homes in Miami has increased at twice the national rate over the past 15 years."
Several factors contribute to this remarkable trend. Firstly, the expert highlights the "massive influx of high-income households from the Northeast." Additionally, a noteworthy factor is the "high percentage of cash buyers protecting the market from the impact of elevated mortgage rates."
Statistics from the Miami Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS) reveal that homeowners in Miami-Dade County have seen their property values almost double the national average over the past 15 years. The current reference value stands at $533,955 compared to a U.S. average of $287,111.
Key Real Estate Market Data in Miami-Dade Until June 2024
If you're planning to invest in a home in South Florida, here are some essential market insights to consider:
Single-family home sales in Miami-Dade County increased by 6% year-over-year in May 2024, from 1,040 to 1,102. Total home sales in Miami saw a slight decline of 0.6% year-over-year, from 2,412 to 2,397. Existing condo sales in Miami dropped by 5.6% year-over-year in May 2024, from 1,372 to 1,295, due to a lack of inventory in key price points.
Sales of Miami homes priced at $1 million and above rose by 9.5% year-over-year in May 2024, from 409 to 448. Mid-market condos in Miami, priced between $400,000 and $600,000, increased by 7.5% year-over-year in May 2024, from 334 to 359.
Miami ranks number one in the U.S. for luxury residential market price growth and is an emerging wealth hub. Price appreciation in South Florida is expected to continue due to competition for lower-priced homes and the proportion of million-dollar home sales.
New property listings in Miami rose by 14.12% year-over-year in May 2024, from 3,280 to 3,743. The housing inventory in Miami-Dade remains 33.9% below the historical average, with a 43.7% year-over-year increase in active listings, from 9,331 to 13,405.
Cash sales accounted for 38.5% of closed sales in May 2024, reflecting Miami's status as the preferred real estate market for foreign buyers and those from more expensive states across the country.
Frequently Asked Questions About Miami-Dade Real Estate Market
Given the impressive growth in property values and the dynamic nature of the Miami-Dade real estate market, here are some common questions and answers to help you navigate your investment decisions:
Why have property values in Miami-Dade doubled in the past 15 years?
Several factors, including a massive influx of high-income households from the Northeast and a high percentage of cash buyers, have contributed to the significant increase in property values.
How does Miami's real estate market compare to other U.S. markets?
Unlike many other U.S. markets experiencing declines in prices and sales, Miami's real estate market has seen property values increase at twice the national rate over the past 15 years.
What is the current average property value in Miami-Dade compared to the national average?
As of now, the average property value in Miami-Dade is $533,955, significantly higher than the national average of $287,111.