The Market

Florida real estate market is like a roller coaster and it’s probably far different than the state you’re familiar with. During good economic times, Florida home prices soar rapidly, but during challenging times, Florida home values can sink drastically and fast.

Florida do experience large numbers of people moving in, and out yearly. As these numbers fluctuate in Florida because of economic conditions, natural disasters, etc., they can produce wild price increases and downward spirals. In my experience, Florida rarely has a balanced real estate market except when it is changing from one market to another.

Downtown Miami

Stats

There are many different things that can affect current market conditions, so before buying a home, it can be wise to do a bit of research first. Certain economic changes, an increase in supply and demand, and even interest rates can all play a part in rises.

Housing Market

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South Florida's housing market is strong in 2021. Home prices continue to climb and inventory remains low. It is a seller’s market with many sellers getting top dollar. After getting hammered by the pandemic, the Miami and South Florida housing markets bounced back in July. The demand for South Florida real estate has been increasing since then.

The Miami housing market is booming due to pent-up demand and low mortgage rates which continue to fuel real estate transactions in 2021. Miami-Dade County total home sales posted a double-digit increase for the sixth consecutive month in February 2021, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system. Strong demand coupled with limited supply continues to drive price appreciation in Miami-Dade. February 2021 was the 111th consecutive month of home price appreciation in this region.

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Miami Real Estate Market Predictions 2021-2022

What are the Miami real estate market predictions for 2021 & 2022? Let us look at the price trends recorded by Zillow over the past few years. Since 2012, the median home price in Miami has appreciated by nearly 92% (Zillow Home Value Index). The typical value of homes in Miami is $396,659. This value is seasonally adjusted and only includes the middle price tier of homes. Miami home values have gone up 6.5% over the past year.

According to NeighborhoodScout's data, Miami real estate appreciated 102.59% over the last ten years, which is an average annual home appreciation rate of 7.32%, putting Miami in the top 10% nationally for real estate appreciation.