Miami Housing Market Breaking Records in Spite of COVID-19

After all we’ve been through this past year, it’s safe to say that 2020 was not the most successful year for most, from a financial standpoint. In almost every sector, markets crashed through the floor and kept dropping. Jobs were lost and many are hanging onto their livelihoods by little more than a thread.

In the midst of all of this financial ruinage, one market has seemingly emerged not just unscathed, but doing better than ever. What is that market, you ask? Well, it’s the real estate market in the city of Miami FL, of course! This seemingly indomitable market has come through the pandemic with flying colors, even breaking several real estate market records. How you may ask? Let’s find out!

What makes Miami special?

When trying to ascertain the cause for this unprecedented growth, one has to ask how the real estate market in Miami is any different from those you’d find in other cities. In a word, what makes the city of Miami so special? What does this market have that has allowed it to not only survive but thrive during the pandemic?

As it turns out, the answer to this query is multifaceted. There are a number of things that set Miami apart from the rest of the cities of similar size to it. These factors, combined, make Miami one of the most quickly growing real estate markets in the entire country. So what are these factors? Let’s take a look at a few now.

First and foremost among these factors is the local economy. Miami is home to a plethora of hugely profitable international corporations, many of which are tremendously stimulating to the local economy, providing jobs and income for the city. While some workers in Miami have lost their jobs, most have not, and that is abundantly evident.

Another important factor is the attractions scene in Miami. Despite the city-wide moratorium on large gatherings, the majority of attractions in Miami have managed to avoid closure during the pandemic. With a local economy heavily dependent on tourism, this has meant the difference between stagnation and growth.

Miami FL real estate market

This aside, we haven’t answered a very important question, one you’re undoubtedly asking: what is the state of the real estate market in Miami? If you’re curious about the answer to this question, you’ve come to the right place. In this section, we’ll be taking a look at just how well the real estate market in Miami is faring, and what this state is attributable to.

Keep in mind that this isn’t a comprehensive breakdown of the real estate market in Miami. If you want such a detailed rundown, your best source of such information is by contacting one of the real estate agents in Miami FL. If you’re interested in hearing more about the real estate market in Miami, contact one of these skilled real estate professionals and ask them about this market. They’ll happily answer any questions you might have!

Miami FL median home price

The first and arguably most important indicator of the state of a real estate market is the median home price. In Miami, this median home price is surprisingly reasonable, at just over $365,000 for a mid-sized home. While this is still substantially higher than the national average, for a home in a city as large and metropolitan as Miami, it’s surprisingly reasonable.

As far as enlivening the real estate market, the purpose a relatively low median home price serves in this capacity is that of bolstering the local real estate market. This low median home price draws investors from across the country who come seeking work and stay for the relatively inexpensive real estate.

If you’re on a limited budget yourself, this will no doubt serve you well. If you’re pinching your pennies, you’ll need to find a housing market that is relatively inexpensive but within close proximity to a healthy job market. If you’re looking for just such a place, Miami FL might just be the place for you.

Miami FL real estate investment value

For those who seek good investment value, Miami FL delivers, and it delivers big. With its relatively low median home price, Miami is unique in that it has a very attractive real estate appreciation rate. With an appreciation rate of 6.3% per year, real estate in Miami FL is only going to get more and more valuable.

What does this mean for investors? Well, it means that now is the time to invest in real estate in Miami! In the past year, despite COVID-19, the average amount of time homes spent on the market dropped to a record breaking 12 days. Demand is at an all time high, and things are only predicted to get even more competitive.

Once the majority of the populace is vaccinated against COVID-19 and the pandemic is effectively over, this growth is likely to continue and even increase in intensity. With the return of many jobs to the local economy, there is sure to be an influx of eager home buyers, and this can only mean one thing: a return on your investments!

Conclusion

With all this said, it’s safe to say that the real estate market in Miami FL is one of the most resilient in the country. While it might not necessarily be the place for you, if you’re looking for a place to call home, this might just be it. Give one of the real estate agents in Miami FL a call, and see what’s on the market. Before you know it, you might just be calling this city home!