Latest surge in Miami real estate sales provides optimism for 2025 | Real Estate

They’re still selling, and they’re still buying.

According to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS), Miami-Dade County ended 2024 with more sales, more dollar volume, price appreciation and inventory compared to 2023.

Miami-Dade County’s total home sales were up 2.9%, single-family home transactions surged 9.9% and sales of condos priced at $1,000,000 surged 51% in year-over-year gains in December 2024, according to the latest information from MIAMI REALTORS.

The big jolt in December led Miami single-family homes to end 2024 with 10,738 transactions, 1.9% more than in 2023. Miami’s $1 million & up condo sales ended 2024 with 1,736 transactions, 1.6% more than 2023.

Meanwhile, total property sales in Miami-Dade County increased 2.9% year-over-year in December 2024, from 1,714 to 1,764.

Single-family home sales increased 9.9% year-over-year in Miami, from 754 to 829 and similar sales showed year-over-year gains in eight of the 12 months in 2024,

Miami single-family homes ended 2024 with 10,738 transactions, 1.9% more than 2023.

Much of the reason for the increased December sales, as well as optimism heading into 2025, was that buyers were willing to wait to see how the presidential election would turn out, said Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty in Miami, during his 2025 Market Outlook meeting earlier this week.

Not to be overlooked is the condo market.

Although Miami’s total existing condo sales, which are on pace with the state and nation, decreased 2.6% year-over-year in December 2024, from 960 to 935, there were some positives.

Miami-Dade’s $1 million & up condo transactions increased 50.9% year-over-year in December 2024 to 115 transactions.

Affordable Miami condo sales are increasing, as well. Miami condos priced between $150,000 to $200,000 rose 14.3% year-over-year in December 2024 to 39 transactions. Miami condos priced between $200,000 to $250,000 increased 13.2% year-over-year in December 2024 to 86 sales.