Miami-Dade Condominium Sales Prices Rise for 5th Consecutive Month
By Gay Cororaton, MIAMI REALTORS Chief Economist Key takeaways: Miami-Dade County’s condominium median sales price rose for the 5th consecutive month to 2.3% in January 2025 The median condominium sales price rose in 69% of Miami-Dade markets , including the city of Miami and Miami Beach. Prices have increased due to the higher […]
Southeast Florida’s Spring Market is More Favorable for Buyers with More Housing Supply
By Gay Cororaton, MIAMI REALTORS Chief Economist Key takeaways: Active inventory for single-family homes is at 5 to 6 months’ supply in the Tri-County area, reflecting a healthy balance of demand and supply. Sellers are more willing to offer discounts, typically at 5% to 6%, in the Tri-County area. Despite the buildup in […]
Miami-Dade County’s Job Growth in 2024 Q3 Outpaced the US and the 10 Largest Counties
By Gay Cororaton, MIAMI REALTORS Chief Economist Miami-Dade County led the largest 10 counties in terms of employment growth in 2024 Q3, with employment up 1.7% nationally, surpassing the national rate of 0.8%, according to the latest US Census Bureau’s Quarterly Census of Employment and Wages statistics. [1] Miami-Dade’s County employment growth is […]
Southeast Florida’s Asking Rents Poised to Continue Rising in 2025
By Gay Cororaton, MIAMI REALTORS Chief Economist Here are our key takeaways in our January 2025 Southeast Florida Rental Market Report that you can download HERE. Southeast Florida’s asking rents start 2025 on a upswing. Asking rents rose 2.6% from one year ago in the Miami Metro area and 5.7% in the […]
South Florida Commercial Real Estate Sales Volume Rose 36% to $12.5 Billion in 2024
By Gay Cororaton, MIAMI REALTORS Chief Economist In 2024, total commercial sales volume rose 36% to $12.5 billion on a combined basis in the counties of Miami-Dade, Broward, and Palm Beach, a strong rebound following a 2-year decline. Sales volume rose in all counties: Miami-Dade (+24%), Broward (+54%), and Palm Beach (+44%). Sales […]
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 […]