The South Florida real estate market in 2024 is finding its footing after a period of rapid change. Things are beginning to stabilize, and we’re seeing resilience across key areas. Whether you’re buying, selling, or just keeping an eye on trends, here’s what’s happening in Miami-Dade, Broward, Palm Beach Counties, and especially St Andrews Country Club.
St Andrews Country Club: A Unique Opportunity
St Andrews Country Club is in a league of its own, with only 12 homes currently on the market—down significantly from 65 homes just five years ago at this same time. The price points for these properties are exceptionally high, driven by the scarcity of available homes and a key differentiator: guaranteed golf membership. Unlike most clubs, where membership can be uncertain, St Andrews offers certainty, which adds substantial value to each property.
While the demand is strong, careful pricing is essential. We must ensure not to overreach and accurately gauge how far the market will support these price levels. With a joining fee of $300,000, buyers are serious about their intentions, reflecting the exclusivity and appeal of the community. There is no indication that this momentum is slowing down. Many buyers and sellers are considering waiting until after the upcoming election to make their move, but it’s important to ask—why wait?
Sales and Pricing Trends
The market remains relatively strong, especially for single-family homes. July 2024 saw a year-over-year increase in sales by 5.2%, while condos and townhouses faced a small dip of 1.2%. Miami-Dade recorded a staggering new all-time high for median single-family home prices at $670,000, with neighboring Broward at $625,000 and Palm Beach County reaching $644,500. Price appreciation has been robust, ranging from 4.2% to 7.4%, outpacing national averages.
For buyers, this might sound daunting, but there are silver linings too. Inventory is slowly increasing, and properties are staying on the market for just under a month, which indicates a more balanced environment emerging.
Inventory, Days on Market, and Conditions
The inventory picture is slowly shifting, especially for condos. Single-family homes are still in relatively short supply with a 4.6-month inventory, which firmly keeps sellers in the driver’s seat. But for condos and townhouses? We’re seeing a more balanced landscape, with about a 7.4-month supply, creating room for healthy negotiations.
Single-family homes are selling at lightning speeds compared to pre-pandemic norms—just 29 to 35 days on market across Miami-Dade, Broward, Palm Beach, and Martin Counties. Cash buyers continue to play a huge role, especially in Palm Beach, where they accounted for 41% of July sales.
What Lies Ahead
Looking ahead, the South Florida real estate market is expected to grow stronger, with projected price increases of 6.9% in 2024 and 6.5% in 2025. Buyers, take note—mortgage rates are anticipated to decline, dropping to 6.6% by the end of 2024 and further to 5.7% by 2025. These shifts could usher in renewed buyer demand, boosting activity in both the single-family and condo markets.
South Florida remains a coveted destination—drawing both national and international buyers, many enchanted by the lifestyle that Miami Beach, Boca Raton, and Palm Beach offer. While the market is more tempered than the high-octane frenzy of past years, it’s certainly not sluggish. Instead, we’re entering a more sustainable, healthy pace, one that creates opportunity for those ready to make their move.
To my clients, prospective homeowners, and investors—I’m here to help you navigate every wave, whether buying, selling, or just exploring. This is a market that rewards smart decisions, keen insights, and expert guidance. The future of South Florida real estate? Bright, balanced, and ready for those willing to seize it.
Who We Are
The Edmund Bogen Team is here to make your real estate journey seamless and successful. With agents in Boca Raton, Delray Beach, West Palm Beach, and Miami, we are ready to help you buy or sell with confidence. Our expertise spans luxury homes, waterfront properties, and exclusive communities like St Andrews Country Club. Let us guide you every step of the way, ensuring you achieve your real estate goals with unmatched professionalism and care.