Miami $1M & Up Condo Sales Jump as Miami Ranks No. 1 in Home Price Appreciation

Miami-Dade County saw increases in $1M and up condominium sales, total home transactions, and single-family home sales in July 2024, with condo sales rising 6% year-over-year to 142 transactions. Total home sales increased by 4%, reaching 2,122. Median condo prices rose 1.2% to $424,950, while single-family home prices increased 6.1% to $670,000. Despite rising prices, Miami remains a value compared to other global cities. The local real estate market is benefiting from declining mortgage rates and increased inventory, with a significant economic impact from home sales.