WRE News: Miami Leads U.S. in Home Price Growth as Million-Dollar Condo Sales Surge

Miami, FL – August 26, 2024 – Miami’s real estate market is booming, especially for high-end properties.

A recent report highlights Miami as the top U.S. city for annual home price appreciation, with a significant surge in million-dollar condo sales, which jumped 6% year-over-year in July 2024. Overall home sales in Miami-Dade County also rose by 4%, fueled by declining mortgage rates and strong demand for luxury properties.

However, there are growing concerns about the affordability of older condos, particularly those in buildings over 30 years old, where residents face hefty special assessment fees, making long-term ownership more challenging.