According to a recent report, owning property in Miami worth over $1 million is a wise investment move at the moment.
According to real estate data, Miami has been ranked as the top city in the United States for annual home price appreciation, as reported by the Miami Association of Realtors.
According to the latest data compiled by CoreLogic’s August 2024 U.S. Home Price Insights, there has been a year-over-year increase in the sales of condominiums valued at $1 million and above, as well as total home transactions and single-family home sales in Miami-Dade County in July 2024.
In July 2024, there was a notable increase in the sales of million-dollar condos, with 142 transactions recorded, reflecting a 6% year-over-year growth.
In July 2024, there was a 4% increase in total home sales in Miami, with the number rising from 2,051 to 2,122.
According to MIAMI Chairman of the Board Gus Fonte, the pent-up demand for Miami real estate is finally starting to show itself, thanks to the declining mortgage rates and projected Fed cuts. Fonte believes that the Miami condo market is particularly attractive to buyers, with increasing sales of properties priced at $1 million and above, as well as a rise in price appreciation. Additionally, the inventory levels in Miami are currently lower than they were before the pandemic. Fonte emphasizes that the luxury, convenience, and quality of life offered by Miami condo living are unmatched in the nation.
According to the 2024 Knight Frank The Wealth Report, Miami offers a minimum of 60 square meters of prime property for $1 million.
According to the report, the purchasing power of $1 million in Mumbai is significantly higher compared to other global cities. In Mumbai, one can purchase 53 square meters of property with that amount, which is much higher than cities like Sydney (43 square meters), Shanghai (42 square meters), Paris (40 square meters), Los Angeles (38 square meters), New York (34 square meters), Geneva (34 square meters), London (33 square meters), Singapore (32 square meters), Hong Kong (22 square meters), and Monaco (16 square meters).
Concerns about the affordability of condos in South Florida, particularly for residents in older buildings, are on the rise. NBC6 recently investigated the issue of special assessment fees, which pose a financial burden for those living in condos that are 30 years or older. Many individuals are hesitant to bear the cost of maintaining their long-term investment.
Let’s take a look at some additional data points:
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- Existing condo median prices increased 1.2% year-over-year in July 2024, from $420,000 to $424,950.
- Condo median prices have stayed even or increased in 152 of the last 158 months.
- Miami condo prices have risen 123.7% from July 2014 to July 2024, from $189,950 to $424,950.
- Miami-Dade County single-family home median prices increased 6.1% year-over-year in July 2024, increasing from $631,670 to $670,000.
- Miami single-family median prices have risen for 152 consecutive months (12.6 years), the longest running-streak on record.
- Miami single-family prices have risen 161.2% from July 2014 to July 2024, from $256,500 to $670,000.