The demand for single-family homes in Miami is very hot right now. In fact, it has been since the beginning of the pandemic. During the pandemic, people were looking for homes that can accomodate a lifestyle that was heavily lived indoors. Even a year later, a lot of real estate trends that emerged from the pandemic remain; one being the high demand for single-family homes. This, combined with the fact that many Latin American buyers and tech newcomers are seeking homes in the area, the Miami single-family home median sales price increased in April.
In Miami-Dade, the median sales price for a single-family home increased to $515,000 in April. This was a 5% increase from March. Similarily, Broward also experienced a jump in the median sales price. In that county, the number juped by 18% from $382,000 in March, to $464,000 in April. In addition, prices for condos also rose by at least 20% in both counties.
Home prices in Miami have been increasing since May 2020. The migration of buyers coming from the Northeast and West Coast has been a huge factor driving the demand for homes in South Florida. A lot of the newcomers are the result of a bunch of finance and tech firms expending to the area. In addition, there has been a very big surge in buyers from Latin America.
Right now, Miami-Dade only has about 2.2 months of supply of single-family homes. As for condos, the county has a 7.1 month supply. Although condos are also moving fairly fast, there is still enough inventory to cover demand and fuel competition.
Interested in learning more about the Miami single-family home market?
AMG International Realty is a global real estate firm specializing in Florida. If you are you looking to buy, rent, or sell in South Florida, 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!
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