South Florida’s real estate market continues to surprise analysts as condo and single-family home prices rise, even with a notable drop in sales and an increase in available inventory. Wealthy buyers at the high end of the market are driving prices upward, leaving budget-conscious buyers on the sidelines.
Prices Keep Climbing
In November 2024, median sales prices for homes and condos rose across both Miami-Dade and Broward Countiescompared to the same time last year.
- Miami-Dade: Median house prices increased to $650,000 (up from $615,000), while condo prices rose to $436,354 (up from $420,000).
- Broward: Median house prices climbed to $619,500 (up from $600,000), and condos reached $285,000 (up from $280,000).
Experts attribute these rising prices to affluent buyers driving up averages with large transactions, even as the volume of deals decreases.…