Higher home prices are not deterring buyers in South Florida

HIGHER PRICES HAVEN’T KEPT BUYERS AWAY. MIAMI-DADE AND BROWARD COUNTIES SAW ABOUT 1% MORE SINGLE-FAMILY HOME AND CONDO SALES IN JANUARY 2024 THAN JANUARY 2023.

More people are buying homes in South Florida despite rising prices.

Home prices are now 1% to nearly 16% higher today than they were in January 2023 in Miami-Dade and Broward counties, according to the latest monthly home sales report from the Miami Association of Realtors.

In Miami-Dade, median sales prices hover around $630,000 for houses, up from $545,000, and $405,700 for condos, up from $400,000.

It’s a similar story in Broward, where houses have a median sale price of $575,000, up from $540,000. Condos have a median sales price of $275,000, up from $269,900.

Prices haven’t kept buyers away. Both counties saw about 1% more singlefamily home and condo sales in January 2024 than January 2023.

Miami-Dade had 1,414 sales and Broward had 1,562 sales. That activity is a positive shift for South Florida. Except for September in Broward, both counties saw a consecutive year-over-year decline in sales for all of 2023.

Miami-Dade’s latest sale prices still fall short from historic peaks seen last year. The median sales prices for a home reached a new high of $631,670 for single-family homes and $420,000 for condos in July.

Broward saw prices climb to its highest level in

June, with a median price of $615,000 for houses and $280,000.

Months of supply remain low for single-family homes in both South Florida counties. Miami-Dade has 4.4 months worth of houses, and Broward 3.7 months.

Both offer more options for condo enthusiasts. Miami-Dade has 7.4 months of condos and Broward 6.2 months. A balanced marked consists of six- to nine-month supply — anything under gives sellers more power during negotiations, and anything over gives more power to buyers.

Cash is the go-to payment option for nearly half of all South Florida buyers, with 42.6% of all MiamiDade transactions closing in cash and 44.3% in Broward. Both percentages are higher than the national average of 32%.