Miami ranks first in home value appreciation – NBC 6 South Florida

According to a new report, it’s a good time to own property in Miami, especially if it’s valued above $1 million.

According to the Miami Association of Realtors, Miami ranks first in the U.S. in annual home price appreciation, according to real estate data.

Sales of condos valued at $1 million and above, total home transactions and single-family home sales in Miami-Dade County increased in July 2024 compared to the previous year, according to data compiled by CoreLogic August 2024 U.S. Home Price Insights.

Specifically, sales of these million-dollar condominiums increased by 6% year-on-year to 142 transactions in July 2024.

Total home sales in Miami increased 4% in July 2024, from 2,051 to 2,122.

“With mortgage rates falling and Fed rate cuts forecast, pent-up demand for Miami real estate is just beginning to release,” said Gus Fonte, MIAMI Board Chairman. “The Miami condo market is a top destination for buyers with increasing sales over $1 million, price appreciation and inventory below pre-pandemic levels. The luxury, convenience, quality of life and more that come with living in a Miami condo are the best in the country.”

Citing the Knight Frank The Wealth Report 2024, the report states that $1 million can buy at least 60 square meters of prime real estate in Miami.

“This is much higher than in other global cities: Sydney, Australia ($1 million buys just 43 square meters), Shanghai (42), Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22) and Monaco (16),” the report details.

However, NBC6 recently looked into the growing concerns about condo affordability in South Florida, especially for those living in buildings that are 30 years old or older due to special assessment fees, leaving some unsure if they can afford the cost of this long-term investment.

Here are some more data points:

• Median existing condo prices increased 1.2% year-over-year in July 2024, from $420,000 to $424,950.
• Average condo prices remained unchanged or increased in 152 of the last 158 ​​months.
• Condo prices in Miami increased 123.7% from July 2014 to July 2024, from $189,950 to $424,950.
• Median single-family home prices in Miami-Dade County increased 6.1% year-over-year in July 2024, from $631,670 to $670,000.
• Average single-family home prices in Miami have increased for 152 consecutive months (12.6 years) – the longest increase ever.
• Single-family home prices in Miami increased 161.2% from July 2014 to July 2024, from $256,500 to $670,000.

The full report can be found here on the Miami Association of Realtors website.