Home sales in Miami-Dade County rose 5.4% year-over-year in April, with single-family sales rising 6.5% and condo sales gaining 4.5%, according to the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS). 

Specifically, single-family sales rose from 1,000 in April 2023 to 1,065 last month, while existing condo sales climbed from 1,222 to 1,277. 

The median price for a single-family home in Miami-Dade increased 9% year-over-year in April, climbing from $600,000 to $654,000, while the median condo price rose 7% from $414,900 to $444,000. Condos and single-family homes priced $1 million and higher saw particularly significant gains, with increases of 45% and 18.5%, respectively. 

“Miami real estate is less impacted from elevated mortgage rates than other markets because of our high percentage of cash buyers and massive wealth migration,” MIAMI Chairman Gus Fonte said in a press release. “Miami cash buyers jumped double digits year-over-year and helped fuel the condo market to one of its best months in recent memory.” 

Cash sales accounted for 52.4% of all Miami existing condo sales and 24.2% of single-family transactions.    

Miami new listings increased 33.3% year-over-year in April, from 2,879 to 3,839, while total inventory was 13,094, which was 35.5% below the historical average of 20,302. Nevertheless, that represents a 39.6% year-over-year increase from 9,378 in April 2023. 

Months’ supply of inventory for single-family homes was 4.4 months, which indicates a seller’s market, while inventory for existing condominiums was 8.3 months, which indicates a balanced market.  

“We’re seeing a South Florida housing market that is amazingly defying the gravity of rising interest rates, particularly in Miami-Dade, Broward and St. Lucie,” MIAMI Chief Economist Gay Cororaton said. “Strong job growth, elevated migration and more cash buyers are mitigating the blow of higher mortgage rates.”