Home sales in Miami have fallen 11.2% year over year (YOY). This can be attributed to declining interest in single-family homes and a surge of condominiums and townhouses coming up in the housing market, according to Realtor.com.
In May 2024, condominiums flooded two-thirds of the market with single-family properties occupying the remaining third. Condo listings have increased since 2023 with many new builds on the market.
The upsurge of condos can be a response to interest rates, as they are priced significantly lower than single-family homes in Florida. This causes the median home listing price to wane, according to Newsweek.
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