In September, home prices in Miami-Dade County “cool down” for the third consecutive month, providing some relief to buyers who have been waiting. 

Median sales  prices for the month of September 2023 for single-family houses is  $600,000, a minor decrease compared to last month ( $620K )but still an increase of + 5.6%( vs last year), while median price for condos is $415,000, a small dipped compared to August 2023 $416K but still +5.1% (vs last year). 

 Total home sales in Miami-Dade fell by nearly -9% from a year ago, but in Broward County, sales grew by just over +2%. While there is improved housing supply in South Florida, the market still favors sellers over buyers (which means that there is more buyer and less inventory), with an offer of  3.8 months for houses and 5.8 months for condos on the market. 

Experts predict condo supply to increase and prices to decrease in the Miami-Dade condo market, transitioning to a buyer’s market in 2024, potentially in the first or second quarter. 

Which creates a real opportunity for buyers to make the best deal.