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ccording to the Miami Association of Realtors, total residential sales in Miami-Dade County rose 2.9% year-over-year in December 2024, driven by a 9.9% increase in single-family home sales and a 51% surge in luxury condo transactions.

    Single-family homes recorded 10,738 transactions for the year, up 1.9% from 2023, while luxury condo sales hit 1,736 transactions, a 1.6% increase over the previous year. Despite mortgage rates above 7%, demand remained high due to Miami's attractiveness in luxury sales and migration trends.

    Miami single-family home median prices increased 10.7% year-over-year to $675,000, while condos saw a 4.9% rise to $430,000. Over the past decade, single-family home prices rose 175.5%, and condo prices climbed 126.3%.

    December's home sales generated $1.7 billion in total dollar volume, a 30.4% increase year-over-year. Active listings rose by 39.3% year-over-year but remained 21.5% below historical averages.

    Miami's single-family market shows a seller's market with 5.2 months of inventory, while condos are in a buyer's market with 11.1 months of supply. Only 0.9% of South Florida condo buildings are FHA-approved, limiting financing options.

    Luxury condo sales ($1M+) rose by 50.9% year-over-year, and affordable condos priced between $150K-$250K also saw double-digit increases. The Live Local Act encourages affordable housing by incentivizing developers to allocate 40% of units for lower-income buyers.

    Distressed sales remain minimal at 0.7% of transactions, indicating a healthy market. Cash sales accounted for 40.4% of transactions, significantly higher than the national average of 28%, reflecting Miami's appeal to foreign buyers and investors.

    Forecasts indicate a 24% increase in home sales and a 9% rise in median prices for 2025. Miami continues to outperform national and state markets in terms of price appreciation and market demand.