Miami Beach, FL Homes For Sale - Florida Real Estate | BEX Realty (2024)

FAQs

Is Miami real estate overpriced? ›

Miami tops the list of overvalued housing markets in the U.S., ranking third globally in the 2023 Real Estate Bubble Index by UBS..

The Ramsey Solutions research shows that housing prices in Florida have gone up, especially when comparing the fourth quarters of 2022 and 2023, respectively. At the end of 2022, the median sales price of a Florida home was $401,990. One year later, it was $410,000 — a 2% increase.

Miami ranks no. 1 in annual home price appreciation in the U.S., according to the Miami Association of Realtors, citing real estate data. Sales of condominiums worth $1 million and up, total home transactions and single-family home sales in Miami-Dade County increased year-over-year in July 2024.

The diverse Miami economy, thriving on tourism, finance, technology, and real estate, presents robust investment opportunities. This economic resilience and growth ensure Miami real estate is a good investment, offering stability and potential high returns.

Homes in Miami have sold for 8% more than they did a year ago. Summary: The median home sold price in Miami was $557,077 in August 2024, up 8% from last year, and the median price per square foot was $387.

According to Zillow, home price appreciation is expected to slow down significantly in the coming years, with a predicted increase of only 3.4% for 2024. This could provide relief to buyers who have been priced out of the market in recent times.

These expert forecasts suggest a positive but measured outlook for Florida's housing market in 2025. While home prices are expected to rise, the drop in mortgage rates may provide relief to prospective buyers, making the market more accessible despite ongoing supply challenges.

Florida Housing Market Conditions

The current real estate market conditions in Florida are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.01%, marking a decline from approximately 8% in the preceding year of 2023.

Is it a buyers or sellers market in Florida? ›

Is it a buyer's or seller's market in Florida? It is considered a seller's market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.4%, making the average house payment $2,943, which is $107 higher than a year before.

You'll find the best inventory of houses in spring. If you're after a bargain, consider searching for a house in late autumn or winter. Inventory is lower, but you have a higher likelihood of getting a house below the asking price.

Unlike most other US states, Florida has no state income tax, which offers financial benefits to property owners. Investing in Miami Beach real estate also brings other tax advantages, including deducting mortgage and property taxes from federal income taxes.

✅ Top neighborhoods for investment include Wynwood for its art scene and young crowd. Edgewater offers waterfront views while Pinecrest has upscale homes. ✅Areas like North Bayfront and Upper Eastside offer many investment opportunities in Miami. These areas offer strong prospects for long-term rentals.

Buying in Miami, you can expect a solid return on investment given our sustained, above-average appreciation rate. In fact, according to the U.S. CoreLogic S&P Case-Shiller Index, Miami is tied for third in the US for annual home price appreciation. Miami's three-year home price appreciation is a whopping 14.87%.

Miami is a very competitive and expensive housing market, as it has very few homes and apartments to fill the high demand of the city. Migration to the city on the account of a good location, appealing lifestyle, and strong job market is taking its cost with a high cost of living and rent.

According to Doxo, the cost of living in Miami is 30.3% above the national average. The median selling price for a Miami single-family home in February 2024 was $583k, up 7.0% from February 2023. These rates are making it increasingly difficult for lower-income residents to afford to live in these areas.

The two components scoring highest for Miami — and the main drivers behind its high real-estate valuations — were price-to-income ratio and city-to-country home price ratio. According to UBS, the city's price-to-income ratio is high due to high out-of-state and foreign demand for properties in the city.

The Miami housing market ranks as one of the best real estate markets in the U.S. However, properties are selling fast, thanks to mortgage rates as low as 2.875%. This means demand is high, inventory is low, and home prices are starting to increase—so now could be a good time to start house hunting in Miami!