It’s a Great Time to Get Into the Miami Real Estate Market!
If you’re a current Miami homeowner, or a potential buyer; I’ve got good news for you: Miami home prices increased an incredible 9.5% in 2014!
According to the S&P Case-Shiller indices, of the 20 largest cities in the United States; Miami home prices rose more than any other city. The National S&P Case-Shiller index gained only 4.5% percent year-over-year, but Miami more than doubled that average. If you’re a current Miami homeowner, or potential seller; your investment is doing quite well! For those of you that are looking to buy real estate in Miami, you can be happy that, in at least the short-term, your new investment is likely to continue appreciating. Now is a great time to get into the Miami real estate market!
Miami median home sale prices 1993-2014
Miami home prices are the highest that they have been since May 2008, right before the market declined, but even with these impressive value increases, homes are still 32% below their 2006 peak.
While Miami home prices rose in October 2014, prices aren’t increasing quite as fast as they did in 2013. 2015 is likely to bring back that fast pace in prices though, because so much new construction inventory will become available this year in Brickell, Downtown and Miami Beach.
Check out our Westside Estate Agency Miami monthly Miami real estate market update for more statistics!
If you, or anyone you know would like assistance with buying or selling luxury property here in Miami or Miami Beach, please feel free to Contact Stavros Mitchelides at Westside Estate Agency Miami.
