South Florida home sales plunge in March, prices continue to rise

Total dollar volume hit $5.2B, down from $5.6B, year-over-year

South Florida Home Sales Plunge, Prices Rise in March 2024
(Illustration by The Real Deal with Getty)

South Florida home sales plummeted in March.

Despite the drop, prices continued to rise across the region, according to data collected by the Miami Association of Realtors. Total dollar volume hit $5.2 billion, down from $5.6 billion in March of last year

Miami-Dade County

Total home sales in Miami-Dade County dropped 15 percent in March, year-over-year, to 2,141 closings. Single-family home sales fell 5 percent to 1,041 sales. Condo sales plummeted 23 percent to 1,100 sales. 

The median price for single-family homes surged 14 percent to $650,000. Condo prices jumped 11 percent to $445,000.

Total dollar volume in the county reached $1.9 billion. Dollar volume for single-family homes rose 14 percent to $1.1 billion, and condo dollar volume plunged 20 percent to $862 million.

Broward County

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Broward County total home sales sunk 19 percent in March, year-over-year, to 2,281 closings. Single-family home sales shrunk 15 percent to 1,084 deals, and condo sales dropped 22 percent to 1,197 sales. 

Single-family home and condo median prices both grew 7 percent, to $607,000 and $288,750, respectively. 

The county’s total dollar volume hit $1.4 billion. Dollar volume for single-family homes increased 4 percent to $935 million, and dollar volume for condos surged 16 percent to $454 million.

Palm Beach County 

Total home sales in Palm Beach County plunged 21 percent, year-over-year, to 2,223 closings. Single-family home sales slumped 16 percent to 1,226 sales. Condo sales plummeted 25 percent to 997 closings.

Median prices for single-family homes jumped 11 percent to $640,000. Condo prices rose 6 percent to $330,000.

Dollar volume in the county totaled $1.9 billion in March. Single-family home sales accounted for $1.5 billion of the volume, up 11 percent, year-over-year. Dollar volume for condos tumbled 25 percent to $528 million.