Miami Condo Sales Take a New Hit, but Prices Are Higher
Residential Rajkumar Ramkerath November 4, 2024
Residential Rajkumar Ramkerath November 4, 2024
Condo sales in Miami-Dade and Broward counties dropped nearly 20%, with Miami-Dade experiencing a 19% decline and Broward an 18% decline year-over-year. Despite the decrease in transactions, condo prices rose, with Miami-Dade's median price at $420,000 and Broward's at $366,978. Inventory levels favor buyers, with Miami-Dade at 10.1 months and Broward at 8.7 months. Single-family home prices also increased, reaching $653,400 in Miami-Dade and $615,325 in Broward, with a significant portion of transactions closing in cash.
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