Jun 10, 2024 - News

Miami-Dade property values increase for third consecutive year

Illustration of a percent sign with a house and upside-down house within the zeroes, forming upward and downward pointing arrows.

Illustration: Shoshana Gordon/Axios

Property values across Miami-Dade County are up an estimated 10% from 2023, according to a recently released county report.

Why it matters: The increase underscores the strength of the county's real estate market, despite persistent housing affordability challenges.

The big picture: All 34 municipalities saw increases, according to the report, and all but one — Sweetwater — saw a jump of at least 5%.

  • 17 municipalities saw double-digit increases.

State of play: Properties in Florida City saw the largest increase, jumping 17.6% in 2023.

  • El Portal saw the second largest increase at 15%, followed by Normandy Shores (13.8%), Indian Creek (12.9%) and Hialeah (12.3%).

What's next: Pedro J. Garcia, the Miami-Dade property appraiser, told the Herald he expects property values to continue to increase again next year.

  • "We don't see any slowdown of people buying and selling property in Miami-Dade," he told the outlet.
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