The South Florida real estate market saw a significant resurgence in April, following a slowdown in residential transactions since December. Wealthy buyers have largely returned, driving both sales and prices to new historic highs.
In Miami-Dade County, there were 2,342 home sales, a 5.4% increase compared to April 2023, according to the latest monthly report from the Miami Association of Realtors. Median sale prices reached a new peak of $654,000 for single-family homes, surpassing the previous high of $650,000 from February and March. Condominium prices remained steady at $444,000.
In Broward County, activity was even higher. Condominium sales increased for the first time since March 2022. A total of 2,538 residential sales agreements were closed, marking a 6.1% rise. The median sale price was $635,000 for single-family homes and $282,500 for condominiums, the highest of the year so far in the county.
Strong demand, limited supply, and wealthy buyers continue to dominate the market. Data indicates that nearly half of the purchases are made in cash, with Miami-Dade accounting for 40.3% of transactions and Broward 41.5%, significantly above the national average of 28%.
This dynamic highlights continued confidence in the Miami-Dade and Broward real estate markets, despite national trends of market slowing.
FAQs on South Florida Real Estate Market Trends
Here are some frequently asked questions regarding the recent trends in the South Florida real estate market, particularly focusing on Miami-Dade and Broward counties.
What are the current median sale prices for single-family homes in Miami-Dade and Broward?
In April, the median sale price for single-family homes in Miami-Dade was $654,000, while in Broward, it was $635,000.
How much of the market's transactions are made in cash?
Nearly half of the purchases are made in cash, with 40.3% in Miami-Dade and 41.5% in Broward, significantly above the national average of 28%.
What factors are driving the real estate market in South Florida?
The market is being driven by strong demand, limited supply, and the return of wealthy buyers.