By Gay Cororaton, MIAMI REALTORS Chief Economist
Southeast Florida’s robust housing market has created wealth for homeowners in all municipalities and in unincorporated areas (with at least 15 sales per quarter) since the Great Recession. In the Miami Metro area, homeowners who purchased a single-family home at the median sales price in 2009 Q2 accumulated at least $500,000 if the home were sold at the median sales price in 2024 Q2. Homeowners who purchased a condominium or townhome likely accumulated over $300,000 in housing wealth in Miami-Dade County and over $200,000 in Broward, Palm Beach, Martin, and St. Lucie counties. In 13 municipalities, the median net equity accumulated since the Great Recession was over $1 million.
In Southeast Florida, price appreciation accounted for at least 80% of the buildup in housing wealth over the past 15 years from 2009 Q2- 2024 Q2. Home prices fell during the Great Recession, but home values have increased due to Southeast Florida’s strong migration, a higher share of wealthier cash buyers, and solid job growth.[1]
Homeowners will likely continue to build wealth as mortgage rates fall below 6% in 2025, resulting in robust sales activity, more buyer competition, and sustained price appreciation.
Single-family homeowners typically accumulated over $500,000 in home equity since the Great Recession in the Tri-County area
Over the past 15 years during 2009 Q2 through 2024 Q2, the median single-family home sales prices rose across all counties at an annual rate that surpassed the national rate of 6.1%: Miami-Dade County (9.0%), Broward County (8.0%), Palm Beach County (7.0%), Martin County (7.0%), and St. Lucie County (9.7%).
In 2024 Q2, the median single-family home sales prices rose to their highest levels in Miami-Dade County ($650,000), Palm Beach County ($650,000), Broward County ($630,000), and St. Lucie County ($407,250).
A homeowner who purchased a single-family home 15 years ago in 2009 Q2 at the median sales price and put in a 10% downpayment accumulated over $500,000 in home equity in Miami-Dade County ($541,000), Broward County ($508,867), Palm Beach County ($606,954) if the home were sold at the median sales price in 2024 Q2.
In all municipalities and in unincorporated areas, homeowners who purchased a single-family home in 2009 Q2 at the median sales price expect to have positive home equity if the house were sold at the median sales price in 2024 Q2. In 12 municipalities, the home equity is over $1 million:
Palm Beach (town), Palm Beach County: $9.75 million
Miami Beach, Miami-Dade County: $2.95 million
Pinecrest, Miami-Dade County: $2.34 million
Coral Gables, Miami-Dade County: $1.62 million
Southwest Ranches, Broward County: $1.43 million
6.South Miami, Miami-Dade County: $1.25 million
Glenvar Heights, Miami-Dade County: $1.22 million
Lighthouse Point, Broward County: $1.15 million
Miami Shores, Miami-Dade County: $1.14 million
Ojus, Miami-Dade County: $1.07 million
North Palm Beach, Palm Beach County: $1.02 million
Boca Raton, Palm Beach County: $1.00 million
Condominium/townhome homeowners typically accumulated over $200,000 in home equity since the Great Recession
Condominiums and townhomes — starter homes for homebuyers as they are more affordable— also saw strong annual price gains that outpaced the national rate of 5.0%: Miami-Dade County (8.1%), Broward County (8.8%), Palm Beach County (7.9%), Martin County (7.9%), and St. Lucie County (6.7%).
In 2024 Q2, the median condominium/townhome sales prices rose to their highest levels in Miami-Dade County ($425,000), Palm Beach County ($335,000), and Broward County ($285,000).
A homeowner who purchased a condominium/townhome 15 years ago in 2009 Q2 at the median sales price and put in a 10% downpayment is likely to have anywhere from $235,000 (Broward County) to $344,000 (Miami-Dade County) in home equity if the house were sold at the median sales prices in 2024 Q2 in these counties.
In all municipalities and in unincorporated areas, homeowners who purchased a condominium/townhome in 2009 Q2 at the median sales price expect to have positive home equity if the house were sold at the median sales price in 2024 Q2. In 12 municipalities, the home equity is over $1 million:
Key Biscayne, Miami-Dade County: $1.05 million
Palm Beach (town), Palm Beach County: $1.03 million
Download the 2024 Q2 Southeast Florida Housing Wealth Report below.
[1] See various articles discussing Southeast Florida’s economic and demographic trends on Economic Insights – MIAMI REALTORS®
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