How are home prices influencing South Florida buyers? More are coming back
More people are buying homes in South Florida despite rising prices.
Home prices are now 1% to nearly 16% higher today than they were in January 2023 in Miami-Dade and Broward counties, according to the latest monthly home sales report from the Miami Association of Realtors.
In Miami-Dade, median sales prices hover around $630,000 for houses, up from $545,000, and $405,700 for condos, up from $400,000.
It’s a similar story in Broward, where houses have a median sale price of $575,000, up from $540,000. Condos have a median sales price of $275,000, up from $269,900.
Prices haven’t kept buyers away. Both counties saw about 1% more single-family home and condo sales in January 2024 than January 2023.
Miami-Dade had 1,414 sales and Broward had 1,562 sales. That activity is a positive shift for South Florida. Except for September in Broward, both counties saw a consecutive year-over-year decline in sales for all of 2023.
Miami-Dade’s latest sale prices still fall short from historic peaks seen last year. The median sales prices for a home reached a new high of $631,670 for single-family homes and $420,000 for condos in July.
Broward saw prices climb to its highest level in June, with a median price of $615,000 for houses and $280,000.
Months of supply remain low for single-family homes in both South Florida counties.
Miami-Dade has 4.4 months worth of houses, and Broward 3.7 months.
Both offer more options for condo enthusiasts. Miami-Dade has 7.4 months of condos and Broward 6.2 months. A balanced marked consists of six- to nine-month supply — anything under gives sellers more power during negotiations, and anything over gives more power to buyers.
Cash is the go-to payment option for nearly half of all South Florida buyers, with 42.6% of all Miami-Dade transactions closing in cash and 44.3% in Broward. Both percentages are higher than the national average of 32%.
