MIAMI (CBSMiami / CNN) – While mortgage rates remain at record low levels, home prices in South Florida and around the country are on the rise in many areas
According to Zillow, an online real estate database company, the median home price in Miami-Dade County was $ 328,391 in 2020, and they expected prices to rise 6.8% in the next year. In Broward County, the average single-family home price is $ 285,870, and they say prices will increase 6.6% in 2021. But that’s not too high, considering the areas with the highest average prices are San Jose, California, with an average home price of $ 1.4 million, San Francisco $ 1.125 million, Anaheim, California, $ 910,000, Honolulu, Hawaii. $ 866,200. And San Diego at $ 729,000.
According to Realtor.com, in July 2020, the Miami area was a balanced real estate market which means there is a healthy balance between buyers and sellers in the market. The supply was 4.3 months out of stock in Miami-Dade County (July). Supply months are a good indicator of whether a particular real estate market favors buyers or sellers. A typical 6.5 month is a balanced housing market but due to the ongoing crisis, demand somehow meets the current supply.
Let’s discuss a bit about Miami and the metro area before discussing why you’d want to invest in its real estate market. Miami is a fairly walkable city in Miami-Dade County. Miami hits most people’s radar as a tourist destination, though it periodically hits the news when it looks like it may be hit by a hurricane. However, Miami is a large, thriving city with a strong housing market. Miami is home to just under half a million people.
However, the Miami housing market is far larger than that – it includes much of southeast Florida and more than five million people. That makes the Miami real estate market the seventh-largest in the U.S., and it is the second-largest housing market in the southeastern U.S. However, that isn’t reason enough to consider investing in the Miami real estate market.