Miami Luxury Soars: $1M Condo Sales Up 6%, #1 in U.S. for Home Price Growth

According to the Islander News, the Miami-Dade County real estate market is on fire, with $1 million-plus condominium sales, single-family home sales, and total home transactions showing significant year-over-year growth through July 2024. According to the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS), luxury condo sales in Miami jumped by 6%, and home sales priced at $1 million or more increased by 4% in July alone.

The median price for existing condos in Miami-Dade climbed by 1.2% year-over-year in July 2024, reaching $424,950, up from $420,000 in July 2023. Over the past decade, condo prices have appreciated by 123.7%, from a median of $189,950 in July 2014. In fact, condo median prices have stayed even or increased in 152 of the past 158 months.

The single-family home market in Miami-Dade also saw substantial gains. Median prices increased by 6.1% year-over-year in July 2024, reaching $670,000, up from $631,670. This marks the 152nd consecutive month of rising single-family home prices in Miami, making it the longest streak on record. Over the past decade, Miami single-family home prices have skyrocketed by 161.2%, from a median of $256,500 in July 2014.

Miami’s real estate market continues to dominate nationally, ranking No. 1 in the U.S. for home price appreciation as of August 2024, according to CoreLogic August 2024 U.S. Home Price Insights. Miami’s home equity gains are nearly double the national average, reflecting the strong demand in the market.

Total active listings across all property types in Miami-Dade increased by 53.5% year-over-year, rising from 8,964 in July 2023 to 13,763 in July 2024.

Source: islandernews.com

Whether you’re interested in a stunning million-dollar condo or a luxury single-family home, now is the moment to dive into Miami’s top-ranked market. With home prices appreciating faster than anywhere else in the U.S., your investment stands to benefit significantly. Schedule a personalized consultation with me today, and let’s discover the exceptional opportunities awaiting in Miami’s luxury real estate market.