In an auspicious start to the year 2024, the real estate market in Miami-Dade County has demonstrated continued and robust growth in single-family home sales. According to the latest statistics released by the Miami Association of Realtors (MIAMI) and the Southeast Florida Multiple Listing Service (SEFMLS), monthly transactions remain solidly within the historically normal range, despite rising mortgage rates.
The report reveals an impressive 1.5% increase in single-family home sales in the first quarter of 2024, rising from 2,413 to 2,449. These figures mirror the persistent appetite for property in Miami, fueled by ongoing demand reflected in global migration to the region and the steady influx of new businesses choosing to establish themselves here.
Gus Fonte, Chairman of the Board of MIAMI, expressed his enthusiasm, stating, “Demand for real estate in Miami remains high, as evidenced by new data on global migration and relocations of new businesses to the market.” Furthermore, he highlighted that the increase in property supply is encouraging news, providing buyers with more options in a market characterized by vigorous demand and limited supply.
It comes as no surprise that Miami continues to excel nationally in two key areas. Firstly, maintaining its position at the top as the U.S. real estate market with the highest appreciation in 2023, according to the CoreLogic S&P Case-Shiller indices. And secondly, leading the nation in international migration, a recognition garnered through the latest census figures.
With these positive indicators and a market that continues to offer promising opportunities, Miami realtors have every reason to be optimistic about the future. Momentum remains strong, and with the support of a dynamic and ever-evolving market, the horizon looks brighter than ever for Miami’s real estate industry.
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