Increase in Miami home prices reflect healthier local economy
January 28, 2015
When the real estate market crashed, Miami-Dade County had the dubious privilege of being second only to Las Vegas for number of foreclosures. This glut of properties on the market caused huge reductions in housing prices in all areas of the market.
It has taken several years, but a slowly improving global economy, plus steady international demand from South American and European buyers, has helped to turn the local housing market around.
South Florida was recently reported as having the best improvement in housing prices of any major metropolitan area. Miami, especially, is considered a hot spot in the housing market and is especially desirable internationally. Home prices in the Miami area are at their highest levels since 2008.
Why is that a good thing if one is planning to relocate here? The increases are not the double-digit jumps seen in the 1990s and early 2000s. Instead, we are seeing a steady, stable climb reflecting the improving demand and reducing stock volumes.
Buyers can now begin to plan with some confidence that their investment will perform in a positive fashion and that there will be buyers available when they are ready to upgrade or move on to their next location.
Whether you’re moving for a new job, to join family or retiring, we’d like to help! Our highly accredited Crown Relocations team in Miami understands what it’s like to relocate to a new town and we’ll help guide you every step of the way to make sure you Go knowing.