Contrary to previous forecasts, the Miami real estate market seems to be in a good place for now. Experts estimated that in 2018, house and condominium prices would continue to drop, but according to a recent report by the Miami Association of Realtors, sales have gone up since January!
Miami continues to bring in people from abroad who are interested in the many career opportunities the city has to offer. Miami’s vibrant locale never fails to attract residents thanks to its beautiful beaches and bustling neighborhoods like Brickell and Miami Beach. As a result, the total residential sales have increased 5.1% this year. Luxury sales of $1 million and up jumped 29.3% and have benefited the most from this real estate boom in Miami. Single-family homes in the mid-price range are also in popular demand, but the market is suffering from a lack of supply.
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Miami is a hot place to be in right now as the average price of a single-family home is $330,000. The price has continued to rise after 74 straight months in a long-running streak that now spans more than six years. Meanwhile, the average price for condominiums stands around $230,000. The city’s real estate situation is solid with most sales closing near asking price!
Florida also benefits from the fact that it doesn’t have a state income tax, but other Americans are not the only ones who are looking to buy in Miami. People from other countries have also shown an increasing interest in Miami’s real estate action.
Naturally, the economy is subject to change. Miami real estate has been fortuitous thanks to the city's diverse culture and economy, so let's hope it stays that way. For everyone living in this beautiful city, remember to appreciate everything Miami has to offer while it continues its development as one of the most famous cultural centers in the world.
Cover photo courtesy of Flickr