Confirming the potential of the real estate market in the Capital of the Sun, the Miami Association of Realtors and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS) reported that in April 2024 the Miami Home Sales They grew by 5.4% compared to the same month in 2023.
This dynamic was driven especially by the behavior of sales of single-family homes, which increased by 6.5%, and condominiums in Miami, which had an increase of 4.5% in the same month, according to information reported by the sources.
Miami Home Sales: How Many Were Negotiated?
The associations’ report indicated that during April 2024, 2,342 housing units were marketed in Miami, 120 more than in the same month of 2023. Of this total, 1,065 corresponded to single-family homes and 1,277 to condominiums.
“Miami real estate is less affected by high mortgage rates than other markets, due to our high percentage of cash buyers and the massive migration of wealth. Miami’s cash buyers were up double-digits year-over-year and helped propel the condo market to one of its best months in recent memory. Condo sales above the $300,000 price level increased year-over-year,” said Gus Fonte, Chairman of the Board of Directors of MIAMI (Miami Realtors, 2024).
Behavior of home sales in Miami by price
By segments of home prices in Miami, the dynamics of the condominium market were as follows:
- $300,000 to $400,000: +3%.
- $400,000 to $600,000: +5.3%.
- From $600,000 to $1 million: +8.1%.
- From $1 million and up: +45%.
Miami, #1 in Luxury Home Price Growth
The monthly report of Miami Home Sales of the Miami Association of Realtors and MIAMI Southeast Florida Multiple Listing Service (SEFMLS) also highlighted that Miami ranks first in the U.S. real estate market in luxury residential market price growth, citing Knight Frank’s 2024 Wealth Report.
This is reflected in the fact that total sales of homes over $1 million in Miami increased by 29.4% between April 2023 and April 2024, from 340 to 440. Similarly, “transactions of condominiums of more than one million dollars grew by 45%, from 140 to 203 units, and those of single-family homes by 18.5%, from 200 to 237,” the associations reported.
More millionaires are interested in living in Miami
Knight Frank’s 2024 Wealth Report also ranked Miami as the fourth U.S. city in millionaire growth rate over the past decade (75%), according to the 2024 report by Henley & Partners and New World Wealth. This has a direct impact on the behavior of home sales in Miami over the last year.
References
- Miami Realtors (2024). Miami-Dade County Single-Family Home Sales Rise 6.5% Year-over-Year; Miami Condo Transactions Climb 4.5%