Published September 2, 2024

September 2024 Market Report

Written by Georgee Kluck

September 2024 Market Report header image.

Helping You Build Wealth Through Real Estate

Miami Single Family Market Update - September 2024

Hello from Team Georgee, PLACE at Keller Williams Realty!

Welcome to our September market update! We’re excited to bring you the latest insights into the Miami Single Family home market, along with key projections and strategic advice for both buyers and sellers. Here's what you need to know:

Pending Ratios Across Price Ranges

The bar chart showcases the pending ratios across various price ranges, providing a snapshot of buyer activity in the market. The pending ratio reflects the percentage of homes under contract relative to the total number of listings, indicating the level of demand in each segment. Higher ratios suggest strong buyer interest, often seen in more affordable price ranges, while lower ratios point to slower market movement, typically in higher-priced segments. Understanding these pending ratios helps sellers identify high-demand areas for quicker sales and assists buyers in spotting opportunities where competition is less intense.

Market Supply Distribution by Price Range

The pie chart illustrates the distribution of inventory supply across different price ranges, revealing the balance between available homes and buyer demand. Each segment represents the months of supply within a specific price range, highlighting which markets are more favorable for buyers or sellers. Lower months of supply, typically under 4 months, indicate a seller’s market with high demand and limited inventory. Conversely, higher months of supply suggest a buyer's market, where more options and longer days on market create opportunities for negotiation. Understanding these dynamics helps both buyers and sellers strategically position themselves in the current market landscape.

Pop oAverage Days on Market by Price Range

The line chart provides a clear view of the average Days on Market (DOM) across various price ranges, highlighting how quickly properties are selling in each segment. Lower DOM indicates quicker sales, often seen in high-demand areas, while higher DOM suggests slower movement, typical of price ranges with more inventory or fewer buyers. For sellers, shorter DOM can mean a competitive market, while buyers may find opportunities in segments where properties are lingering longer. This chart is a valuable tool to help you understand which price ranges are currently the most active and which may offer room for negotiation.

Interest Rate Projections:

As of September 2024, the average mortgage interest rate for a 30-year fixed-rate mortgage is around 6.5%. Most financial analysts project that rates will remain within the 6.5% to 7% range over the next six months.

The below visual comparison shows the impact of home price and interest rates:

Home Prices: The blue and green bars represent the current and future projected home prices. As shown, the future home price is slightly higher due to appreciation. Estimated at 5%-7% in the coming 12 months
Interest Rates: The percentages above each bar show the current and slightly increased future interest rates.
Monthly Payments: The red line illustrates the increase in monthly payments between the current and future scenarios, highlighting the financial impact of rising home prices and interest rates.

Key Takeaway: Acting now can save buyers money by locking in current prices before they appreciate.

Strategic Advice for Buyers:

Act Now: Locking in a purchase at current prices can save you significantly in the long run. The impact of rising home prices will outweigh minor fluctuations in interest rates.
Leverage Stability: With interest rates projected to remain relatively stable, now is a great time to secure a mortgage and benefit from current pricing.
Consider Future Value: Buying now means benefiting from future appreciation, which can enhance your investment value over time.

Strategic Advice for Sellers

Selling your home in today’s market offers numerous advantages, from high demand and low inventory to favorable market conditions and strong home price appreciation. Whether you’re looking to downsize, upgrade, or relocate, now is the perfect time to make your move.

For personalized advice and to start the selling process, feel free to reach out to us at Team Georgee, PLACE, Keller Williams Realty. Let us help you achieve your real estate goals with confidence and success.

Final Thoughts:

The Miami Single Family market offers promising opportunities for both buyers and sellers. With interest rates expected to remain stable and home prices projected to appreciate, now is an excellent time to make informed real estate decisions. Whether you're looking to buy, sell, or invest, Team Georgee is here to guide you through every step of the process.

For personalized advice and to stay updated on the latest market trends, feel free to reach out to us at Team Georgee, PLACE,Keller Williams Realty.