During the pandemic, the Miami housing market remained hot. In the first quarter of this year, the number of sales closed in Miami Beach spiked 68%. Similarly, closings were up 378% compared to a year before. Because so many people are still interested in getting in on this incredible market, many buyers have had to pay record prices because of the high demand and low supply.
This quarter, the Miami housing market is getting more intense than last quarter. Mortgage rates are still pretty low, many people continue to work remotely, and people are still craving the South Florida lifestyle. Therefore, the housing market is currently extremely intense. Although prices are rising, demand for real estate in the area is very high. Nearly every aspect of the South Florida market is setting records. This includes prices, sales, and inventory.
Despite higher prices, people are looking at South Florida because of the incredible lifestyle it provides.
Read full article here: https://www.foxbusiness.com/markets/miami-housing-market-tightens-further
Looking to invest in the Miami housing market?
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. That is, from mortgage applications, to finding your dream home and closing the deal. We can make the process of selling or buying your home as smooth as possible. Contact us today!
Chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).