Скачать или смотреть Miami Real Estate Market Report For June 2024

The Miami real estate market in June 2024 demonstrated significant growth and activity. This report provides a detailed analysis of various market aspects, including sales data, pricing trends, days on market, inventory levels, and neighborhood insights.

Closed Sales
Total Sales: Approximately 2,000 home sales were recorded in Miami-Dade County in June 2024, continuing the strong performance seen in previous months. This indicates a robust market driven by high demand and economic stability​ (Redfin)​​ (Florida Realtors)​.
Median Home Prices
Single-Family Homes: The median sale price for single-family homes rose to $608,000, an 8.6% increase year-over-year, highlighting the high demand and limited supply in desirable neighborhoods​ (Redfin)​​ (MIAMI REALTORS®)​.
Condos and Townhouses: The median price for condos and townhouses reached $330,000, showing a steady increase and strong market interest, especially among investors and international buyers​ (Florida Realtors)​.
Days on Market
Average Days on Market: Homes typically sold after an average of 79 days, indicating a moderately competitive market where buyers need to act quickly but still have some negotiation power​ (Redfin)​.
Sale-to-List Price Ratio
Ratio: The sale-to-list price ratio was around 97.5%, suggesting that homes generally sold for about 2.5% below their asking price, reflecting a balanced market​ (MIAMI REALTORS®)​.
Inventory Levels
Active Listings: About 7,500 active listings were available in June, a 6.7% increase from May, providing more options for buyers and slightly moderating the market​ (Redfin)​.
New Listings: Approximately 1,100 new homes were listed in June, indicating strong seller activity and confidence in the market​ (Florida Realtors)​.
Market Segments
Luxury Market: The luxury segment remains robust, with high-end properties in Miami Beach, Coral Gables, and Downtown Miami seeing significant demand. For instance, a luxury condo in Brickell sold for $1,140,000, slightly below the list price but within a reasonable market timeframe of 123 days​ (Redfin)​​ (MIAMI REALTORS®)​.
Affordable Housing: High demand persists for affordable housing in neighborhoods like Little Havana and West Miami. These areas are seeing quick sales, often within a few weeks of listing, driven by first-time homebuyers and investors​ (Florida Realtors)​.
Rental Market
Rents: The rental market remains tight with increasing rents, pushing some renters to consider purchasing homes despite higher interest rates. The average rent for a two-bedroom apartment increased by 4.3% year-over-year to about $2,600 per month​ (MIAMI REALTORS®)​.
Vacancy Rates: Vacancy rates for rental properties are low, around 4%, indicating strong demand and limited new rental construction​ (MIAMI REALTORS®)​.
New Developments
Construction Projects: Several residential and mixed-use developments are underway, driven by Miami's growing population and economic opportunities. Notable projects include expansions in the Miami Worldcenter and new luxury high-rises in Brickell and Edgewater​ (Florida Realtors)​​ (MIAMI REALTORS®)​.
Live Local Act: Florida's new Live Local Act is spurring significant development projects aimed at increasing affordable housing and mixed-use communities. This legislative effort is expected to alleviate some market pressure by providing more housing options​ (MIAMI REALTORS®)​.
Economic Factors
Employment and Income: Miami's strong job market and increasing average household incomes are contributing to the robust real estate market. The unemployment rate in Miami-Dade County was 2.8% in June, supporting housing demand​ (Florida Realtors)​.
Interest Rates: Mortgage rates have remained relatively stable, averaging around 6.5% for a 30-year fixed mortgage. While higher than in previous years, they are still historically low and support sustained buyer interest​ (Redfin)​.