Miami single-family home prices have now risen for 140 consecutive months – the longest streak ever recorded, according to the Miami Association of Realtors.
In July, the median sales price for homes sold in Miami-Dade was $631,670. That is a new record, and an increase of 10.8% compared to July 2022.
Condos and townhomes are on a similar streak, with prices staying even or increasing in 140 of the last 146 months. The median sales price for condos and townhomes in Miami-Dade increased 10.5% in July 2023, compared to the same month last year.
Inventory remains extremely low compared to historical averages. The number of homes and condos available for sale last month was nearly 60% lower than July 2019, when it was close to the historical average.
Source: The Next Miami