By Gay Cororaton, MIAMI REALTORS Chief Economist
In the first quarter of 2024, 89% of Southeast Florida’s 95 incorporated and non-incorporated areas saw an increase in the median sales price compared to one year ago.[1]
Southeast Florida continued to see broad-based robust home price appreciation in the single-family homes market in the first quarter of 2024 as the area continues to experience strong job growth that outpaces the nation[2], elevated migration[3] relative to pre-pandemic levels, and business expansions and relocations from international companies that are eager to tap into the vibrant Southeast Florida market.
Prices have increased robustly, bolstered by strong demand that is outpacing supply, as indicated by low levels of months’ supply particularly in markets where the median sales prices are below $500,000.
Interest rates have increased in 2024 and are likely to remain at over 7% for most of 2024 given the Fed’s cautious stance to wait for more evidence that inflation is sustainably moving towards 2%. As homebuyers evaluate the decision to purchase a home, they should consider that home prices are only likely going to increase over time, so the benefits of lower mortgage rates in a year or two could be offset by higher prices in the future.
93% of Miami-Dade County’s submarkets experienced an increase in the median single-family home sales price in 2024 Q1
County-wide, the median sales price rose 15% to $645,000. Florida City saw the highest price gain of 54%. Eight submarkets were the most affordable, with a median sales price of below $500,000, making them highly competitive markets, with months’ supply broadly at 2-3 months and a median days on market of at most 34 days: Opa-locka, West Little River, Brownsville, Leisure City, Miami Gardens, Homestead, Golden Glades, and Richmond Heights. Prices are likely to continue rising in these affordable markets.
81% of Broward County’s submarkets experienced an increase in the median single-family home sales price in 2024 Q1
County-wide, the median sales price rose 9% to $605,000. Davie saw the highest price gain of 22%. Seven submarkets were the most affordable, with a median sales price of below $500,000, making them highly competitive markets, with months’ supply broadly at 2-3 months and a median days on market of at most 36 days: North Lauderdale, Lauderdale Lakes, Margate, Lauderhill, West Park, Tamarac, and Pompano Beach. Prices are likely to continue rising in these affordable markets.
100% of Palm Beach County’s submarkets experienced an increase in the median single-family home sales price in 2024 Q1
County-wide, the median single-family sales price rose 11% to $629,000. The town of Palm Beach had the highest median sales price of $12.7 million, up 45% from one year ago. Of the 15 sales, 80% were all-cash. The town of Jupiter had the next highest increase of 29%, bringing the median sales price to $1.09 million, and all-cash sales making up 53% of sales. Six submarkets were the most affordable, with a median sales price of below $500,000, making them highly competitive markets, with months’ supply broadly at 4-5 months, with a median days on market of at most 46 days: Lake Worth, Greenacres, Lantana, Palm Springs, Riviera Beach, and Boynton Beach. Prices are likely to continue rising in these affordable markets.
80% of the submarkets in Martin County and St. Lucie County experienced an increase in the median single-family home sales price in 2024 Q1
County-wide, the median single-family sales price rose 2% to $585,000 in Martin County. Palm City had the highest median sales price of gain of 13.3%, bringing the median sales price to $670,000. Half of the sales were all-cash. However, the median sales prices fell in Stuart and Hobe Sound. However, these are affordable markets that tend to attract cash buyers, so the long-term price outlook is favorable as cash buyers are less sensitive to interest rate changes.
In St. Lucie County, the median single-family sales price rose 5% to $390,000. All submarkets saw price gains, led by a 16.3% price increase in Fort Pierce, with homes typically selling in 23 days. St. Lucie County is a highly affordable market, with the median sales price hovering at the low $300,000 for most markets, except for the city of Port St. Lucie. With homes that are highly affordable, the price outlook for St. Lucie County is favorable.
Download the market report below.
[1] Only incorporated and unincorporated areas with at least 15 sales in 2024 Q1 were considered in the analysis so the results are not distorted by small markets where prices tend to be volatile.
[2] Education/Health, Leisure/Hospitality, Trade/Transportation Lead Employment Gains in Southeast Florida in 2023 Q3 – MIAMI REALTORS®
[3] Driver License Exchanges in Southeast Florida Continue to Normalize in 2024 Q1 But are Still Higher than Pre-Pandemic Levels – MIAMI REALTORS®
