A total of 31,627 total homes were sold in Miami-Dade County last year according to the Miami Association of Realtors, marking one of its best sales years in history.
Out of the 31,627 total homes sold last year, 19,377 were condo sales and 12,250 were single-family homes.
2021 still holds the title for the most property sales in a given year. A record-breaking 39,394 homes were sold, largely due to low mortgage rates and pent-up demand following the pandemic.
Median home prices are on the rise
Miami-Dade active listings are still down almost 50% when compared to pre-pandemic figures. Low supply, coupled with increased demand, is naturally pushing home prices up. Miami-Dade County single-family home median prices increased 1.1% year-over-year in December 2022, marking 133 months of consecutive house price growth. Existing condo median prices increased 5.5% year-over-year and had risen in 134 out of 139 months.
Though supply is low, overall inventory is on the rise, but most of the growth in new listings is at the top end of the market. For example, homes listed for a price of between $400K to $600K are at 2.6 months of supply. This is also playing a part in driving median prices up in Miami.
Cash buyers everywhere
With US mortgage rates at record highs, a substantial number of loan-reliant home buyers have been priced out of the market. Despite this, Miami’s sales remain strong.
Strong median house price growth and a thriving rental market are attracting investors from around the world. (It is worth noting that investors, particularly from overseas, are more likely to purchase homes in cash.)
Cash sales accounted for 42.4% of Miami sales in December 2022, making up 54.6% of all of Miami’s existing condo sales and 25.5% of all single-family transactions. This is much higher than the national average—with around 28% of all US home purchases being made in cash—and is helping to drive the Miami real estate market forward.
With a booming tourism industry and rental market, and strong house price growth, it is no wonder home sales continue to reach new heights as people snap up sought-after Miami real estate.
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