In December 2024, home sales surged in Miami-Dade County, particularly for single-family homes and luxury condos above $1 million. This uptick follows a period of stagnation during the summer, attributed in part to buyer hesitation and difficulties in obtaining financing for condos. Even with rising mortgage rates, Eddie Blanco, chairman of the Miami Association of Realtors, notes a significant demand driven by increased certainty after the presidential elections. However, the overall condo market remains strained by escalating costs and limited financing options, affecting overall sales across the county.
Now that the presidential election is over and we have more certainty, buyers who have been waiting on the sidelines are now making moves.
South Florida leads the U.S. in price appreciation, migration, luxury sales, global buyers and more. Even with mortgage rates topping 7%, Miami total sales surged in December 2024.
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