Miami real estate prices held up through the end of 2024, finishing on a good note.  Our charts today show the average sale price, inventory and transaction volume across South Florida through the end of 2024.  You will notice that both the single-family homes and condo average selling prices are still being propped-up by sales in the ultra-luxury segment.

Miami real estate prices for single-family homes finished 2024 on an uptick.  Here is a look at the average sale price of Single-Family Homes (December 2024)

• Miami-Dade –  $1,1185,670, up from $907,066 last December
• Broward – $839,647, up from $749,004
• Palm Beach – $1,066,261, up from $930,333

Average sale price of Condo Properties

• Miami-Dade – $764,028, up from $642,700 last December
• Broward – $380,631, up from $367,740
• Palm Beach – $472,486, down from $508,520

Transaction Volume for Single-Family Homes

• Miami-Dade – 829, up from 754 in December 2024
• Broward – 95 , up from 876
• Palm Beach – 1,032, up from 969

Transaction Volume for Condo Properties

• Miami-Dade – 935, down from 960 last December
• Broward – 936, down from 960
• Palm Beach – 654, down from 801

Inventory of Single-Family Homes

• Miami-Dade – 4,683, up from 3,755 last December
• Broward – 4,719, up from 3,543
• Palm Beach – 5,637, up from 4,575

Inventory of Condo Properties (This is indicative of some problems for this market)

• Miami-Dade – 11,256, up 46% from 7,690 last December
• Broward – 10,239. up 62% from 7,690
• Palm Beach – 7,287, up 48% from 4,940

As the condo inventory continues to climb, slower transaction activity will eventually lead to prices softening across the South Florida market.  Mortgage rates have settled down a bit after their latest climb to the mid 7’s.  Any further drop form here could get some buyers off the fences.  The new development condo projects should fare better than the older buildings for awhile. Owners of newer condo units won’t have to deal with the overhang of deferred maintenance, structural inspections or issues with insurance coverage.

Foreclosure filings in Miami, Fort Lauderdale and Palm Beach made a modest move higher off the lows to begin 2025.  Nothing to be worried about at this time, but we always keep an eye on this metric.

This real estate market outlook covers real estate activity in Miami-Dade, Broward and Palm Beach County, Florida.  Here are just a few of the cities in each of these three markets:

• Miami-Dade – Aventura, Coral Gables, Miami Beach, Hialeah, Sunny Isles Beach, North Miami, Homestead, Doral, Miami Lakes, Downtown Miami, Brickell and Key Biscayne.

• Broward – Fort Lauderdale, Pompano Beach, Deerfield Beach, Hollywood, Hallandale, Weston, Parkland, Wilton Manors, Oakland Park, Plantation, Cooper City, Davie, Coral Springs, Sea Ranch Lakes, Lauderdale by the Sea and Lighthouse Point.

• Palm Beach – Delray Beach, Highland Beach, Jupiter, Palm Beach Island, Boynton Beach, Boca Raton, Highland Beach, Palm Beach Gardens, West Palm Beach, Wellington and Lake Worth.