A Closer Look

Miami-Dade’s luxury market rebounded in December, with single-family homes and $1M+ condos seeing strong demand after a slow summer. However, condo sales remain sluggish due to financing challenges, rising assessments, increasing monthly fees, and new Florida laws requiring planned repair spending starting in 2025.

Despite these challenges, South Florida leads the nation in price appreciation, migration, luxury sales, and international buyers. Despite mortgage rates above 7%, Miami’s total sales jumped in December 2024, reflecting a high-demand, low-supply market, and remains a top real estate market, with Miami-Fort Lauderdale ranked No. 2 nationally for 2025.

The forecast predicts a 24% rise in sales and a 9% increase in median prices this year. Miami also placed second nationwide in home-price appreciation, per the January 2025 CoreLogic U.S. Home Price Insights.

(source: millersamuel.com, miamiherlad.com)