Miami-Dade County Market Trends

The real estate market in Miami-Dade County experienced a notable change in January 2024, with a 14.4% rise in homes available for sale compared to December 2023.

During January 2024, Miami-Dade County recorded a total of 1,164 home transactions, indicating a 28.4% decrease from the previous month. Among the sold homes, 73% were sold below the asking price, 17% were sold at the asking price, and 10% were sold above the asking price.

During this same time, 43% were sold within 30 days, 35% were sold within 30 to 90 days, and 21% were sold after 90 days on the market in Miami-Dade County.

The average time homes spent on the market in Miami-Dade County in January 2024 was 60 days, reflecting a marginal 0.5% increase compared to the previous year.

In December 2023 the housing market in Miami-Dade County exhibited a noteworthy surge.

With home prices experiencing a 12.1% increase compared to the previous year, the county reached a median sale price of $510K. On average, those homes took 59 days to sell. The number of homes sold in December this year amounted to 1,894, a slight decrease from the 1,992 recorded in the same period last year.

Notably, Miami-Dade County's median sale price stands at 26% above the national average, while the overall market is 19% higher than the national average.

The mid-market condominium sales in Miami-Dade County are showing a significant upswing, as per the data provided by the MIAMI Association of Realtors (MIAMI). Specifically, transactions falling within the $400,000 to $600,000 range saw an 8.8% year-over-year increase in November 2023. Noteworthy is the fact that a considerable 50.2% of condo sales in Miami were all-cash deals, nearly twice the national average.

During the same month, there was a notable 12% decrease in Miami condo sales. The primary contributing factors to this decline are attributed to the limited availability of inventory at crucial price points and the impact of higher mortgage rates.