South Florida Home Sales Rise as Inventory Falls 24% and Miami-Dade Median Price Hits $690,000
Updated
Updated · Islander News.com · Aug 14
South Florida Home Sales Rise as Inventory Falls 24% and Miami-Dade Median Price Hits $690,000
1 articles · Updated · Islander News.com · Aug 14
Summary
Miami-Dade single-family sales rose 6% and Broward sales 10% in Q2 from a year earlier, while inventory fell 24% and 25%, respectively, in Berkshire Hathaway HomeServices EWM Realty's mid-year update.
Shrinking supply is supporting prices: Miami-Dade's single-family median climbed 2% to $690,000 and Broward's to $640,000, while Shuffield said mortgage rates around 6% to 6.5% have helped stabilize the market.
Luxury homes above $5 million showed the strongest momentum, with listings up to 488 from 297 in 2020 and monthly sales jumping to 43 from five; condos in that tier now average 20 sales a month.
Below $5 million, available properties are down 13%, and only about 10% of South Florida's 4,500 homes for sale are priced under $500,000, reinforcing Shuffield's view that buyers may need to act before prices rise further.
Shuffield said post-Covid wealth migration and corporate relocations continue to reshape demand, while an upcoming Miami-Dade property-tax referendum could still influence how owners weigh moving or downsizing.