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For months, South Florida home prices have been rising. With attractive interest rates, and other incentives to buy, home prices have been on the rise for months. However, there was recently a sign that prices might start to settle down. In fact, in a recent look at the median sales prices for condos and houses in Miami-Dade and Broward, experts became optimistic that the price surge is settling. According to the data, median sales prices slipped or remained flat.
For single-family homes in Miami-Dade, median sales price dropped by 3% from April to May. The number went from $515,000 to $500,000. As for condos, the prices remained flat at a $325,000 median. In Broward, the median sales price for single-family homes dropped by .05%, going from $464,000 to $463,000. As for condos, the sales median dipped by 5% from $220,000 to $210,000. Although South Florida home prices are beginning to settle, they are still about 20% higher than they were in 2020.
With low interest rates, and a rising population, it is no surprise that prices have gone up since the pandemic started. This year, price increases are expected to be less dramatic than in 2020. This is because last year there was a huge surge of people landing in Miami at the same time. This is expected to settle. There is no clear time as to when or if prices will go back to what they were pre-pandemic. However, there are still plenty of exciting opportunities for buyers looking to move to the Magic City.
Interested in buying or selling a home 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 or Orlando 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).