Despite growing costs, more individuals are purchasing homes in South Florida.

According to the most recent monthly home sales report from the Miami Association of Realtors, property prices in Miami-Dade and Broward counties are currently +1% to nearly +16% higher than they were in January 2023.

Specifically, Miami-Dade county’s median sale price for houses has risen from $545,000 to $630,000 , and for condos from $400,000 to $405,700. 

Broward county reports a similar trend with the median house sale price reaching $575,000, up from $540,000, and condos at $275,000, up from $269,900. 

This price hike has not deterred buyers, as there has been a 1% increase in the sales of single-family homes and condos in January 2024 compared to the same month last year. Both counties experienced a decline in sales throughout 2023, making this recent uptick a positive sign for the region. 

The most recent sale prices in Miami-Dade still lag below the record highs reached the previous year. In July, the median sales prices of single-family homes and condominiums hit a record high of $631,670 and $420,000, respectively.

June showed the highest amount of price increases in Broward, with a median price of $280,000  for condos and $615,000 for houses.

In both South Florida counties, the months-of-supply of single-family houses are still low.

In Miami-Dade, there is enough housing inventory to last for 4.4 months at the current sales pace. In Broward, the inventory would last for 3.7 months at the current sales pace.

Both offer more options for condo enthusiasts. Miami-Dade has 7.4 months of condos and Broward 6.2 months. A balanced market consists of six- to nine-month supply — anything under gives sellers more power during negotiations, and anything over gives more power to buyers.

Nearly half of all South Florida buyers prefer to pay with cash; in Miami-Dade, 42.6% of transactions close in cash, and in Broward, 44.3%. The two percentages surpass the 32% national average.