Southeast Florida’s Hot Housing Markets in December 2024

By Gay Cororaton, MIAMI REALTORS Chief Economist Hot housing markets have rising sales, rising prices, tight inventory levels (6 months’ supply or less), and properties that sell more quickly. Affordability, proximity to the urban core, and demand by wealthier buyers appear to be driving the sturdy demand in these hot markets. Based on […]
Miami Single-Family Home Luxury Price Threshold Rises to $3.3M and Ultra-Luxury to $10M

By Gay Cororaton, MIAMI REALTORS Chief Economist Million-dollar homes continued to gain ground in 2024 in Southeast Florida with demand driven by wealthy buyers coming from other states and internationally and as rising mortgage rates that hit 7% by year-end sidelined the typical buyer. Million-Dollar Sales Made Up Higher Share of Sales in […]
Southeast Florida’s Rental Market Ends Strong in 2024

By Gay Cororaton, MIAMI REALTORS Chief Economist As high mortgage rates continued to put many potential homebuyers on the sidelines, Southeast Florida’s residential rental market finished strong in 2024. The rental market saw positive rent growth, a low vacancy rate, and the most robust multifamily construction activity in the nation. In the Miami […]
Southeast Florida’s Hot Housing Markets in November 2024

By Gay Cororaton, MIAMI REALTORS Chief Economist Elevated mortgage rates have continued to be a drag on the housing market, but there are areas of resilience and vibrancy at the local level. At the county level, Miami-Dade County continues to be Southeast Florida’s housing market powerhouse. In November, only Miami-Dade County saw an increase […]
New York, California and Texas: Top States Moving to Miami in 2024
By Gay Cororaton, MIAMI REALTORS Chief Economist New York, California, and Texas were the top origins of people who moved to Miami-Dade County in 2024, using driver license exchanges as an indicator, according to Miami Association of REALTORS® (MIAMI) analysis of Florida Highway Safety and Motor Vehicles data. New residents must exchange their out-of-state […]
South Florida Million-Dollar Home Sales Continue Gaining Larger Market Share

By Gay Cororaton, MIAMI REALTORS Chief Economist Sales of million-dollar homes purchased by cash buyers continued to gain market share in 2024. Million-dollar sales accounted for the largest share of sales in Palm Beach County, at 24%, and in Miami-Dade County, at 23%. Back in 2019, million-dollar sales accounted for just 7% of sales […]
Southeast Florida’s Economic Growth Outpaces the Nation

By Gay Cororaton, MIAMI REALTORS® Chief Economist The latest available data on county-level gross domestic product (GDP[1] shows the robustness of Southeast Florida’s economy, expanding at a faster pace in 2023 than the national rate and compared to the pace in 2019 (pre-pandemic year). GDP rose at the strongest pace in Martin County […]
Southeast Florida’s Rental Demand is Poised to Strengthen in 2025

By Gay Cororaton, MIAMI REALTORS® Chief Economist Southeast Florida’s rental demand is likely to strengthen in 2025 as mortgage rates remain elevated and with the area continuing to see sustained migration from high-cost states and solid job growth. MIAMI Realtors® expects the 30-year fixed mortgage rate to average 6.8% in 2025 as the […]
2024-2025 Southeast Florida Housing Outlook: Modest Price Appreciation Amid Elevated Mortgage Rates

By Gay Cororaton, MIAMI REALTORS Chief Economist Mortgage rates are likely to remain elevated at 6.8% in 2025 as the Fed adopts a cautious stance due to potential inflationary pressures. MIAMI Realtors® expects mortgage rates to remain elevated in 2025, with the 30-year fixed mortgage rate averaging 6.8% in 2025. The forecast is […]
Southeast Florida’s Record Home-Price Appreciation Yields Significant Wealth Gains for Homeowners

By Gay Cororaton, MIAMI REALTORS Chief Economist Southeast Florida’s strong home price appreciation since the Great Recession has resulted in significant wealth gains for homeowners. Single-family homeowners who purchased a home 15 years ago in 2009 Q3 at the median sales price in Southeast Florida expect about half a million in home equity […]