Sales of single-family homes in Miami-Dade County increased in November, according to records from the Miami Association of Realtors and the Southeast Florida MLS Service (SEFLS), reported The Americas Newspaper.
According to the report, in seven of the last eleven months of 2024, single-family home sales increased, a significant fact, considering that mortgage rates were at 7%, on the other hand, prices are also estimated to increase by 9% for next year, thus consolidating South Florida as one of the most dynamic markets in the sector in the United States.
Specifically last November, single-family home sales increased 1.3% year-over-year, while luxury condominiums registered an increase of 1.3%, translating to an increase of more than one million dollars.
In total, 9.909 single-family homes were sold in Miami-Dade County from January to last month, which represents an increase of 1.25% over the same period in 2023.
Recently, Gus Fonte, president of the Miami Association of Realtors, stated that โthe Miami real estate market has been ranked among the top ten in the US, and is moving towards 2025 as a high-demand, low-supply market.โ
The Realtor.com portal also recently published a study, in which it places Miami-Fort Lauderdale-Pompano Beach in the urban axis, and as the second best real estate market for next year, given that it has been projected that there could be a 24% growth in sales and 9% in relation to prices.
Gay Cororaton, chief economist at Miami Realtors, said that the luxury market is leading demand, having become the driving force of the city's real estate sector in 2024.
"High-income buyers, particularly in the multi-million dollar market, have been the lifeblood of the housing market in 2024," he said.
The economist also said that mortgage rates, which are currently at 6.6%, could fall to 6% by mid-2025, which would boost sales.
