South Florida is “Its Own Beast”

When people ask me about the real estate market in South Florida, I usually give the same answer: South Florida is its own beast.

While the South Florida market is obviously influenced by the same economic forces as the national market, it behaves differently. Real estate is inherently local—every region moves at its own pace—but South Florida consistently stands out in a much more noticeable way.

Nationally, the real estate market is transitioning from a seller’s market to a buyer’s market. Home sales are down 8.4% year over year, driven largely by increased inventory. Buyers now have more options and more negotiating power.

A few years ago, I could practically throw a listing on the MLS and have it sell above asking price in under two weeks. Today, with significantly more listings in most neighborhoods, sellers face real competition. Homes are sitting longer, selling below asking, or not selling at all—becoming expired listings.

You’d expect South Florida to follow this same trend. But once again, South Florida proves it’s different.

Despite slight year-over-year price declines (and very slow ones at that), home sales are actually up—3.7% in Miami-Dade County and 10.6% in Broward County. That’s a surprising statistic by any measure, especially considering South Florida is experiencing the same rise in inventory as the rest of the country.

Add in higher interest rates and the reality that local wage growth has lagged far behind home price appreciation, and the numbers become even more remarkable.

To be blunt, for locals, buying a home in South Florida is expensive. The median sale price sits around $660,000 in Miami-Dade and $614,500 in Broward. While cash deals make up roughly 25% of closed sales, the majority of buyers still rely on financing—meaning sizable down payments and significant cash required at closing.

And yet, buyers keep buying. That’s the beast.