Real Estate: Property owners in Miami-Dade double real estate profits in 15 years

Homeowners in Miami-Dade, Florida, have doubled their real estate profits in just 15 years, according to statistics consulted by Miami Realtors.

The President of the MIAMI Board, Gus Fonte, recently pointed out that the real estate market in the City of the Sun "is always the exception to the rule."

In this sense, he argued that, while other real estate markets in the United States are experiencing a decrease in prices and sales, "the value of homes in Miami has doubled the national figure in the last 15 years."

There are several factors that influence this situation. Firstly, the expert mentions the "massive immigration of households with higher incomes from the northeast."

Secondly, there is a very curious fact, which is the "high percentage of cash buyers who are protecting the market from the impact of high mortgage rates."

The statistics from the MIAMI Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS) show that homeowners in Miami-Dade County have gained almost twice the national figure in home value increases over the past 15 years.

The current reference value is $533,955 compared to an average in the United States of $287,111. Here are the basic aspects you should take into account about this real estate market if you are planning to invest in a home in South Florida.

Real estate market data in Miami-Dade up to June 2024

• Single-family home sales in Miami-Dade County increased by 6% year-over-year in May 2024, from 1,040 to 1,102.
• Total home sales in Miami decreased by 0.6% year-over-year, from 2,412 to 2,397.
• Existing condominium sales in Miami decreased by 5.6% year-over-year in May 2024, from 1,372 to 1,295, due to a lack of inventory in key price points.
• Home sales in Miami of $1 million and above increased by 9.5% year over year in May 2024, from 409 to 448.
• Mid-market condos in Miami, priced between $400,000 and $600,000, increased by 7.5% year-on-year in May 2024, from 334 to 359.
• Miami ranks number 1 in the U.S. in luxury residential market price growth and is an emerging wealth center.
• The price appreciation in South Florida will continue due to competition for homes at lower prices and the proportion of million-dollar home sales.
• The new property listings in Miami increased by 14.12% year-on-year in May 2024, from 3,280 to 3,743.
• The housing inventory in Miami-Dade continues to be 33.9% below the historical average, with a 43.7% increase in year-over-year active listings, from 9,331 to 13,405.
• Cash sales accounted for 38.5% of closed sales in May 2024, reflecting Miami's position as the preferred real estate market for foreign buyers and buyers from other more expensive states in the country.