What is the real estate market like in Miami?

The Miami real estate market has been dynamic, with some interesting trends. Let’s delve into the details: Home Prices: In December 2023, Miami home prices were up 11.8% compared to the previous year. The median sale price for homes in Miami was $570,000. On average, homes in Miami sell after 69 days on the market, slightly faster than last year’s 71 days. During December, 498 homes were sold, an increase from 473 in the same period last year1. Market Competitiveness: Miami’s housing market is not very competitive. Homes typically sell in 66 days. Multiple offers are rare, and homes sell for about 5% below list price. Hot homes can sell for around list price and go pending in around 33 days1. Migration Trends: From November 2023 to January 2024, 26% of Miami homebuyers searched to move out of Miami, while 74% looked to stay within the metropolitan area. New York homebuyers searched to move into Miami more than any other metro, followed by Boston and Washington. Among those leaving Miami, Cape Coral was the most popular destination, followed by Orlando and Jacksonville1. Forecast: The Miami housing market remains strong. Trends suggest a shift towards a buyer-friendly environment due to declining mortgage rates and an increase in new listings. However, the market remains competitive, especially in certain price points. Home prices in Miami-Dade County are not dropping23. If you’re interested in specific properties, you can explore available listings from various real estate providers across Miami, including Realtor, Redfin, and Zillow. These platforms offer photos, prices, and neighborhood insights for properties in the area4567. For instance: 200 Biscayne Blvd Way Apt 3108 in Downtown Miami: A spacious 2-bed/2.5-bath unit at Epic Hotel & Residences with breathtaking bay and city skyline views, priced at $1,325,0008. 88 SW 7th St Apt 1403 in Brickell City Centre: A sophisticated 2-bedroom unit with floor-to-ceiling windows and Italian kitchen, priced at $1,099,0009. Remember, real estate markets can be dynamic, so it’s essential to stay informed and work with professionals when navigating property transactions. 🏡