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Miami Home Sales Soar in January 2024 Amid 7% Mortgage Rates

Greater Miami Home Sales Rise, Condo Sales Dip

In January 2024, Miami-Dade County saw an uptick in total home sales and total dollar volume, outpacing the national real estate market despite mortgage rates reaching 7%. According to the Miami Realtors, a lack of inventory in mid-price range condos contributed to an 8.6% increase in single-family home sales. Total Miami-Dade home sales increased 0.9% and total dollar volume jumped 19% year on year, while existing condo sales decreased 4.8%.

Cash Buyers Impacting Mortgage Rates

The cash-buyer market is becoming increasingly popular, accounting for 43% of condo purchases. This trend has led to an increase in available cash and subsequently impacted mortgage rates. As I discussed in a previous article, fluctuations in the housing market can greatly impact both buyers and sellers, making it essential to stay informed and work with a professional realtor.

What Does This Mean for Miami Buyers and Sellers?

For potential home buyers, the rise in single-family home sales and the dip in condo sales could mean a shift in focus toward single-family properties. With a limited inventory of mid-price range condos, buyers may need to consider expanding their search or being more flexible in their criteria.

On the other hand, sellers in the Miami market may see this as an opportunity to capitalize on the increased demand for single-family homes. By working with a realtor, sellers can ensure their property is accurately priced and effectively marketed to attract potential buyers.

Stay Informed with Professional Realtor Guidance

As the Miami real estate market continues to evolve, it’s crucial for buyers and sellers to stay informed and make educated decisions. By working with a professional realtor, you can gain valuable insights into market trends and opportunities, ensuring a successful real estate transaction.

If you’re looking to buy or sell a property in the Miami area, don’t hesitate to reach out to me for expert advice and guidance. With years of experience in the industry, I’m committed to helping my clients achieve their real estate goals and navigate the ever-changing Miami market.

Explore More Real Estate Insights and Opportunities

Stay informed on the latest real estate news, trends, and opportunities by exploring my other articles:

For more information on the Miami real estate market or to discuss your real estate needs, contact me today!