What’s happening with housing costs in Miami and Broward? Here’s a look at the numbers

Housing costs are rising in South Florida. But, bucking a national trend, sales are, too, with activity ticking up for the first time since December.

Prices for single-family homes in the Miami area are now at an all-time high and the highest in Broward this year, according to April data from the Miami Association of Realtors.

Here’s a breakdown of costs and sales in South Florida:

What is the median sales price of a single-family home?

Miami-Dade County: $654,000

Broward County: $635,000

What is the median sales price of a condo?

Miami-Dade: $444,000

Broward: $282,500

MORE: Why homebuyers are pouring into South Florida despite record-breaking high prices

What were total home sales in April?

Miami-Dade: 2,342 home sales, up 5.4% from a year ago.

Broward: 2,538 home sales, up 6.1 from a year ago.

What is the housing inventory in South Florida?

Miami-Dade: 4.4 months of houses, 8.3 months of condos

Broward: 4 months of houses, 7.4 months of condos.

Note: A balanced market consists of six to nine months of inventory, with anything below benefiting sellers and anything above benefiting buyers.

How many cash deals in South Florida?

Miami-Dade: 40.3% of closed deals

Broward: 41.5% of closed deals

National average: 28%

This story was originally published May 28, 2024 at 8:17 AM.