WRE News: Home Prices Soar in Miami, Fort Lauderdale, & West Palm Beach Amid 2024 Housing Crunch

Miami, FL – December 30, 2024 – Home prices in Miami, Fort Lauderdale, and West Palm Beach surged in 2024, defying high mortgage rates and slower sales, according to Redfin Real Estate data.

In Miami, home prices rose 7.9%, driven by strong demand from affluent buyers and limited housing supply. Fort Lauderdale saw a similar trend with an 8.3% increase, reflecting its appeal as a coastal hub with luxury real estate opportunities. Meanwhile, West Palm Beach led the region with an 8.6% rise, attracting buyers seeking a balance between upscale amenities and relative affordability compared to Miami.

These South Florida cities exemplify the nationwide pattern of rising home prices in desirable markets, where demand continues to outpace a constrained housing supply, especially in areas favored by wealthier buyers.