Maimi is Trending
The market in South Florida has remained strong throughout 2021. It is a seller’s market due to the inverse (negative) correlation with home prices rising and inventory staying low. Although it was a rough 2020 due to COVID-19, the market came back substantially during the summer of last year. With the North-East’s strict COVID guidelines and the historic Delta Variant fully rampant, US residents have been moving down to “Freedom Florida” in large waves, keeping home values and demand high.
This is especially true in Brickell, considered the “Manhattan” of Miami or otherwise known as the “6th Borough of New York”. 2021 also saw a record breaking number of businesses moving headquarters to South Florida to escape the high-tax, high density areas of the North-East. New York, for example, has a state income tax rate as high as 10.9% for some, compared to 0% in the State of Florida.
The Miami area has had a record breaking year so far with the high demand for housing and the low interest rates. According to the Multiple Listing Service and the MIAMI Association of Realtors, the county’s total home sales are at 11,533 sales, up 6,767 sales year over year, with Miami Condo sales increasing 240% to 7,067 sales.
Single-Family home median prices in Miami rose 31.6% year-over-year from $380,000 to $500,000 and the months supply of inventory has dropped 54% to 2.2 months, indicating a seller’s market.Over the last three years, Zillow has observed a median home price appreciation of almost 120% (Zillow Home Value Index). The average value of a home in Miami is $369,771 (seasonally adjusted, including only the middle price tier of home) and over the last 10 years, Miami real estate has appreciated 123.65%, putting Miami in the top 10% for real estate appreciation nationwide.
Bayside Funding Corporation’s 2021-2022 Miami Housing Market Forecast
The Real Estate Market in Miami is progressing and prices are likely to steadily increase due to the area’s growth these last 2 years. The demand is extremely high for primary residences as US citizens from both the north-east and west coast continue to migrate down to Florida for the tax relief and freedom from stricter COVID policies. If you are buying in this market today, Bayside Funding Corporation recommends doing your research into the exact location that you are buying and moving forward on your purchase with confidence and ease.
Home values are very high at the moment and you want to make sure that your purchase price is justified. Contact us to work with one of Miami’s preferred realtors and mortgage bankers to make sure that you are fully informed on your new home purchase and have all of your bases covered regarding your new mortgage.
We also work with Hard Money, Private Lending, DSCR loans, Bridge Financing, Commercial and Investment Financing, Multi-Family, Single Family, Cash-Out, Refinance, Mezzanine Financing Solutions, Construction, Short & Long-term Financing available.