November 2024
MIAMI DADE - MARKET UPDATE
The Miami-Dade County housing market in November 2024 reflects a diverse landscape of metrics, offering insights into current trends for both single-family homes and townhouses/condos. Here’s a detailed breakdown:
Miami-Dade Single Family Home
The single-family home market in Miami-Dade County showcases a nuanced picture, balancing rising inventory levels and prices against slowing sales activity.
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Closed Sales: 716, a slight decrease of 1.3% compared to last year.
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Median Sales Price: $650,000, marking a 5.7% rise from a year ago.
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Active Inventory: 4,797, a significant increase of 24% year-over-year.
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Months Supply of Inventory: 5.4 months, up 4.4% annually, signaling a balanced market trend.
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New Listings: 1,236, down 1.0% compared to the previous year.
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New Pending Sales: 796, up 8.2% year-over-year, reflecting sustained buyer interest.
Miami-Dade Townhouses and Condo
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Closed Sales: 794, a sharp decline of 16% year-over-year.
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Median Sales Price: $436,354, showing a moderate 3.9% increase.
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Active Inventory: 11,320, surging 47% from the previous year.
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Months Supply of Inventory: 11.1 months, up substantially from 6.8 months in November 2023, indicating a buyer’s market.
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New Listings: 1,982, a slight 2.1% increase annually.
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New Pending Sales: 861, declining 14% compared to last year, suggesting a potential cooling in buyer demand.
These figures underscore evolving patterns in Miami-Dade County’s real estate landscape, highlighting affordability pressures, inventory growth, and shifting buyer preferences.
