By Gay Cororaton, MIAMI REALTORS Chief Economist
Hot housing markets have rising sales, rising prices, tight inventory levels (6 months’ supply or less), and properties that sell more quickly. Affordability, proximity to the urban core, and demand by wealthier buyers appear to be driving the sturdy demand in these hot markets.
Based on the criteria of rising prices, rising sales, and 6 months’ supply or less of inventory, MIAMI Realtors® identified 23 hot housing markets for single-family homes in 2024. In the condominium market, six areas met the criteria.
Miami-Dade County
In 2024, Miami-Dade emerged as the strongest market for single-family homes, the only county with higher single-family sales in 2024 (+1.9%) and the fastest single-family price growth in December 2024 (10.7%). Majority of the areas in Miami-Dade had higher single-family sales, median prices, and tight inventory in 2024. Of 46 municipalities (with at least 5 sales on average per month), 50% had the same or more single-family home sales in 2024 compared to the prior year. Prices were flat or rose in 76% of areas, Inventory was at 6 months’ supply or less in 89% of areas.
There were 14 hot single-family markets in Miami-Dade County in 2024 .
- Florida City
- Opa-Locka
- Kendall West
- Country Walk
- Homestead
- West Litte River
- The Crossings
- Golden Glades
- Palmetto Bay
- Tamiami
- Goulds
- Cutler Bay
- Coral Terrace
- Kendale Lakes
Broward County
In Broward County, single-family sales fell in 2024 (-1.3%) but the median single-family price was higher in December 2024 from one year ago (+8.8%) with inventory at the end of December 2024 at 5 months’ supply. Of 26 municipalities (with at least 5 sales on average per month), 42% had the same or more single-family home sales in 2024 compared to the prior year . Price rose in 77% of areas Inventory was at 6 months’ supply or less in 87% of markets.
There were five hot markets in Broward County in 2024 .
- Pembroke Pines
- Coral Springs
- Lauderdale Lakes
- Cooper City
- Coconut Creek
Palm Beach County
In Palm Beach County, single-family sales fell in 2024 (-4.0%) but the median single-family price rose in December 2024 from one year ago (+4.1%) with inventory at the end of December 2024 at 5 months’ supply. Of 18 municipalities (with at least 5 sales on average per month), 56% had the same or more single-family home sales in 2024 compared to the prior year, Prices were flat or rose in 61% of areas. Inventory was at 6 months’ supply or less in 89% of areas.
There were three hot markets in Palm Beach County in 2024 .
- Greenacres
- West Palm Beach
- North Palm Village
Martin County and St. Lucie County
In Palm Beach County, single-family sales were essentially flat in 2024 (0.4%), but the median single-family price rose in December 2024 from one year ago (+4.5%) with inventory at the end of December 2024 at 5 months’ supply. In St. Lucie County, single-family sales fell in 2024 (-5.2%) while the median sales price in December 2024 was unchanged from one year ago.
Of 10 municipalities (with at least 5 sales on average per month) in these two counties, 40% had the same or more single-family home sales in 2024 compared to the prior year. Fifty percent had higher median sales prices. Inventory was at 6 months’ supply or less in 90% of areas.
There was only one hot market in these two counties that met the criteria for higher sales, higher prices, and 6 months’ supply or less of inventory.
- Palm City
Condominium market
In the condominium market that is facing a headwind from possible higher fees in older and ill-maintained buildings, there were only six hot markets.
1.Miami Lakes (Miami-Dade County)
- Princeton (Miami-Dade County)
- The Hammocks (Miami-Dade County)
4.Kendale Lakes (Miami-Dade County)
- Miramar (Broward County)
- Cooper City (Broward County)
Download the Southeast Florida’s Hot Housing Markets December 2024 Report HERE.