In recent years, Miami has seen an influx of growth in the real estate sector. Housing prices and condo prices have been on the rise and do not seem to be stopping anytime soon. In different counties around Miami, the price for luxury condos and single family homes have fluctuated but overall saw a consistent rise in growth in the last few years. Miami as a whole, has launched itself into the top ten real estate markets in the US and has plans to stay there in the coming years. Here we will talk about the recent developments of the real estate market in Miami and some new developments that could lead to increased growth in the coming years.
From 2018 to 2019, the overall growth of the housing market was five percent. The median price of housing in Miami came to $337,000 according to research done by Zillow. In December of 2018, it was measured that Miami had about a seven month supply of homes for sales, making it a very good market for buyers coming into 2019. The surplus of inventory for houses in Miami makes it a profitable market, but it may not last for long.
An enormous development is underway in Miami that could boost the renters market in the city. Caoba is a massive forty-three story building home to four hundred and forty-four apartments that take up about ten city blocks in downtown Miami. An average condo goes for about $190,000 in Miami, but many of the new apartments in Caoba are for renting. Rent for a one bedroom apartment in Caoba can range anywhere from $1,800 – $2,400 a month.
The condominium market in Miami has been in a bit of a standstill compared to the rise in Miami’s housing market. Although this may be the case now, it is still predicted to rise in 2019 due to the rise of the overall popularity of the city of Miami.
If you are looking to find the next big thing in the real estate market, Miami is a city you should keep a close eye on. It has not been a mystery that Miami is a popular city in the state of Florida, but with new developments underway, significant growth could be on its way.