South Florida’s housing market is defying the odds.
Sales prices for condos and single-family houses increased in November compared to a year ago as the number of deals dropped and inventory went up.
Prices continue to climb thanks to wealthy buyers buying on the high end, leading to big transactions that affect the overall numbers.
Budget-conscious buyers may have to continue to wait on the sidelines. South Florida home prices continue to streak, contradicting a norm of higher inventory leading to lower prices.
“The reality is, people who are moving here can afford it,” said Eddie Blanco, the incoming 2025 chairman of the board for the Miami Association of Realtors and a real estate broker at the Palm Springs North office of Stratwell.
“We’re forgetting to remember Miami is now a global city,” he said. “When you compare Miami to Sydney, Shanghai, London, Morocco, we are a discount.”
Miami-Dade County had a median sales price of $650,000 for houses, up from $615,000 in November 2023, and $436,354 for condos, up from $420,000.