Housing prices in Miami: houses at $675,000 and condos at $430,000

Miami Realtors numbers

According to the Miami Realtors association, in December 2024 the median sale price of single-family homes in Miami-Dade increased 10.7% compared to December 2023, from $610,000 to $675,000. The median price of existing condos rose 4.9%, from $410,000 to $430,000.

In volume, single-family homes closed the year with 10,738 transactions, 1.9% more than in 2023. It’s a market that remained active despite mortgage rates ranging between 6% and 7%.

Miami versus the rest of the country

The S&P CoreLogic Case-Shiller index recorded a 3.9% annual increase for the United States in December 2024. The 20-city index rose 4.5% and the 10-city index 5.1%. New York led with 7.2%, and Tampa was the only major city to decline, down 1.1%.

That Tampa, also in Florida, fell while Miami-Dade rose shows that the real estate market is local: two cities in the same state can move in different directions.

Why condos rose less

Florida condos have faced new legal requirements since 2022 following the collapse of the Champlain Towers building in Surfside in 2021: mandatory milestone structural inspections and reserve studies. These obligations have increased the maintenance fees of many older buildings and may affect their appeal compared to houses.

For an investor, this means that the building’s condition, its reserves, and fees matter as much as the price per square meter.

What to look for in a Miami asset

• Location close to high-demand tourist and business areas.
• Building with up-to-date inspections and reserves.
• Homeowners association rules on short-term rentals.
• Insurance costs, which are high in Florida due to hurricane risk.
• Estimated net profitability, not just gross income.

Risks

A market that has risen a lot can correct. Also, Miami is exposed to hurricanes, insurance changes, and international demand sensitive to the dollar. Diversifying among cities reduces exposure to a single market.

Median is not average

Miami Realtors’ figures are medians: the value in the middle when all sales of the month are ordered. The median is useful because it is not distorted by a few luxury sales, which are frequent in Miami. But it can also move due to changes in the mix of properties sold, not just because each home is worth more.

That’s why analysts compare several sources, like the repeated Case-Shiller indices, which track the price of the same homes over time. For an investment decision, the most useful remains the analysis of the specific asset: its location, condition, costs, and income-generating capacity.

Participate without buying whole

With a median of $675,000 for a house, buying in Miami is out of reach for most Latin American savers. Fractions allow participation in city assets from 50 USD, receive proportional net rent daily, and sell them on the secondary market if there are buyers.

• See assets in Miami
• Secondary market