Miami’s luxury condominium market demonstrated remarkable resilience in October 2024, with sales of $1M+ units increasing 3.5% year-over-year, despite elevated mortgage rates and broader market challenges. The trend underscores Miami’s growing position as a leading global wealth hub.
Miami Ranks #1 in U.S. Home Price Appreciation (November 2024)
- Condo Prices: Up 124.3% over the past decade
- Single-Family Home Prices: Up 179.5% over the same period
Wealth Migration Driving the Market
- Migration added $10 billion to South Florida’s household income
- Average incoming resident’s income is 78% higher than that of departing residents
- Miami ranks among the top Emerging Wealth Hubs globally
Market Value Proposition
- $1M buys 60 square meters of prime property in Miami
- Comparative Values:
- New York: 34 sq m
- London: 33 sq m
- Hong Kong: 22 sq m
- Comparative Values:
Economic Impact
- October 2024 Home Sales:
- Generated $217 million in local economic impact
- Total dollar volume reached $1.7 billion
Market Leadership in Price Appreciation Miami continues to dominate the national real estate landscape, ranking first in U.S. home price appreciation as of November 2024. The market’s strength is evidenced by extraordinary long-term growth, with condominium prices appreciating 124.3% over the past decade, rising from $185,000 to $415,000. Even more impressive, single-family home prices have surged 179.5% in the same period, increasing from $240,000 to $670,750.
Wealth Migration Reshaping the Market The region’s remarkable growth is fueled by significant wealth migration, which has added an estimated $10 billion to South Florida’s household income. Data reveals that new residents moving to Miami-Dade County have an average adjusted gross income of $175,600, significantly outpacing both departing residents ($98,800) and existing residents ($98,100). This influx of wealth has positioned Miami as the fourth-ranked U.S. city for millionaire growth rate over the past decade, with a 75% increase in high-net-worth individuals.
Global Value Proposition Despite substantial price appreciation, Miami continues to offer compelling value compared to other global cities. Prime property analysis shows that $1 million in Miami purchases approximately 60 square meters of luxury real estate, substantially more than competing global markets:
- New York: 34 square meters
- London: 33 square meters
- Singapore: 32 square meters
- Hong Kong: 22 square meters
- Monaco: 16 square meters
Economic Impact and Market Health The robust real estate market continues to drive significant economic benefits for the region. October 2024 home sales generated $217 million in local economic impact, with total transaction volume reaching $1.7 billion. The market’s health is further demonstrated by historically low distressed sales, representing just 0.9% of all transactions, compared to 70% during the 2009 market crisis.
Media Contact
Company Name: Miami Real Estately
Contact Person: Marcos Garcia
Email: Send Email
Phone: 305-834-4142
City: Miami
State: Florida
Country: United States
Website: https://miamirealestately.com