South Florida’s residential real estate market saw a continued slowdown in July, with sales and prices declining across Miami-Dade, Broward, and Palm Beach counties.
According to data from the Multiple Listing Service compiled by the Miami Association of Realtors, the combined dollar volume for residential sales in these three counties dropped 10 percent year-over-year to $4.5 billion. In July 2024, the figure stood at $5 billion.
In Miami-Dade County, total home sales fell 16 percent compared to last year, totaling 1,782 closings. Single-family home transactions declined by 15 percent to 861 deals, while condominium closings decreased by 17 percent to 921 sales. The median price for single-family homes was down 2 percent at $660,000. Condominium median prices dropped by 5 percent to $406,000. Total dollar volume in Miami-Dade fell by 8 percent to $1.8 billion; single-family homes accounted for $1 billion (down 9 percent), and condos made up $772 million (down 5 percent).
Broward County also experienced declines. Total residential sales there were down by 7 percent year-over-year with 2,102 closings in July. Single-family home sales dropped by the same percentage to reach 1,055 deals; condo closings fell by 8 percent to hit 1,047 transactions. Median prices followed suit: single-family homes dipped by one percent to $620,000 and condos decreased three percent to $265,000. The county’s overall dollar volume reached $1.2 billion—7 percent lower than last year—with single-family homes contributing $869 million (a drop of six percent) and condos adding $361 million (a decrease of nine percent).
Palm Beach County reported a total of 1,956 residential deals in July—a five-percent decline from last year’s numbers. Single-family home transactions edged down one percent to reach 1,185 deals; condo closings were down sharply at twelve-percent fewer transactions for a total of 771 sales. Median prices also slipped: single-family homes were priced at a median of $613,250 (five-percent lower), while condos came in at a median price of $300,500 (six-percent lower). The county’s total dollar volume was off eleven-percent from last year at $1.5 billion; single-family homes made up most of that with $1.2 billion (down ten-percent), while condo dollar volume totaled $354 million—a fourteen-percent drop.
The data reflect ongoing softness in South Florida’s housing market as both transaction volumes and prices have trended downward over recent months.
