It's a good time to own some property in Miami, a new report suggests. Particularly if it's worth over $1 million.
Miami ranks no. 1 in annual home price appreciation in the U.S., according to the Miami Association of Realtors, citing real estate data.
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WATCH HERESales of condominiums worth $1 million and up, total home transactions and single-family home sales in Miami-Dade County increased year-over-year in July 2024, data compiled by CoreLogic August 2024 U.S. Home Price Insights shows.
Specifically, those million-dollar condos sales jumped 6% year-over-year in July 2024 to 142 transactions.
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Miami total home sales increased 4% in July 2024, from 2,051 to 2,122.
“With mortgage rates on the decline and Fed cuts forecasted, pent-up demand for Miami real estate is only starting to come off the sidelines,” MIAMI Chairman of the Board Gus Fonte said. “The Miami condo market is a top destination for buyers with rising $1M & up sales, price appreciation and inventory below pre-pandemic levels. The luxury, convenience, quality of life and more that comes with Miami condo living is the best in the nation.”
The report states that in Miami, $1 million buys at least 60 square meters of prime property, citing the 2024 Knight Frank The Wealth Report.
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"This is much higher than other global cities: Sydney, Australia ($1M only purchases 43 square meters), Shanghai (42), Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22) and Monaco (16)," the report details.
However, NBC6 recently looked into growing concerns about the affordability of condos in South Florida, especially for those who live in buildings that are 30 years and older, due to special assessment fees. Some are unsure about footing the cost of keeping that long-term investment.
Here are some more data points:
- Existing condo median prices increased 1.2% year-over-year in July 2024, from $420,000 to $424,950.
- Condo median prices have stayed even or increased in 152 of the last 158 months.
- Miami condo prices have risen 123.7% from July 2014 to July 2024, from $189,950 to $424,950.
- Miami-Dade County single-family home median prices increased 6.1% year-over-year in July 2024, increasing from $631,670 to $670,000.
- Miami single-family median prices have risen for 152 consecutive months (12.6 years), the longest running-streak on record.
- Miami single-family prices have risen 161.2% from July 2014 to July 2024, from $256,500 to $670,000.
See the full report on the Miami Association of Realtors website here.
