Miami-Dade Condo Market Sees Continued Growth in $1M+ Sales

According to prweb.com, Miami-Dade County’s condominium market continues to show growth in the $1M+ segment. In October 2024, existing $1M+ condo sales rose by 3.5% compared to the same time last year, with a steady demand for luxury units. Median sale prices for Miami condos have increased by 124% over the past decade, from $185,000 in 2014 to $415,000 in 2024. These increases reflect the region’s long-standing trend of price appreciation, with condo values rising in 154 of the past 161 months.

Despite higher prices, Miami’s condos remain a competitive value when compared to other global cities. For example, $1M in Miami gets at least 60 square meters of prime property, surpassing other luxury markets such as Sydney and New York. The ongoing demand for Miami condos is also supported by the city’s strong job market and favorable migration patterns.

Miami’s real estate market remains robust, with single-family home transactions also showing strong performance. The condo market, in particular, continues to attract affluent buyers, ensuring that Miami’s luxury real estate sector remains resilient.

As Miami-Dade’s real estate market continues to evolve, condo prices are likely to remain a key point of interest for both investors and buyers alike.

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Source: prweb.com