As of right now, Miami has experienced 112 consecutive months of price appreciation. In fact, right now, luxury real estate in Miami is hotter than ever. That, in addition to blue-collar condos, single-family homes, and everything in between. The real estate market in Miami is HOT, and it doesn’t seem like it will cool down any time soon.
Recently, the months of supply for luxury real estate in Miami has been trending downward. This steady trend is for both month over month and year over year. What does this mean? Basically, this means that the properties that are listed are moving fast.
Luxury real estate
In Miami, a property is considered to be “luxury” when it sells for $1 million or more. These can be either single-family homes or condos. Right now, this market is booming. Year over year, the sales for luxury homes has increased by 225%. This represents 312 sales in March alone. As for condos, they also experienced an increase. In fact, it has been 204% increase year over year.
In addition, homes priced between $400,000 and $600,000 have also seen a huge boom. Single-family properties within that price range have increased 81% YoY, and condos 136% YoY.
Right now, Miami homes are in high demand for many reasons. First, interest rates have been low since the pandemic started. This has been a huge incentive for buyers. In addition, many people from out of state has shown interest in Florida because of its tax benefits. Furthermore, Miami is a great city to live in. With amazing weather, and upbeat lifestyle, it is no surprise that so many people want in!
Are you looking to buy, sell, or rent a house in South Florida? AMG International Realty is a global real estate firm specializing in Florida. If you are you looking to buy, rent, or sell in Miami we are here to guide you through every step of the way. From mortgage applications, to finding your dream home and closing the deal. Contact us today!
Chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).