Rising Condo Prices in South Florida Amid Falling Sales: What’s Driving the Trend

South Florida's real estate market is experiencing rising condo and single-family home prices despite a decline in sales and increased inventory. In November 2024, median home prices in Miami-Dade reached $650,000 and $619,500 in Broward, driven by affluent buyers. Total sales fell by 8% in Miami-Dade and 11.3% in Broward, with inventory nearly doubling. Cash transactions accounted for 37% of sales. Experts predict similar conditions into early 2025, with affordability concerns likely persisting amid the region's growing global appeal.