Miami’s real estate market continues to solidify its position as one of the most dynamic and attractive in the United States, with consistent growth in both sales and prices. According to recent data from the MIAMI Association of Realtors (MIAMI) and the Southeast Florida Multiple Listing Service (SEFMLS), this thriving market presents significant opportunities for realtors looking to capitalize on South Florida’s real estate boom.
Miami Home Sales: Positive Trends
In November 2024, single-family home sales in Miami-Dade County increased by 1.3% year-over-year. Despite mortgage rates hovering near 7% throughout the year, the market has managed to post sales growth in seven of the first 11 months of 2024. This positions the sector to surpass last year’s total annual sales, demonstrating the market’s resilience and strength.
Additionally, luxury condominiums priced at $1 million and above also saw a 1.3% year-over-year increase in November, highlighting strong demand in both the luxury and general segments.
Rising Prices and Sustained Value
The median price of single-family homes in Miami rose by 5.7% in November 2024, reaching $650,000, while median condominium prices increased by 3.9%, climbing to $436,354. These price gains are part of a historic trend: single-family home prices have risen for 156 consecutive months, the longest streak on record.
Over the past decade, condominium values have surged by 129.7%, while single-family home values have seen an impressive 165.3% increase, underscoring Miami’s strong long-term appreciation.
Advantages for Investors and International Buyers
Despite rising prices, Miami remains more affordable compared to other global cities. According to the 2024 Knight Frank Wealth Report, $1 million secures at least 60 square meters of prime property in Miami, significantly more than cities like New York (34 m²) or London (33 m²).
For international buyers, Miami not only offers exceptional value but also a prime opportunity to invest in a high-demand market with robust appreciation potential.
Realtors’ Key Role in This Market
With a projected 24% growth in sales and a 9% increase in median prices for 2025, according to Realtor.com, the role of realtors will be essential in connecting buyers with the best opportunities in this competitive market. Additionally, Florida’s Live Local Act, which promotes affordable housing development, opens new possibilities for buyers interested in properties in high-density areas.
Miami is firmly established as a top-tier real estate market, offering unique opportunities for buyers, investors, and realtors. From consistent sales and price growth to its global positioning as a high-value city, the Magic City is poised for continued success in 2025.
First Title Group is here to support realtors at every step of the buying and selling process, providing title insurance solutions and expert guidance to ensure secure and successful transactions.
Source www.miamirealtors.com
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