Miami, FL — The Miami real estate market experienced significant growth across several key sectors in July 2024, according to recent data from the MIAMI Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS). Luxury condominium sales priced at $1 million and above, total home transactions, and single-family home sales all saw notable year-over-year increases.
Specifically, sales of luxury condos ($1 million and up) rose by 6% compared to the previous year, reaching 142 transactions in July 2024. In addition, total home sales in Miami increased by 4%, growing from 2,051 transactions in July 2023 to 2,122 in July 2024.
Gus Fonte, Chairman of the MIAMI Board of Directors, noted that the Miami real estate market is witnessing strong demand, driven by declining mortgage rates and anticipated rate cuts by the Federal Reserve. “Pent-up demand for Miami real estate is just beginning to emerge,” Fonte said. “The Miami condo market remains a top choice for buyers, especially in the luxury segment, where sales continue to rise, prices are appreciating, and inventory remains below pre-pandemic levels.”
This growth is partly attributed to the unique blend of luxury, convenience, and quality of life that Miami condominiums offer, positioning the city as a national leader in price appreciation and attracting high-net-worth buyers.
First Title Group will continue to monitor market trends to provide clients with the most up-to-date information on investment opportunities and growth in the Miami real estate sector.
All the information provided in this article is for informational and reference purposes only. First Title Group is not responsible for any decisions readers may make. Each situation is unique, and we recommend seeking our advice before making important decisions regarding title insurance. Contact us via WhatsApp at +1(786) 624 9154 or send an email to info@firsttitlegroup.com.
Source www.miamirealtors.com