MIAMI — Miami-Dade County total home sales rose year-over-year for the second consecutive month as new data shows South Florida leading the U.S. in price appreciation and international migration, according to February 2024 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Miami-Dade total home sales increased 0.8% year-over-year in February 2024.
“Miami’s lifestyle and economic benefits are second to none,” MIAMI Chairman of the Board Gus Fonte said. “The world is in love with Miami and you see it in the international migration data. When you have a market full of multiple offers and record-high housing wealth, the best choice is to pick a proven market, a region that has appreciated for 12 years and is ranked No. 1 in the U.S. in price appreciation.”
New data highlighting Miami: Miami ranked No. 1 for Highest Appreciating U.S. housing Market in 2023 via latest CoreLogic S&P CoreLogic Case-Shiller Indices and Miami ranks No. 1 in the U.S. in international migration via new Census numbers.
Miami Single-Family Home Sales, Mid-Market Condo Sales Increase Again
Total Miami-Dade sales increased 0.8% in February 2024, from 1,692 to 1,705. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume.
Miami single-family home sales increased 5.1% year-over-year in February 2024, from 727 to 764. Miami existing condo sales decreased 2.5% year-over-year, from 965 in February 2023 to 941 in February 2024. The condo market has been more impacted by lack of inventory at key price points and elevated mortgage rates.
A closer look at the condo market shows a surge in mid-market condo sales. Condo sales priced between $400,000 to $600,000 increased 16.4% year-over-year in February 2024.
Read Miami-Dade Total Home Sales Rise article
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