Median house price growth in Miami continues to take the country by storm. The median single-family home price in Miami-Dade Country increased 9.4% in the year to November 2022, from $502,750 to $550,000, whilst the median price of existing condos increased 14.2% from $346,000 to $395,000.
With house price and rental value growth exceeding that of other states, South Florida has been in the spotlight for many months and continues to attract real estate investors from around the world. Since the onset of the pandemic, the city has experienced an influx of home buyers from out of state with people flocking to Miami for work and social opportunities. Ultimately demand is higher than ever, and this is keeping prices up.
Single-Family Homes
As of November, the median price of Miami single-family homes had been on the rise for 132 consecutive months, which is the longest-running streak on record.
Miami’s annual price gain of 9.4% fell just short of the national average, which was recorded at 9.6%.
The median single-family sales price in Miami was $550,000 in November—$150,000 more than the national average median price.
Existing Condos
The existing condo median price is rising faster than that of single-family homes, increasing 14.2% in the year to November. Condo median prices had increased in 133 of the last 138 months. Growth was also higher than the national average, which was recorded at 12.3%. The statewide median condo price was $307,000, compared to $395,000 in Miami.
Signs of a healthy market
Out of all closed residential sales in Miami in November, only 1.7% were distressed including REO (bank-owned properties) and short sales. This figure was on par with the national average.
For context, distressed sales made up 70% of all Miami sales in 2009 following the financial crash.
Increase in cash sales
32% of U.S. home sales were made in cash in October, up 29.9% year over year, according to the most recent data from Redfin. And Florida led the way with the most cash buyers.
In Miami, almost half (42.3%) of the closed sales in November were made in cash, up from 38.4% a year earlier. Cash purchases made up 53.9% of all Miami’s condo sales and 24.8% of single-family sales.
Miami’s high proportion of cash buyers reflects the city’s position as a leading market for foreign buyers (who tend to make all-cash purchases).
Florida remains the #1 real estate market for foreign investors for the 14th consecutive year, according to a recent report by Coldwell Banker. In the U.S., 24% of international buyers purchased property in Florida. Further, 54% of Florida’s foreign buyers were in the Miami metro region.
With its stable economy, high quality of life, and high demand for residential property, it is no wonder overseas investors are keen for a slice of the Miami real estate market. Investment opportunities are bountiful, and with 132 consecutive months of median home price gains, Miami’s single-family market remains one of the most attractive in the country—with condo sales coming in close behind.
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