Miami is known as a city of sun and fun. It’s where everyone from retirees who are active to professional athletes go to play and enjoy themselves year round. For those who want to make Miami home or a home away from home, it’s a good idea to first consider the current real estate market.
The real estate market in Miami is pretty much booming. This of course is comparative to the rest of the nation. Now a booming market simply means that buyer demand is greater than supply and that?s rare nationwide. The median price for a home in Miami is $280 thousand dollars. That is a pretty good median, considering what the real estate market has been through in recent years. Add to that the fact that the average sale price has been over half a million dollars and Miami is definitely doing better than the rest of the nations real estate markets.
Although last year the sales in Miami were abysmal, this year the rebound has been noticeable and has attracted investors and those looking to purchase their first and even second home. Waterfront property is always a big draw and if you?re able to hold on to your property for over 5 years, the investment will pay off in Miami. That?s a promise that many real estate markets can no longer guarantee. There are so many resort areas and that even foreign investors are a big draw for the Miami real estate market. As mentioned, active retirees, celebrities, professional athletes and investors are just as attracted to Miami especially the Miami beach area.
Over 500 hundred homes sold in February and even though this is down just a bit from last year, it?s a good sign for the Miami real estate market, comparatively. Do a bit of research to find out if you prefer a home or condominium and you may well be making the move to Miami yourself.