Latest Surge in Miami Real Estate Sales Provides Optimism for 2025

According to Islander News, the Miami real estate market ended 2024 on a high note, with buyers and sellers continuing to actively engage in transactions. Data from the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS) show that Miami-Dade County closed 2024 with higher sales, increased dollar volume, price appreciation, and greater inventory compared to 2023.

Total home sales in Miami-Dade rose by 2.9% in December 2024 compared to the previous year. Single-family home transactions increased by 9.9%, while luxury condos priced at $1 million and above saw a significant 51% jump compared to December 2023.

This surge in December contributed to a total of 10,738 single-family home sales for 2024, reflecting a 1.9% increase over 2023. Meanwhile, high-end condo sales ($1 million & up) totaled 1,736 transactions for the year, a 1.6% rise from the previous year.

In December alone, 829 single-family homes were sold in Miami, marking a 9.9% increase from 754 transactions in December 2023. Sales in this category showed year-over-year gains in eight of the twelve months in 2024, indicating steady demand.

One major factor influencing the late-year surge was buyer hesitation earlier in 2024 due to the presidential election.

While total condo sales in Miami-Dade declined by 2.6% in December 2024, dropping from 960 to 935 transactions, some segments performed well. The luxury condo market ($1 million & up) recorded a 50.9% rise in December sales, reaching 115 transactions, despite the overall slowdown in the broader condo sector.

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Source: islandernews.com