Just released! My 2024 annual Miami Dade real estate report is now live! Uncover Miami's hottest real estate trends & opportunities. Highlights: --> New product at prime locations continues to shine: we actually don’t have enough. Both condo and SFH transaction volume was up YOY past $1K / sq ft. SFH past $1K /sq ft hit an all time high and is up a remarkable 631% vs. 2019 (pre Covid) --> Despite fake, alarmist press headlines: Miami Dade overall inventory levels remain below 2019 (pre Covid) levels --> Speaking of inventory levels, this is truly shocking: Miami Dade SFH active listings below $500K are down 800% vs. 2019 pre covid. There are now only about 600 active SFH listings sub $500K in all of Miami Dade County. Pre Covid in 2019, there were over 3,500. I think the implications of this are obvious. And far reaching.
Miami Dade Real Estate: January 2025 Update
I appeared on CBS Miami News & Discussed The SFH Market.
My quotes:
Real estate analyst Ana Bozovic, the founder of Analytics Miami, said the couple’s frustrations are reflected in her market research.
Bozovic said that in Miami-Dade County there were about 3,600 homes in the market, single family homes, under half a million dollars in pre-COVID December 2019.
“So 3,600, you have choices, right? In December 2024 there were 650,” she said.
Bozovic said that’s down an astonishing 80% and the same holds true for Broward County.
“Our median pricing for a single family (home) is up almost two times, 80%, versus pre-COVID 2019,” she explained.
So what’s the median price now? In Miami-Dade County, the median price for a single family home is $660,000. It was under $400,000 in 2019, Bozovic said.
She said that Broward was similar, but a little bit lower.
“If they have the certainty that they want to stay within their geography for a while, for 10 plus years, they need to buy,” Bozovic said. “If they don’t have that certainty, then there is some relief coming in the rental market because we do have product coming for the apartment buildings that’ll take pressure off the general inventory structure.”
But, Bozovic warns, the new apartments won’t be cheap, especially with an influx of people moving here from the northeast and now following the devastating wildfires in California.
The bottom line, according to Bozovic, is that the South Florida housing market is in the midst of a long-term upswing in price and demand.
“The long and short of it is, if you’re looking to buy a single family below a million dollars, there is no benefit to waiting whatsoever,” she said.
Market analysts say currently there is low inventory, resale prices are at an all-time high and the migration of wealthy buyers is fueling unprecedented growth in the South Florida housing market.
Download the full annual 2024 Miami Real Estate Report & 2025 forecast
January has closed out in Miami. How are the markets behaving so far in 2025?
The tail of two markets continues to play out.
-> sale volume of both SFH & Condos past $2K / square foot are up year-over-year, clocking in record transaction volume for the month of January. New product at prime locations (especially end user product) is likely in under supply.
-> the extinction of SFH below $500K continues.
Active listings (inventory) in Miami Dade < $500K in January 2025: 640.
Active listings (inventory) in Miami Dade <$500K in January 2019: 4,452
We are down 86% vs. pre Covid in 2019. This is the extinction of a price point.
The condo space saw an uptick in active listings sub $500K, likely due to the 2025 law change requiring reserves. Older product is in trouble. But this is not the reality at all in the SFH space, and there is a significant divergence underway.
As I have been saying: when it comes to SFH, we cannot add more inventory vertically. And South Florida will just keep growing. I believe the Miami Dade – Broward – Palm Beach corridor will continue to connect and will be much like the the NYC metropolitan area
SFH Strategy
I have assembled a team to source some of the best SFH deals in South Florida. Contact me directly for access to these deals. And contact me to discuss a strategy. The floor of this market will keep rising, and SFH is one of the best ways to lock in regional appreciation.
Attom Research Report released Jan 25, 2025
- Miami-Dade County has 64.4% equity-rich homes, among highest nationwide.
Ana’s comments: this high level of home equity is another force that keeps the floor of the market from falling. This is the opposite of a bubble. And I predict that the floor of our SFH market will keep rising as the region continues to fill in.
Full ATTOM US Home Equity Research Report here >
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