SOUTH FLORIDA
Home Sales Down, Average Price Up
Home sales are down 0.9% year over year, with December 2024 at 5,336 compared to 5,385 last December. Sales are up for single-fmaily homes and down for Condos.
- Single families: 2,599 (2023) | 2,811 (2024)
- Condos & Townhomes: 2,786 (2023) | 2,525 (2024)
Average sale price increased 18% year-over-year, now at $798,564 compared to $676,483 in December 2023. Prices increased across all categories.
- Single families: $862,440 (2023) | $1,024,935 (2024)
- Condos & Townhomes: $503,008 (2023) | $546,554 (2024)
Homes Listed For Sale in South Florida:
The number of homes listed is up by 9.4% when compared to December 2023.
- 2024: 8,537
- 2023: 7,807
- 2022: 7,001
Pending Home Sales in South Florida:
The number of homes placed under contract is down by 21.8% when compared to December 2023.
- 2024: 3,840
- 2023: 4,908
- 2022: 5,207
December 2024 Home Data by County
Housing Data for Broward County, Miami-Dade County, Palm Beach County.
Market data provided by SunStats then compared to the prior year.
What’s Happening in the South Florida Market?
- In December 2024, national home sales climbed 9.3% compared to a year ago, marking the biggest year-over-year gain since June 2021. Despite this trend, South Florida saw a decrease in home sales.
- The South Florida real estate market has seen shifts recently, with single-family home sales rising in December while condos declined. This change is driven by regulatory adjustments that have increased costs for condo and townhome owners, pushing prices higher and making these properties less affordable. As a result, more buyers are opting for single-family homes, impacting market dynamics and the balance of supply and demand.
- According to Mortgage Daily News, mortgage rates in December started in the high 6s and hit their lowest point of the month at 6.68%. By month’s end, rates were back around 7% and showing signs of further increases heading into January.
- As 2025 begins, the housing market still faces low inventory.. After record-low inventory in 2023 and hesitant sellers in 2024, inventory is slightly higher this year, but competition remains fierce. Buyers must be ready to make strong offers when the right home comes up. Having a trusted REALTOR® by your side can help you stand out in this competitive market.
- We anticipate a transitional period as presidential power shifts, and like most new administrations, the initial months may bring some turbulence. This could create volatility in the stock market, potentially driving interest rates lower.