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 if the home were sold in 2024 Q3 at the median sales price: Miami-Dade County ($542,175), Broward County ($488,755), Palm Beach County ($477,883), and Martin County ($457,272). Nationally, single-family homeowners expect $310,232.
Over the 15-year period from 2009 Q3 through 2024 Q3, the median single-family home prices rose at an annual pace that outpaced the national increase of 6%: Miami-Dade County (9%), Broward County (8%), Palm Beach County (7%), Martin County (7%), and St. Lucie County (10%).
In all municipalities and unincorporated areas, homeowners who purchased a single-family home in 2009 Q3 at the median sales price expect to have positive home equity if the house were sold at the median sales price in 2024 Q3 (see detailed tables). Ten municipalities had at least a million in expected home equity on a single-family:
- Palm Beach (town), Palm Beach County: $9.6 million
- Miami Beach, Miami-Dade County: $2.8 million
- Pinecrest, Miami-Dade County: $2.3 million
- Coral Gables, Miami-Dade County: $1.7 million
- Southwest Ranches, Broward County: $1.5 million
6. South Miami, Miami-Dade County: $1.3 million
- Glenvar Heights, Miami-Dade County: $1.2 million
- Lighthouse Point, Broward County: $1.1 million
- Miami Shores, Miami-Dade County: $1.1 million
- North Palm Beach, Palm Beach County: $1.0 million
Solid job growth, sustained migration, and the strong presence of high-end buyers underpin a long-term price appreciation
The combined effect of strong job growth, out-of-state migration, and a rising share of high-end buyers have bolstered Southeast Florida’s single-family home prices.
In 2024 Q2, non-farm employment rose in all the counties: Miami-Dade County (1.5%), Broward County (0.6%), Palm Beach County (0.8%), Martin County (2.0%), and St. Lucie County (0.7%). Miami-Dade County and Martin County’s employment growth was higher than the national rate of 0.8%.
Out-of-state migration remains elevated in Miami-Dade compared to pre-pandemic levels, based on driver license exchanges as an indicator. Miami-Dade County’s out-of-state driver license exchanges rose 2% during 2024 Q1-Q3 from the same period one year ago, with 16,474 out-of-state driver license exchanges. Compared to the pre-pandemic level during the same period in 2019, out-of-state driver license exchanges in Miami-Dade County rose 20%. In the first three quarters of 2024, driver license exchanges from New York movers increased 33% from the same period in 2019 while California driver license exchanges rose 54%.
Southeast Florida continues to attract high-end buyers, with the rising share of million-dollar home buyers as an indicator. Palm Beach County has the highest share of million-dollar homes that made up 25% of sales during January-October 2024 (7% in Jan-Oct 2019), followed by Miami-Dade County, at 23% (8% in Jan-Oct 2019), Martin County, at 20% ( 7% in Jan-Oct 2019) and Broward County, at 18% (5% in Jan-Oct 2019).
Download the 2024 Q3 Southeast Florida Housing Wealth Report by clicking here
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