2024 Miami Beach Real Estate Market Trends & Forecast Q1-Q3

Dive into the latest Miami Beach real estate market trends complete with expert advice for buyers and sellers. This report covers the area of South Beach (5th street) all the way up to North Beach (88th street).

MIAMI BEACH HOMES

Highlights for 2024.

Miami Beach home prices per square foot have increased across all price ranges. High-end single-family homes ($5M–$10M) experienced a notable 12% rise, fueled by strong demand for waterfront properties. Although inventory has tightened since last year, the market remains moderately favorable for buyers, with 12 months of supply. The $1M–$3M market is still a seller’s market with 6 months of inventory, while the $3M–$5M range is neutral. Above $5M, it shifts to a moderate buyers’ market, and the ultra-luxury segment ($10M+) has 15 months of inventory.

Newer waterfront homes, especially on Venetian, Sunset, Palm, and Star Islands, continue to command top dollar.

Advice for Buyers, Sellers, and Investors

 

  • Buyers: Move quickly on prime waterfront properties, as prices are likely to keep rising. For construction opportunities or land, consider Normandy Isle or Biscayne Point, where luxury developments are on the rise, yet land and older tear-down homes remain more affordable than other beachfront areas.
  • For sellers:If you own a property in the $1M–$3M range, now is a great time to sell and capitalize on high demand. Likewise, properties in the $3M-$5M are still in great demand as well as waterfront and brand new custom homes.
  • For luxury investors: Focus on high-end or brand-new homes, and avoid older waterfront properties priced at a premium. Even remodeled, they often don’t meet current code standards, making the seemingly affordable a costly mistake. High-end luxury rentals remain in strong demand in Miami Beach, particularly during the busy winter season.

Commentary on specific transactions and 2025 Predictions

This year we saw 5 sales so far above $4,000 per SF.  All of these are custom, new and waterfront homes. The record sale so far this year was this home 98 La Gorce Cir that sold for $62.5M. This home was originally listed for $75M. The luxury market is still thriving an good properties that are unique in kind are selling quickly. The Miami Beach market is very desired with many HNWI and as they keep flocking in the luxury markets on Miami Beach will keep going strong.

Click here for the Current Inventory.

To see actual sales and specific price point data, please click on the image below or follow this link: Show me the Miami Beach Analytics Page

MIAMI BEACH CONDOS

Highlights for 2024.

In the Miami Beach condo market, inventory has surged to 15 months. While most properties are still seeing price increases, those in the $5M-$10M range have experienced a decline. Since 2024, new listings have jumped by 17%, and properties are remaining on the market 40% longer, equivalent to an additional 40 days before sale.

Overall, inventory is up, mainly due to the $1M-$2M segment. However, inventory in the $3M+ range is slightly decreasing due to fewer new listings and rising sales, with the $3M-$5M and $5M-$10M segments remaining strong. South of Fifth continues to dominate, capturing the majority of $10M+ sales between South Beach and Miami Beach. Top performers include condo hotels like Edition, One Hotel and Homes, Setai, and Continuum, which excelled in both sales prices and volume. Conversely, older condos such as Portofino Tower and South Pointe Tower have underperformed.

Advice for Buyers, Sellers, and Investors

 

  • Buyers: The lower end of the market sees the highest increase in inventory and here it might be easiest to get a better deal. When looking at the beach please stay clear of older condos as they will be continuously under scrutiny and harder to sell in the future.
  • For sellers. If you own an older condo with rising HOA fees, please do not wait too long with selling if you were planning to sell in the upcoming few years. Buyers are becoming more and more aware of the risks of older condos and you do not want to wait with selling till all other older condo owners are listing their units.
  • For luxury investors you might want to focus on newer condos that are amenity rich and desired with renters such as Five Park or the brand new Perigon which is located on the beach and one of or preferred new condos in all of Miami.

Commentary on specific transactions and 2025 Predictions

Still a very strong market that commands strong prices per Sf. There were no less than 10 condos that sold for $3,000 per SF or above. South of Fifth condos (Continuum)  still command the highest sales prices per SF, but if we look at the parts outside of SOFI we see the highest sales occur at 57 Ocean, Setai, One Hotel and Homes and Faena.  We are bullish for the luxury market but more bearish about the many older condos in this flood prone area.

Click here for the Current Inventory

To see actual sales and specific price point data, please click on the image below or follow this link: Show me the Miami Beach Analytics Page 

 

Read part 1 of our 2024 Report: Overview and Most Asked Qeuestions
Read part 2 of our 2024 Report: Miami Neighborhood Trends

Schedule Time with David (Via Zoom, Call or in Person)

Schedule time to discuss your personal questions regarding the Miami Beach Real Estate Market in 2024/2025.

FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023. 

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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