Aerial drone view of Sailboat Bend neighborhood in Fort Lauderdale, view of the New North Fork River, yachts, modern buildings, tropical vegetation
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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 homes, up from $545,000, and $405,700 for condos, down from $400,000.
It’s a similar story in Broward, where homes have a median sales price of $575,000, compared to $540,000. Condos have a median sales price of $275,000, up from $269,900.
Prices have not kept buyers away. Both counties saw about 1% more single-family home and condo sales in January 2024 than in January 2023.
Miami-Dade had 1,414 sales and Broward had 1,562 sales. This activity represents a positive change for South Florida. With the exception of September in Broward, both counties saw consecutive year-over-year sales declines for all of 2023.
Miami-Dade’s latest sales prices are still below the all-time highs seen last year. The median home sales price reached a new high of $631,670 for single-family homes and $420,000 for condominiums in July.
Broward saw prices rise to their highest level in June, with a median home price of $615,000 and $280,000.
Months of supply remain low for single-family homes in both South Florida counties.
Miami-Dade has 4.4 months of homes and Broward has 3.7 months.
Both offer more options for condo lovers. Miami-Dade has 7.4 months of condos and Broward has 6.2 months. A balanced market consists of a six to nine month supply: anything below gives more power to sellers during negotiations, and anything above gives more power to buyers.
Cash is the preferred payment option for nearly half of all South Florida buyers, with 42.6% of all transactions in Miami-Dade completed in cash and 44.3% in Broward. Both percentages are higher than the national average of 32%.
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