“The Miami market continues to showcase its allure, with single-family homes leading the charge in sales and price growth. In the Miami Beaches, single-family home sales surged by 20% at the end of 2024, with median prices rising 24% — a testament to the strong demand and limited inventory. While condo sales have softened, the focus on newer construction has driven double-digit price growth, highlighting the region’s appeal to buyers seeking modern, luxury living.

Across the Miami Coastal Mainland, the uptick in single-family sales and a rising market share of high-value homes underscore the strength of Miami as a dynamic and evolving real estate destination. For any buyers on the fence, now is the time to act — Miami’s market is heating up and opportunities are moving fast.”

– Pamela Liebman, Corcoran’s President & CEO

Miami Beaches Highlights

Market activity in the Miami Beaches diverged across product types in 4Q 2024, with both sales and dollar volume of single-family homes rising versus a year ago as condo closings fell.

• Prices were up across both product types, with condos seeing double-digit increases in both median and average price because of a bent towards newer construction.
• Inventory trends were mixed, with active condo listings up over 24% but single-family home listings dipping 7% due to the strength in the market.

Condo/co-op sales fell on a yearly basis for the eleventh time in 12 quarters, down 14% to about 550 closings – the lowest number of condo sales in a fourth quarter since 2013.

• Despite fewer sales, condo price figures climbed versus a year ago, with average price up 12% annually to $1.3M, while median price spiked 34% to $695K.
• Sales volume declined a minor 4% annually, to $733M.
• Inventory levels increased a significant 24% YOY to a five-year high of 3,851 units.

Single-family home sales saw their third double-digit annual percentage increase of 2024, up 20% to 84 sales and the highest number of fourth quarter closings since 2021.

• Because of demand, single-family average and median price also saw double-digit YOY gains, rising 16% and 24% to $7.2M and $3.0M, respectively.
• 4Q 2024 single-family closings over $10M rose 150% annually, driving overall price figures higher.
• Sales volume rose 39% YOY to $605M.
• Due to stronger sale, listed inventory declined by 7% annually to 379 homes.

Miami Coastal Mainland

While fourth quarter sales in the Miami Coastal Mainland Sales activity was varied, inventory increased, and prices rose towards the end of 2025.

• Condo sales declined, inventory made large gains, and prices rose due to a predominance of new development closings.
• Single-family homes sales made minor gains, up 3% YOY, supply rose by almost half, and prices saw increased as the market share of sales over $5M rose from 5% a year ago to 15% in 4Q 2024.

Condo sales declined YOY for the eleventh consecutive quarter, falling 10% to a nine-year low of 723 closings.

• Due to a greater share of recently-built condo sales in prime locations, condo price figures increased by double-digits annually, with median price up 10% to $637K and average price up 24% to $996KM.
• Listed condo/co-op inventory spiked 46% YOY, with 4,147 available at the end of 2024.
• The average discount was down 2.8% versus last year.

Miami Coastal Mainland single-family home sales rose versus a year ago for the second straight quarter, up 3% YOY to 16 closings, the strongest fourth quarter since 2021.

• Amid rising interest, single-family home average and median price figures saw annual gains, with median price rising 9% to $1.8M, and average price jumping 14% to $2.7M.
• Inventory surged 48% YOY to 500 active listings at the end of December.
• Days on market fell 4% annually, a decline of 11 total days.

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