Shenandoah Miami Real Estate: 2024 Year in Review

Shenandoah’s 2024 story was higher prices and fewer, more selective sales. 108 single-family homes closed in Shenandoah, down from 118 in 2023. Total sales volume held essentially flat at $102.8 million because the typical home sold for more. The median sale price rose 10.2% to $879,000, and the median price per square foot rose 7.4% to $538. Both outpaced Miami-Dade County as a whole, where the single-family median rose 8.3% to $650,000.

Much of the year was spent waiting on interest rates. Thirty-year mortgage rates started the year in the mid-6% range, climbed back above 7% in the spring, and fell to about 6.1% in late September as the Federal Reserve began cutting. The Fed cut by half a point in September and a quarter point each in November and December, its first cuts since 2020. The relief was short-lived: by December, mortgage rates were back near 7%. Add rising homeowners insurance costs across Florida, the new rules for buyer-agent agreements that took effect in August, a presidential election, and two major hurricanes on Florida’s Gulf Coast in the fall, and many of our neighbors simply stayed put. Only 144 Shenandoah homes were listed for sale, the fewest of any year since at least 2016.

Limited supply kept the market balanced rather than soft. Homes sold faster than in 2023, at a median of 48 days on market vs. 54. Fewer sellers needed a price reduction: 36% of sales vs. 44%. A quarter of homes sold at or above their final asking price. Buyers were still negotiating, though. The typical sale closed at 93.3% of the original list price, and more than one in three listings that came off the market in 2024 did so without selling. For sellers, pricing correctly from day one remained the difference between a quick sale and a long one.

I’m also seeing our neighborhood move steadily upmarket. Sales under $750,000 fell from 48 to 28 as entry-level homes became harder to find. Sales of $1 million and above rose to 38, about 35% of all sales, up from 25%. New construction is still a small part of the market but an influential one: four new homes sold at a median of $642 per square foot. The year’s top sale was a 2023-built home at 2011 SW 13th Street for $1,988,000. One of 2024’s $1 million-plus sales was my listing at 2011 SW 18th Street, a 1955 home on a 6,960-square-foot lot that sold in February for $1,075,000, featured below.

Our neighborhood’s history took center stage in December. The Villagers, Miami’s historic preservation society, featured Miami’s Historic Shenandoah Neighborhood in its 39th Annual Historic Home Tour, which I was proud to sponsor. The tour showcased homes from the 1920s and 1930s in the Craftsman, Mediterranean Revival and Mission styles, along with a coral rock home and a Sears kit Colonial house.