The tri-county South Florida housing market, encompassing Miami-Dade, Broward, and Palm Beach counties, stands as the largest housing market in the state of Florida and ranks among the top nationally. This vibrant and dynamic market is a cornerstone of the region’s economy, reflecting both its substantial size and economic impact.
Together, these counties form a powerhouse in the real estate sector, driving economic growth and development in South Florida. The tri-county area’s housing market not only reflects the region’s attractiveness as a place to live and invest but also its resilience and capacity for growth in the face of changing economic conditions.
South Florida Housing – 3Q 2024
The South Florida housing market in the third quarter of 2024 presents a dynamic and evolving landscape, offering both opportunities and challenges for buyers, sellers, and investors.
Overall, the market is experiencing a period of adjustment, setting the stage for sustained activity and investment in the coming months.
Closed Sales
In South Florida, the number of closed sales transactions in the third quarter saw a year-over-year decline of 8.3%. Transaction volume of 17,968 units is a sharp contrast from the recent peak of 28,202 units closed in second quarter 2022.
Median Sales Prices
Over the past several years, the South Florida housing market has seen a rapid increase in the median sale price of residential homes.
As of the end of the third quarter of 2024, the median sale price for homes in the tri-county area stands at $490,000, reflecting a 5.4% year-over-year increase. This figure is just slightly below the all-time high of $500,000 recorded in the second quarter of 2024.
Active Inventory
Active inventory in South Florida across all property types has continued to trend higher since the pandemic low in early 2022, increasing by 60.9% year-over-year to 41,538 units.
Specifically, the inventory of single-family homes rose by 43.2%, while the number of available condominiums and townhomes surged by 72.5%.
The Individual South Florida Housing Markets
Year-over-year, the the individual counties in South Florida market for existing homes are seeing consistent growth in median sales prices while experiencing a slowing in the rate of sales.
Miami-Dade County
Existing home sales in Miami-Dade County declined by 6.5%, while the median price rose by 5.8% to $545,000 compared to the same period last year.
Overall inventory increased by 51% to 15,102 units, accompanied by a 12% rise in new listings.
Palm Beach County
Existing home sales in Palm Beach County declined by 12%, while the median price increased by 5.5% to $480,000 compared to the same period last year.
Overall inventory rose by 59% to 12,124 units, with a 4.8% increase in new listings.
Broward County
Existing home sales in Broward County declined by 6.2%, while the median price climbed by 5.7% to $443,990 compared to the same period last year.
Overall inventory surged by 75% to 14,312 units, accompanied by an 8.7% increase in new listings.
Do you have a property to sell?
If you have a property that you need to sell, now is the time to call Quantum Realty Advisors, Inc. for a free, 30-minute consultation to discuss your immediate needs and how we can help to address them.
On behalf of our clients and strategic partners, we have successfully sell over hundreds of residential and commercial properties in most major markets nationwide.
Our team has an extensive network of highly experienced partner brokers who can assist with all the local requirements, and we will personally be there for you every step of the way.
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