Wealthy buyers continue to invest in Florida’s luxury home market. Douglas Elliman data shows price increases and volume growth in the third quarter of 2024.
MIAMI – Florida’s luxury residential areas saw price increases and an increase in home sales volume in the third quarter of 2024, according to data released by Douglas Elliman.
In Florida’s six markets, excluding mainland Miami, there were 137 luxury sales, the same level as in the third quarter of 2023, but prices rose 9.6%. Palm Beach had six deals with a median price of $14 million, compared to four deals with a median price of $35 million in the third quarter of last year. The number of active listings increased by 180% in the third quarter of 2024, with 54 active listings, giving buyers more choice.
In Miami Beach, active listings are down 35% compared to last year, but the median sales price of nine luxury home sales rose to $23 million. By comparison, the median sales price for 10 luxury home sales in Q3 2023 was $19.8 million. Sales of condos and single-family homes on the market were down 23% compared to last year, but the median price increased 8.7% annually to $680,000, primarily driven by the single-family market, with median prices increasing year-over-year. It rose by 16%. -$3.5 million per year. In Palm Beach, the median single-family home price fell 35.3%, but the price remained at nearly $9.3 million.
More than three-quarters of buyers in Palm Beach paid cash for their home, and in Miami Beach, 62% paid cash. In Coral Gables, 54% of sales were all-cash transactions, with a median luxury price of $8 million, and mainland Miami had the lowest share at 35%.
Source: Mansion Global (2024/10/17) Guraley, Chaba
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