The August 22nd edition of the South Florida Agent reported that “Miami topped the rest of the U.S. for active home listings in July”. That made me wonder how this looked historically. The Federal Reserve Economic Data site is excellent for a quick review of numbers in Miami-Dade County.
In July 2016 there were 19,331 active listings. In July 2024 there were 13,886 active listings, or almost 30% less active listings.
In July 2016, the median price of the active listings was $450,000. In July 2024 the median price of active listings was $649,000 or a 44% increase.
In July 2016, median days on market of active listings was 82 days; July 2024 down to 73 days.
- And in July 2016, interest rates were at 3.45% - in July 2024? Interest rates were at 6.77% or a 96% increase.
The Miami-Dade real estate market has demonstrated incredible strength and dynamism, even in the face of rising interest rates and reduced inventory. With a 44% increase in median home prices since 2016 and quicker sales times, it's clear that the area remains a highly sought-after destination for buyers.
This trend reflects the growing appeal of Miami-Dade as a place to live, work, and invest. The strong demand for homes, fueled by an influx of new residents and global interest, underscores the area's continued growth and prosperity. For sellers, this presents an excellent opportunity to capitalize on a vibrant market, while buyers can take confidence in the long-term value and desirability of property in this region.
This positive outlook reinforces Miami-Dade's position as a thriving and attractive market, where both sellers and buyers can find substantial value.