South Florida Real Estate Report – November 2024

The Florida Association of Realtors consolidates local association data from across the state and provides the previous month’s data to member Realtors through the SunStats reporting system. We then analyze the data for our local South Florida markets and generate this summary report and infographics for Broward, Miami-Dade and Palm Beach Counties.

Median sale prices are still up, despite increased inventory

Transaction volume is down again, and our housing supply has increased every month since August 2023. However, median sale prices on average are still up since last year. We expect the usual increase in demand this winter, which should keep our inventory in check, further propping up median sale prices. Bottom line, property values in South Florida are still holding strong.

Single family home sales were down 3.3% from last year in the tri-county area, while median sale prices were up 3.3% to $625,000. This is down slightly from an all-time high of $650,000 in June. Inventory is still low at only 5.2 months of supply. This is still a seller’s market, but very slowly approaching equilibrium.

Closed condo sales were down a whopping 20% from last November. Despite this sharp drop in volume, median sale prices remain unchanged at $340,000. Condo inventory in South Florida is up to 10 months of supply. While this is technically a buyer’s market, most buyers aren’t seeing it reflected in their sale prices.

South Florida Real Estate Market Statistics
November 2024 SunStats Real Estate Data for the entire South Florida Metropolitan Statistical Area

Condo inventory is up to 10 months of supply, but most buyers are not seeing that reflected in their sale prices.

Broward County

The median sale price for a single family home in Broward County was up 3.3% over last year to $619,500. However, this is still below the all time high of $640,000 last June. Inventory remains low at 4.9 months of supply. This is still a seller’s market and the lowest single family inventory in South Florida.

The median sale price for condos and townhomes in Broward County was up 1.8% to $285,000 despite dismally low sales volume that was down 19% from last year. Condo inventory in Broward has almost doubled since last year at 9.8 months of supply.

Broward County Real Estate Market Statistics
November 2024 SunStats Real Estate Data for Broward County, Florida

The single family market in Broward County is still favoring sellers with only 4.9 months of supply, the lowest inventory in South Florida.

Broward County, Florida includes the coastal communities of Fort Lauderdale, Pompano Beach, Lauderdale-by-the-Sea, Lighthouse Point, Hillsboro Beach and Deerfield Beach.

Palm Beach County

The median sale price of a single family home in Palm Beach County was unchanged from last year at $600,000, but down from the peak of $660,000 in June. Single family inventory is up, but remains low at only 5.3 months of supply. This is still a seller’s market.

The median sale price of condos and townhomes in Palm Beach County is up just 0.5% to $310,000. Condo inventory is the tightest in South Florida with 8.8 months of supply.

Palm Beach County Real Estate Market Statistics
November 2024 SunStats Real Estate Data for Palm Beach County, Florida

Condo inventory in Palm Beach County is still the lowest in South Florida at 8.8 months of supply.

Palm Beach County, Florida includes the coastal communities of Boca Raton, Delray Beach, Boynton Beach, Lantana, Manalapan, West Palm Beach, Singer Island, North Palm Beach, Juno Beach and Jupiter.

Miami-Dade County

The median sale price of a single family home in Miami Dade County was up 5.7% from last year to $650,000. This is still the highest single family median price in South Florida. Inventory was up slightly to 5.4 months of supply.

The median price for condos and townhomes in Miami Dade County was up 3.9% to $436,354. This is despite the highest inventory levels in South Florida. Miami-Dade has over 11 months of inventory. This is technically a strong buyers market, however prices keep going up.

Miami-Dade County Real Estate Market Statistics
November 2024 SunStats Real Estate Data for Miami-Dade County, Florida

Condo inventory in Miami-Dade County has topped 11%, but median sale prices are still up.

Miami-Dade County includes the coastal communities of Miami, Miami Beach, Sunny Isles Beach, Golden Beach, Bal Harbour, Surfside and Key Biscayne.

Summary

Our single family markets remain strong throughout South Florida with inventory levels slowly returning to normal and steadily increasing median sale prices. Sales volume is still historically low, but that should change quickly as we get into the busy winter buying season. As prices continue to go up, more buyers will get off the sidelines, accepting today’s “new normal” mortgage rates. Now is a good time to buy, but the best properties are in high demand and sell quickly. Find an agent who specializes in our local market. Their hard work, patience and local knowledge will pay off.

Every month more condo associations are in compliance with their required inspections, and as a result more buyers are getting comfortable with older condo buildings. As more associations catch up with deferred maintenance and more owners pay down their special assessments, we expect demand to get back to normal. Make sure you are working with an experienced local agent who can help you navigate this challenging condo market.

Are you thinking of selling? Every seller situation is different, so its hard to say if now is your best time to sell. For example, if you own a single family home in a tight market and you are considering downsizing to a smaller condo, then now might be a perfect time. Consult with your By The Sea Realty agent to determine your best sell/buy strategy. We utilize a suite of seller tools to help you accomplish your real estate goals. Its starts with our industry leading Cloud CMA.

For a detailed market analysis of your condo or single family home, or for professional assistance with your home search in South Florida please contact one of our local trusted agents.

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