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

[Jacopo Iasiello]

Miami Real Estate Market: September’s Shifts and Surprises (My latest Study Blog)

September brought some intriguing shifts to Miami’s real estate scene—especially in single-family homes, townhomes, and condos. While the numbers hint at a slowdown, savvy buyers and sellers will see that these changes also bring unique opportunities.

Single-Family Homes: A New Landscape of Choices
Closed sales fell from 894 to 809—a 9.5% drop. But let’s talk about what went up: the median sale price, now at $653,400 (up 8.9% from last year). Inventory, too, surged by a solid 35.7%. Buyers now have more choices, and that means power is in their hands! This market calls for patience and perhaps a little extra negotiation savvy, but for those who lean in, it’s packed with potential.

Sellers, hang tight! With the median time to contract stretching from 21 to 32 days, it’s about playing the long game. The upside? Values are holding strong, with sellers receiving an average of 96% of their original list price.

Townhomes & Condos: Expanding Horizons
While townhome and condo sales dipped by 19%, the median sale price edged up slightly to $420,000. Cash deals also saw a 21.3% drop, hinting at a swing toward financed deals. The game-changer? Inventory shot up by a whopping 57.5%! Buyers, this means your options have never looked better. It’s a prime time to hunt for deals and maybe even find some hidden gems in a competitive market.

Sellers, make your listings pop! With contract times rising 70% to 51 days, standing out is key. Thoughtful pricing and presenting your property in its best light are what will capture buyer attention.

Your Move in Today’s Market
For buyers, this is your chance to explore a wider inventory and find the right fit. Take your time, but stay focused—well-priced homes are still selling. For sellers, patience pays off. Keep your property attractive and competitively priced, and you’ll connect with the right buyer.

Closing Insight
Market shifts open doors to adapt and grow. As the saying goes, “The best time to buy real estate was yesterday. The second-best time is today.” Miami’s market may be evolving, but for those ready to embrace the changes, the potential is boundless.