Investing

Market Overview

Florida's real estate market is still booming; over the previous year, the average home value increased by 2.0%, indicating a strong market. In particular, by the end of 2024, South Florida expects a +7% year-over-year increase in home sales, with prices rising at a moderate rate of 5%. Significant in-migration that raises demand for single-family homes and condominiums supports this growth.

Trends Affecting Sellers and Buyers

Increased Opportunities & Inventory: Florida's inventory of single-family homes increased by 27.2% while sales of single-family homes increased by 1.8%. Although the market is still competitive, buyers now have more options thanks to the growing inventory.

Inventory and Mortgage Rate Challenges: The sales dynamics have been affected by elevated mortgage rates and low inventory levels in key price points, particularly in the Miami-Dade area.

Demand for Housing and Population Growth: In-migration and household formation are the main drivers of Florida's population growth, which in turn drives demand for housing. The demand for houses and condominiums is still high, with an anticipated average annual growth of almost 300,000.

Price Growth in Different Market Segments: Miami-Dade County's median house prices have increased significantly; in November 2023, the price of a single-family home increased by 11.8% compared to the same month the previous year.