No one can resist the beach vibes of the sunshine state – Miami, Florida. Its vibrant culture, sun-blessed coastlines, art deco architecture, and nightlife scene draw the masses each year to vacation and it's real estate market shows people enjoy living in Miami.
What to expect in Miami?
As a contemporary city, Miami, Florida, is known for its economy, mainly contributed to by tourism. Their economic standing is also strengthened by their international banking and finance, medical services, business, and manufacturing services. Moreover, Miami, Florida, is renowned as the world leader in cruise ship operations.
The city’s weather is amazingly warm. However, it can sometimes be too hot and oppressive during summer. In contrast, its summer is also humid and often cloudy. The weather usually varies from 62⸰F to 90⸰F and hardly ever below 50⸰F or above 92⸰F. The best months in Miami, Florida, are from early November to late April. As a result, Miami also became a hub for people who love outdoor activities.
As the 2nd largest city in Florida next to Jacksonville, Miami recorded its highest population of 478,251 in 2021. Tourists and businessmen should expect a diverse nationality from Cuban, Nicaraguan, Haitian, Honduran, Dominican, and Colombian ethnicities.
Living Conditions
Beaches, tourist attractions, and outdoor life are not the only things that this sunny city has to offer. The living conditions here are also good – their education, neighborhood, and transportation are all main factors to consider when relocating to Miami as they all receive top marks.
Education
Here are the top schools in the city that got a 10/10 rating according to Redfin:
Elementary: Coral Gables Preparatory Academy
Middle School: George Washington Carver Middle School
High School: I Preparatory Academy
Transportation
Very walkable. People can enjoy living with the scenic view of beaches and neon-colored buildings while accomplishing their jobs for the day – all by foot.
Good transit. It allows people to choose nearby transportation options. The bus functions very well here. The locals, tourists, and businessmen can go Downtown if they wish for a neighborhood that is a walker and rider’s paradise.
Bikeable. The city has numerous bike-friendly infrastructures. The best neighborhood for biking is Northeast Coconut Grove.
Real Estate Market in Miami, Florida:
Despite the city’s rich and diverse culture, developed tourism economy, and excellent financial services, the housing market is not very competitive. Redfin states that multiple offers are rare, houses remain pending for 68 days, and the house pricing is relatively 4% below the listing price. Moreover, the hot houses are pending for 28 days to sell around for its list price.
The housing market trends range in $390K as the sale price and $276 as the sale price per square foot.
Impact of the pandemic
In May 2020, the sales of single-family homes had a 48.0% drop in sales. Consecutively, in June 2020, Miami was said to have an 8-months supply of homes due to the pandemic. In contrast, Norada Real Estate Investment said the city’s real estate business is now booming because of pent-up demand and low mortgage rates. Most realtors believe that it will stimulate this year’s (2021) transactions.
In-demand houses in Miami:
Typical houses in Miami are single-family houses and condominiums. Moreover, most people prefer to rent than to own a property. It makes it safe to assume that Miami is both a buyer or a seller’s market.
The housing activity and home prices will bolster if the mortgage rates remain low. Therefore, the current real estate condition is perfect for real estate agents to sell their properties and pull higher prices.
According to Redfin, there are many real estate resources in Miami for real estate agents. For example, realtors can use Miami Neighborhood Housing Markets, Miami Zip Code Housing Markets, and Miami Nearby City Housing Markets. This would help them locate which market is more progressive in Miami, Florida.
The Bottom Line:
Miami is indeed a melting pot of different cultures and influences. However, its real estate condition is somewhat in the middle of average and substandard. Nonetheless, there is an excellent opportunity for home buyers and sellers to target specific beach houses and condominiums. The city’s real estate condition will begin to boost if real estate agents will be driven by external factors. Such factors like the beach vibes, strong ecotourism, and spectacular outdoor life activities.
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