Despite an immediate downturn after getting hit with the pandemic, the South Florida housing market is doing better than ever. By July 2020, home prices had bounced back, and currently, home prices continue to climb while inventory remains low. The Miami housing market is especially booming because of pent-up demand and low mortgage rates. Home sales have posted a double-digit increase for over six months in a row!
Southern Florida boasts an array of attractive benefits: high-quality of life, access to jobs, and projected future job market growth. For retirees especially, Southern Florida is increasingly acting as a safe haven. Young people moving for job opportunities are also looking for single-family homes, and there is every reason to assume that the trend will continue. Here are a few facts about Southern Florida that influence the real estate market:
- The population of Southern Florida is projected to grow by more than 12 percent over the next 30 years.
- Foreign-born immigrants are drawn to Southern Florida’s job market and sunny climate. As more immigrants are expected to move in, this will fuel the demand for residential properties.
- The job market grew by 59 percent over the last decade. It may grow up to 7.5 percent in the next seven years.
- Unemployment in Southern Florida is among the lowest in the country.
- Florida has one of the most developed infrastructures in the country. Buyers can easily purchase beach-front homes and access large urban centers via multiple interstate highways.
Real estate agents report brisk business across Southern Florida, especially among ocean-area condos, single-family homes, and Disney-area condos. Closed sales of Florida condos and townhomes totaled 11,379 in February 2021. This is an increase of 15.7 percent since February of last year. Florida’s housing surge is happening across all price ranges – from most affordable condos and older buildings to luxury properties.
Over the past year, Miami home values have gone up by 6.5 percent. Miami is in the top 10 percent nationally for real estate appreciation, and over the last twelve months, it has averaged at 5.03 percent, which is higher than 72 percent of cities and towns across the nation. All of this means that Miami’s housing market is projected to be booming over 2021. If mortgage rates remain low, it will continue promoting home buying activity. Now is a great time for sellers to put their houses on the market.
If you are looking to sell or invest in real estate, there is no better time than now to do it. Serial investor Elicko Taieb has extensive experience in the Southern Florida real estate market and has also lent his expertise to a number of industries in the area. Important aspects of real estate that a novice might not anticipate – affordable pest control services, for instance – Elicko has experience with and can offer such services to anyone getting started in the arena of Southern Florida real estate.
Positive trends are expected for the entire Southern Florida real estate market moving forward. But why wait? The sooner you invest, the sooner you will start reaping the profits.