Real Estate Market Trends in Miami-Dade and Broward Counties
The South Florida real estate landscape exhibited notable shifts in December 2024. Miami-Dade County experienced a resurgence in single-family home sales and luxury condominiums priced above $1 million, rebounding from a mid-year downturn. Conversely, the broader condominium sector faced challenges, with potential buyers encountering financing hurdles. In Broward County, while single-family home transactions saw an uptick, a decline in condo sales slightly tempered the overall market performance. This analysis delves into the key factors influencing these trends and provides a comprehensive overview of the current housing market dynamics in both counties.
Miami-Dade County: A Closer Look at Single-Family Homes and Luxury Condos
In December 2024, Miami-Dade County's real estate market showcased significant activity, particularly in the single-family home segment. The median sales price for these homes reached $675,000, marking a 10.7% increase from $610,000 in December 2023.
Luxury condominiums, especially those valued at over $1 million, also experienced a surge in sales during this period. This uptick suggests a renewed interest in high-end properties, possibly driven by increased buyer confidence following the presidential election. Eddie Blanco, chairman of the board for the Miami Association of Realtors, noted, "Now that the presidential election is over and we have more certainty, buyers who have been waiting on the sidelines are now making moves."
However, the overall condominium market faced obstacles. Prospective buyers struggled with loan approvals, a situation exacerbated by new Florida legislation enacted in 2025. This law mandates that condominiums have a comprehensive repair plan, leading to higher assessments and monthly fees, which may deter potential buyers.
Broward County: Divergent Trends in Housing Segments
Broward County's real estate market presented a mixed picture in December 2024. Single-family home sales increased by nearly 10%, reflecting robust demand. The median sales price for these homes rose to $620,000, up from $570,000 in December 2023.
In contrast, the condominium sector faced challenges. A decline in condo sales contributed to an overall decrease in total home sales by less than 1%. Financing difficulties played a significant role in this downturn. Notably, of the 2,397 condominium buildings in Miami-Dade, Broward, and Palm Beach counties, only 21 are approved for Federal Housing Administration (FHA) loans, limiting financing options for buyers.
Despite these challenges, Larry Singh, the 2025 Broward-Miami president of the Realtors association, emphasized the county's growing appeal: "Broward County, or Fort Lauderdale specifically, is one of the hottest places to move in the country right now." This popularity is partly due to the overflow of demand from Miami-Dade County, where limited supply has pushed buyers northward, increasing demand and driving up prices in Broward.
Factors Influencing Buyer Behavior
Several elements have shaped buyer behavior in South Florida's real estate market:
- Post-Election Confidence: The conclusion of the presidential election brought a sense of stability, encouraging hesitant buyers to proceed with purchases.
- Mortgage Rates: Even with mortgage rates exceeding 7%, Miami's total sales surged in December 2024, underscoring the region's high demand and limited supply.
- Inventory Levels: Miami-Dade reported 5.2 months of inventory for single-family homes and 11.1 months for condos. Broward had 4.6 months for houses and 9.8 months for condos. A balanced market typically has six to nine months of inventory; figures below this range favor sellers, while higher numbers benefit buyers.
Comparative Analysis: Miami-Dade vs. Broward
A side-by-side comparison of key metrics for December 2024 provides deeper insights:
Metric
Median Sales Price (Houses)
Median Sales Price (Condos)
Year-over-Year Price Increase (Houses)
Year-over-Year Price Increase (Condos)
Total Home Sales
Miami-Dade County
$675,000
$430,000
10.7%
4.9%
1,764
Broward County
$620,000
$283,250
8.8%
3%
1,886
These statistics highlight Miami-Dade's higher property values and more pronounced price appreciation compared to Broward. However, Broward's real estate market remains active, with a substantial number of transactions and notable price growth.
Future Outlook
Looking ahead, the South Florida real estate market is poised for continued activity. Realtor.com ranked the Miami-Fort Lauderdale-Pompano Beach region as the No. 2 Top Housing Market in the U.S. for 2025, forecasting a 24% year-over-year increase in sales and a 9% rise in median sale prices.
While challenges such as financing difficulties and new regulatory requirements persist, the region's strong demand, coupled with limited supply, suggests that property values will remain robust. Buyers and investors should stay informed about market dynamics and be prepared to navigate the evolving landscape.
Key Insights
1. Demand for Single-Family Homes Remains Strong
Both Miami-Dade and Broward counties showed robust demand for single-family homes in December 2024. This is evident from significant year-over-year price increases—10.7% in Miami-Dade and 8.8% in Broward—driven by limited supply and buyer confidence post-election.
2. Luxury Condo Market Rebounding
In Miami-Dade, sales of luxury condos (priced above $1 million) increased, signaling a recovery in the high-end market segment. However, broader condo sales faced challenges due to stricter financing regulations, leading to slower activity in more affordable properties.
3. Financing Issues Impacting Condo Sales
New Florida legislation requiring detailed repair plans and increased monthly fees has created hurdles for buyers in the condominium market. Additionally, limited FHA loan approvals in the region are further restricting financing options for condos.
4. Broward County's Growing Appeal
Broward is becoming a hotspot for buyers moving northward from Miami-Dade due to more affordable prices and available inventory. This migration is driving demand and price growth in the county, particularly for single-family homes.
5. Market Dynamics Favor Sellers
Inventory levels for single-family homes in both counties are below the balanced market threshold (6–9 months), favoring sellers. For condos, however, higher inventory levels provide more opportunities for buyers to negotiate.
6. Post-Election Buyer Confidence
The resolution of the 2024 presidential election contributed to increased buyer confidence, particularly in high-value segments like luxury properties. Many buyers who were previously hesitant have now entered the market.
7. Outlook for 2025
The Miami-Fort Lauderdale-Pompano Beach region is projected to be one of the top U.S. housing markets in 2025, with a 24% increase in sales and a 9% rise in median sale prices, indicating continued growth and high demand across South Florida.
