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September 2024 South Florida Housing Report

SOUTH FLORIDA

Home Sales Down, Average Price Up

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Home sales are down 16.5% year over year, with September 2024 at 5,170 compared to 6,190 last September. Sales are down across all categories.

  • Single families: 3,052 (2023) | 2,669 (2024) 
  • Condos & Townhomes: 3,138 (2023) | 2,501 (2024) 

Average sale price increased 14.7% year-over-year, now at $817,700 compared to $712,748 in September 2023. Prices increased across all categories.

  • Single families: $954,233 (2023) | $955,546 (2024) 
  • Condos & Townhomes: $477,882 (2023) | $501,839 (2024) 

Homes Listed For Sale in South Florida:

The number of homes listed is up by 3.6% when compared to September 2023.

  • 2024: 10,013
  • 2023: 9,667
  • 2022: 9,054

Pending Home Sales in South Florida:

The number of homes placed under contract is down by 12.1% when compared to September 2023.

  • 2024: 5,594
  • 2023: 6,364
  • 2022: 6,812

September 2024 Home Data by County

Housing Data for Broward County, Miami-Dade County, Palm Beach County.

Market data provided by SunStats then compared to the prior year. 

What’s Happening in the South Florida Market?

  • Following along with national housing market trends for the month, South Florida saw a decrease in home sales when compared to this time last year.
  • According to Mortgage News Daily, mortgage rates dropped to 6.1% in September and remained steady within the 6.1% to 6.3% range. However, as October began, rates started to climb again, reaching a peak of 6.9%. While this marks a recent increase, it’s still an improvement from the same period last year, when rates stood at 7.9%.
  • The decline in total sales and pending homes suggests that buyer demand may be weakening. Recent changes in regulations for townhomes and condos have caused costs to rise for current owners. As a result, more sellers have entered the market, but many buyers now find these properties to be outside their budget.
  • Florida’s hurricane season often causes decreased sales as buyers worry about storm damage and some unfortunate sellers need to deal with repairs caused by the storms, leading to longer listing times and price reductions. However, once the season ends, we may see an increase in sales during the winter months as ”snowbirds” come down for the winter and enter the market.

As we navigate the adjusting market and the impact it’s having on buying, selling, renting, and homeownership, being informed is one of the first steps in knowing what to do next. Click on the button to visit the South Florida Real Estate Updates page and never hesitate to contact us with questions.

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