Miami FL Real Estate Market Overview

The Miami, FL real estate market is currently characterized by ¹ ²:

· High demand: Miami's housing market continues to attract buyers, especially those from high-density, high-taxed regions.

· Low inventory: Inventory shortages and rising mortgage rates are impacting the market.

· Price appreciation: The average Miami home value is $581,538, up 8.4% over the past year, with a longest running-streak of 150 consecutive months of price appreciation.

· Cash buyers: A significant percentage of cash buyers are contributing to the market's resilience.

· Migration: Southeast Florida remains a popular destination, with 153,347 driver licenses exchanged for Florida licenses in 2023, an 8.3% increase from 2022.

· Economic impact: The Miami real estate market contributes significantly to the local economy, with $294 million in May 2024.

· Steady growth: The market is expected to maintain its upward trajectory, albeit at a slower pace, with a 2.2% market forecast growth.

Additional Trends and Insights

· Single-family home sales: Miami-Dade County single-family home sales rose 6% year-over-year in May 2024.

· Total home sales: Total home sales in Miami declined 0.6% year-over-year in May 2024.

· Existing condos: Existing condos saw a decrease of 5.6% year-over-year in May 2024.

· Homes priced $1M and up: Homes priced $1M and up surged 9.5% year-over-year in May 2024.

· Mid-market condos: Mid-market condos (priced between $400,000 to $600,000) increased 7.5% year-over-year in May 2024.

· New listings: Miami new listings have increased for the ninth consecutive month and are nearing pre-pandemic levels.

· Active listings: Total active listings increased by 43.7% year-over-year in May 2024.