🇺🇸❤️🇮🇹 South Florida Market Stats for Miami Dade for the Month of July 2024

[Jacopo Iasiello]

Miami’s Real Estate Market: Your Golden Opportunity Awaits

Miami Single Family Homes: A Hot Market with Growing Demand

The single-family home market in Miami is heating up. Sales are up by 10.8% compared to last year, with 1,008 homes sold in July 2024. This increase in sales tells us that more buyers are looking to call Miami home, and they’re willing to pay for the privilege.

The median sale price has risen to $670,000, a 6.1% jump from last year. This steady increase shows that these homes are not just places to live—they’re valuable investments. However, sellers should take note: while prices are up, the percentage of the original list price received has remained at 97%. This suggests that while the market is strong, buyers are still negotiating. Strategic pricing is key to closing deals quickly.

The median time to contract has stretched to 29 days, up 20.8% from last year. For sellers, this means it’s crucial to make your listing stand out. Presentation, pricing, and timing will make all the difference in getting your home off the market.

Another important figure to consider is the active inventory, which has grown by 39.4% to 3,988 homes. With a months' supply of inventory now at 4.4, up by 37.5%, we’re seeing a more balanced market. This increase in inventory gives buyers more choices, but it also means that competition among sellers is heating up. In a market like Miami’s, you’ve got to make sure your property is the one that catches the eye.

Miami Townhomes & Condos: A Market of Resilience and Opportunity

When we look at townhomes and condos, the story is one of resilience and opportunity. Although there was a slight dip in closed sales—down 2.4% from last year, with 1,114 transactions—the market is holding strong.

The median sale price for condos and townhomes nudged up by 1.2% to $424,950. This modest increase reflects a market that is steady and dependable, offering a solid investment for buyers.

A significant change to note is the median time to contract, which has lengthened to 51 days—a 59.4% increase from last year. This suggests that buyers are taking their time to make decisions, giving sellers an opportunity to showcase their properties in a way that resonates. Sellers, this is your chance to make your property stand out and attract those cautious but committed buyers.

Active inventory has surged by 60.1% to 9,775 listings, which translates to a months’ supply of inventory at 9.1—an increase of 78.4% from last year. For buyers, this means the market is ripe with options. If you’re in the market for a townhome or condo, now is the time to explore your options and make a move.

The Bottom Line: Miami’s Market Is Full of Potential

Looking at these trends, one thing is clear: Miami’s real estate market is thriving, with plenty of opportunities for those ready to act. Whether you’re buying or selling, understanding these trends is crucial to making the most of the market. The key is to stay informed, be strategic, and move with confidence.