Miami Real Estate Hits 12 Years of Consecutive Home Price Appreciation
Miami-Dade County single-family home median prices increased 11.8% year-over-year in November 2023, increasing from $550,000 to $615,000. Miami single-family median prices have risen for 144 consecutive months (12 years), the longest running-streak on record.
Existing condo median prices increased 6.3% year-over-year from $395,000 to $420,000. Condo median priceshave stayed even or increased in 144 of the last 150months.
Miami is tied for No. 3 in the U.S. for annual home price appreciation, according to the latest US CoreLogic S&PCase-Shiller Index.
Miami-Dade County total home sales and total dollar volume rose year-over-year as South Florida real estate continues to outpace the nation even as mortgage rates return to the 7% range, according to January 2024 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
South Florida’s IncredibleWealth Migration
Local home prices have risen with South Florida’s wealth migration. In-migration boosted South Florida household income by $16 Billion in 2021, according to MIAMI REALTORS® analysis of the 2020-2021 migration data released by the Internal Revenue Service.
Miami Cash Sales 33.1% More than National Figure
Cash sales represented 42.6% of Miami closed sales in January 2024, compared to 43.2% in January 2023. About 32% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects Miami’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Miami Real Estate Posts $172 Million Local Economic Impactin January 2024
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $122,000, according to NAR. Miami-Dade sold 1,414 homes in January 2024 for a local economic impact of $172.5 million. Miami total dollar volume totaled $1.3 billion in January 2024. Single-family home dollar volume increased 32% year-over-year to $777 million. Condo dollar volume increased 4.75% year-over-year to $566 million.
