South Florida’s real estate market in December 2024 showcased a mix of growth and challenges across its major counties. Whether you are a buyer, seller, or investor, understanding these market trends can help you make informed decisions. With fluctuating prices, shifting demand, and increasing inventory, it is crucial to stay updated on the latest real estate developments. This blog breaks down the key statistics for single-family homes and townhomes/condos in Miami-Dade, Broward, Palm Beach, Martin, and St. Lucie counties.
Miami-Dade County: Growth in Single-Family Homes, Challenges for Condos
Single-Family Homes: The county experienced a 9.9% increase in closed sales, reaching 829 transactions. The median sale price saw a 10.7% rise, hitting $675,000. The active inventory expanded by 24.7%, with 4,683 homes available, pushing the months’ supply of inventory to 5.2, a 20.9% increase from last year. A growing inventory suggests more opportunities for buyers, but sellers must position their properties competitively.
Townhomes and Condos: While closed sales dropped by 2.6% to 935 units, the median sale price grew by 4.9% to $430,000. Inventory surged by 46.4%, with 11,256 units available, leading to a months’ supply of inventory of 11.1, up 63.2% from last year. This increase in inventory means buyers have more choices, while sellers may need to offer strategic pricing or incentives to attract buyers in this segment.
Broward County: Expanding Inventory and Buyer Negotiation Power
Single-Family Homes: Broward saw an 8.4% increase in closed sales, totaling 950 transactions. The median sale price climbed 8.8% to $620,000. Active inventory grew by 33.2% to 4,719 homes, leading to a months’ supply of inventory of 4.6, up 35.3% from the previous year. The increase in inventory allows buyers to have more negotiating power, making it crucial for sellers to market their homes effectively.
Townhomes and Condos: Closed sales decreased by 8.7%, totaling 936 units. The median sale price increased slightly by 3.0% to $283,250. Active inventory expanded by 61.9% to 10,239 units, resulting in a months’ supply of inventory of 9.8, an 84.9% increase year-over-year. With a surplus of condos available, sellers should consider working with an experienced real estate professional to ensure their property stands out in a competitive market.
Palm Beach County: A Balanced Market for Buyers and Sellers
Single-Family Homes: The county recorded a 6.5% increase in closed sales, reaching 1,032 transactions. The median sale price rose by 7.3% to $622,500. Active inventory grew by 23.2% to 5,637 homes, increasing the months’ supply of inventory to 5.1, up 27.5% year-over-year. Sellers in Palm Beach County can benefit from rising property values but should be prepared for increased competition.
Townhomes and Condos: Closed sales declined by 18.4%, with 654 transactions. However, the median sale price climbed by 4.1% to $317,500. Active inventory rose by 47.5% to 7,287 units, leading to a months’ supply of inventory of 8.8, a 79.6% increase from the previous year. With a growing inventory of townhomes and condos, sellers must present their homes in the best possible light to attract buyers.
Martin County: A Surge in Single-Family Home Sales
Single-Family Homes: A remarkable 37.5% increase in closed sales brought the total to 176 transactions. The median sale price grew by 4.5% to $585,000. Active inventory expanded by 40.5% to 829 homes, increasing the months’ supply of inventory to 5.1, a 41.7% jump from last year. Sellers can leverage this demand, but pricing and presentation will be key to a successful sale.
Townhomes and Condos: Closed sales decreased by 9.9%, totaling 73 units. The median sale price dropped by 15.8% to $240,000. Active inventory increased by 41.4% to 635 units, raising the months’ supply of inventory to 7.7, a 48.1% increase year-over-year. With lower prices, this could be a great opportunity for buyers, while sellers must be strategic in their pricing.
St. Lucie County: Stability in Single-Family Homes, Declines in Condos
Single-Family Homes: Closed sales increased by 5.2% to 404 transactions. The median sale price remained steady at $389,900. Active inventory grew by 33.4% to 2,293 homes, increasing the months’ supply of inventory to 5.1, up 41.7% from the previous year. The stable median price indicates a balanced market, making it a favorable time for both buyers and sellers.
Townhomes and Condos: A 3.0% decline in closed sales brought the total to 65 units. The median sale price decreased by 6.6% to $299,000. Active inventory grew by 37.4% to 764 units, leading to a months’ supply of inventory of 9.8, a 53.1% increase year-over-year. Buyers looking for affordable options may find great deals in this area.
External Source Links
For further details, you can refer to: https://www.miamirealtors.com/news/south-florida-market-stats/south-florida-market-stats-december-2024/
How I Can Help You Sell Your Home
The South Florida real estate market continues to show resilience, with increasing inventory offering more choices for buyers while sellers benefit from strong median prices. If you’re considering selling your home, I can help you navigate the market by offering expert pricing strategies, high-quality marketing, and targeted exposure to potential buyers. My goal is to sell your home quickly and for the best possible price.
I work closely with sellers to ensure their property is presented in the most appealing way, utilizing professional photography, virtual tours, and comprehensive marketing strategies. Additionally, I provide insights into market trends to help you make the best decision for your real estate goals.
Let’s Get Started Today!
If you’re looking to buy, sell, or invest in South Florida real estate, contact me today for expert guidance. Call me at 786-721-2381 or visit my website https://www.michelstephaneleys.com/ to explore available opportunities and discuss how I can help you achieve your real estate goals.
