Miami’s Real Estate Landscape: A Deep Dive into 2024 Predictions
September 9, 2023 9:21 PM | 3 min read
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Miami Real Estately unveils its in-depth analysis of the Miami housing market, leveraging insights from the U.S. News Housing Market Index. The report highlights a 57% year-over-year decline in construction permits for single-family homes in December 2022 and a 44% decrease for multifamily units. Despite these declines, the median home price in Miami saw a 4.6% increase, reaching $455,000 in December. The rental market also experienced a surge, with a 32% year-over-year increase in median rent. While construction costs and mortgage interest rates are on the rise, Miami’s low unemployment rate of 2.1% suggests a strong local economy. The forecast anticipates a downward trend in new construction approvals for early 2023 but expects the housing market to continue appreciating at a conservative pace.
MIAMI , Sept. 9, 2023 /PRNewswire-PRWeb/ — Miami Real Estately, a leading real estate website in South Florida, is proud to present an in-depth analysis of the Miami housing market, drawing insights from the U.S. News Housing Market Index. As the gateway to Latin America and a hub for international business, Miami’s real estate landscape is ever-evolving. Here’s what you need to know about the Miami housing market as we look ahead into mid-2023.
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Amidst dynamic shifts in the Miami real estate landscape, Miami Real Estately stands at the forefront, offering unparalleled insights into the Miami real estate market poised for measured appreciation. Our commitment to guiding clients through every nuance remains unwavering. – Marcos Garcia
Key Highlights from 2022:
- A significant 57% year-over-year decline in newly approved construction permits for single-family homes in December 2022.
- A 44% decrease in permits for multifamily housing units in December 2022 compared to the previous year.
- a 17% increase in searches for the phrase “houses for sale Miami” according to Google Trends which points to Miami’s ever growing popularity.
- An increase in housing supply, with Miami nearing a balanced market status, having 5.84 months of supply in December.
Current Market Dynamics:
- The median home price in Miami stood at $455,000 in December, marking a 4.6% year-over-year increase.
- The rental market witnessed a surge, with the median rent in December reaching $2,871, a staggering 32% increase from December 2021.
- Miami’s growing population, now the seventh-most populous metro area in the U.S., continues to drive demand. The city boasts 2.31 million households, as per the U.S. Census Bureau.
Challenges and Opportunities:
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- Rising construction costs, up by 15.4% in December 2022 compared to the previous year, are impacting home affordability.
- Mortgage interest rates have seen an uptick, with the average 30-year fixed-rate mortgage interest rate at 6.36% in December.
- Miami’s low unemployment rate of 2.1% in December 2022, compared to the national rate of 3.7%, suggests a robust local economy, supporting the ability of buyers to meet higher prices.
Builder Sentiments and Predictions:
- Homebuilder confidence in Miami dropped significantly, with a rating of 35 out of 100 in December, down from 89 out of 100 in December 2021.
- Despite the decline in builder confidence, the demand for single-family homes and townhouses remains high, with construction limitations primarily due to the lack of buildable land.
- The U.S. News Housing Market Index predicts a downward trend in new construction approvals for the first five months of 2023
About Miami Real Estately:
Miami Real Estately is a premier real estate online platform specializing in residential and commercial properties in the Miami region. With a deep understanding of the local market dynamics and a commitment to excellence, they offer unparalleled service to their clients. To learn more visit
Media Contact
Marcos Garcia, Miami Real Estately, 1 305-834-4142, [email protected],
SOURCE Miami Real Estately
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