Annual Overview: Surfside 2024 Real Estate Market – Key Trends and Analysis
Thinking of buying or selling in Surfside? Partner with those who know the ropes and can turn a complex process into an insightful experience. The Surfside real estate market in 2024 illustrated a market in evolution, adapting gracefully to shifts in economic indicators and buyer preferences. Amid varied predictions and market conditions, Surfside stood out with its distinctive resilience and adaptability.
Pricing Dynamics
Surfside’s real estate landscape in 2024 was marked by a clear disparity between initial listing prices and final sale prices. Listings started ambitiously at around $3.9 million, while closing figures settled nearer to $2.7 million, showing an average discount of 8%. This gap underscores a market where negotiation skills shine and informed buyers can find value, provided they engage with the market strategically. This interplay between expectation and reality suggests that both buyers and sellers need to be well-prepared and realistic about current market values.
Market Fluidity
The market this year wasn’t about quick sales or bidding wars, but rather about thoughtful decision-making. With properties spending an average of 114 to 122 days on the market, the pace allowed both buyers and sellers to operate without haste, fostering decisions that both parties could feel confident about. This balanced pace suggests a stable environment where properties need to be presented at their best to capture interest.
Value and Valuations
In 2024, the value equation in Surfside was particularly fascinating. With a high premium on square footage, active listings commanded about $1,397 per square foot, whereas sold properties achieved $1,211. This discrepancy not only highlights the room for negotiation but also emphasizes the importance of realistic pricing and the appeal of properties that are aligned with market expectations. Properties that met these criteria tended to transact quicker and at better rates.
Strategic Implications for Market Participants
The dynamics observed in Surfside this past year reinforce the importance of understanding and adapting to market realities. For sellers, it’s crucial to align asking prices closely with market conditions to attract serious offers. Buyers, on the other hand, should be ready to assess the intrinsic value of properties and engage in negotiations informed by thorough market analysis.
Outlook for 2025
Looking forward to 2025, the Surfside real estate market remains a beacon for those seeking stability and value in a fluctuating economic landscape. Continued vigilance and strategic adjustments in pricing will be key for navigating the upcoming year effectively. Whether preparing a home for sale or evaluating potential purchases, a deep understanding of the local market will be essential.
Here’s to a year of informed decisions and successful transactions in Surfside. Let’s tackle the challenges and opportunities ahead with expertise and optimism.
Download our latest 3-D Market Analyzer HERE.
Surfside Homes – Price per Square Foot
Here is a list with average price per square foot in the past years for Surfside homes not on the water:
| Year | Price per SF |
|---|---|
| 2024 | $868/SF |
| 2023 | $829/SF |
| 2022 | $817/SF |
| 2021 | $502/SF |
| 2020 | $416/SF |
| 2019 | $386/SF |
| 2018 | $360/SF |
| 2017 | $382/SF |
| 2016 | $377/SF |
| 2015 | $350/SF |
| 2014 | $324/SF |
| 2013 | $270/SF |
| 2012 | $233/SF |
| 2011 | $193/SF |
Taking Stock: Following a stabilization at $829 in 2023, the average price per square foot in Surfside climbed to $868 in 2024, indicating a consistent yet gentle upward trend in property values.
Take a look at the benchmark for Surfside homes in the last 12 months:
PRICING & VALUE
• Average Closed Price: $2.7M
• Average Active Price: $3.9M
• Closed Price per Sq Ft: $1,211
• Active Price per Sq Ft: $1,397
• Average Discount: 8%
INVENTORY & ACTIVITY
• Total Households: 3,172
• Closed Properties (12 months): 39
• Active Listings: 29
• Average Days on Market (Closed): 122
• Average Days on Market (Active): 114
Download our latest 3-D Market Analyzer HERE.
Surfside Real Estate Market Report for 2024
The general figures for Surfside homes in 2024 are the following: (click HERE to see 2023 figures)
- There were 45 Surfside homes sold in 2024, compared to 33 in 2023, 47 in 2022, and 87 sold in 2021. The median sales price was $1,500,000 – same as in 2023.
- The highest sale in Surfside in 2024 was for the new, waterfront home at 9208 Bay Dr, with 7 bedrooms, 9.5 bathrooms, 9,008 Sq. Ft. on 15,029 Sq. Ft. lot with 60′ of water frontage, sold for $19.75 Million ($2,192/Sq.Ft.) **Cash Transaction
- The highest non-waterfront home sale in Surfside in 2024 was for the new 2023 construction at 8712 Byron Avenue with 5 bedrooms, 5 bathrooms, 2 half-baths, 3,808 Sq.Ft. of living space, on 8,400 Sq. Ft. lot, sold for $4.65 Million ($1,221/Sq.Ft.) **Cash transaction
- The highest sale per square foot in Surfside in 2024 was the waterfront property located at 9450 Bay Dr, sold for land value and “opportunity to build the waterfront home you’ve always envisioned” – selling for $7,065,000 ($2,735/Sq.Ft of current home with 2,583 sf.) **Cash Transaction
Download our latest 3-D Market Analyzer HERE.
List of Surfside Homes Sold in 2024
To get a list of all Surfside homes sold in 2024, please contact us.
Download our latest 3-D Market Analyzer HERE.
Navigating Surfside real estate doesn’t have to be daunting—let our experts guide you through the process while you envision your new beachfront lifestyle. Ready to take the next step? Give us a call!