Miami Beach October 2024 Real Estate Market Update

    Miami Beach home prices per square foot have risen across all price ranges. High-end single-family homes in the $5 million to $10 million range saw a significant 12% increase, driven by strong demand for waterfront properties. Although inventory has tightened compared to last year, the market still moderately favors buyers with a 12-month supply. The $1 million to $3 million range remains a seller’s market with six months of inventory, while the $3 million to $5 million range is balanced. Above $5 million, it leans toward a moderate buyers’ market, and the ultra-luxury segment ($10 million+) has a 15-month supply. Newer waterfront homes, particularly on Venetian, Sunset, Palm, and Star Islands, continue to attract premium prices.