Miami Real Estate Market 2021 – How Was It?
The Miami real estate market is on the rise, with some experts predicting that even more buyers will come to Miami in 2022. Miami-Dade County has become very popular for many people who are looking to relocate or are considering buying property, particularly during the Covid-19 Pandemic, as a way to get out of the busier, more crowded cities such as New York City.
Miami has a lot to offer, from its stunning beaches and perfect weather to its world-renowned nightlife and vibrant culture. It’s no wonder that the city’s real estate market is booming! Let’s take a closer look at how the Miami real estate market has fared in 2021.
The Market This Year
Miami had a great year for their real estate market in 2021 and is officially considered to be in a real estate boom. This year saw record numbers of sales and prices continuing to increase, which is good news for both sellers and the county’s economy overall.
With Florida’s appealing tax system, people are flocking to the area. This growing population has become more than just the second homebuyers and investors that have been a staple in the community in previous years.
Over this past year, buyers have become increasingly eager and even aggressive. Young buyers are trying to enter the market and are willing to pay whatever it takes to get their dream Miami home.
This shift has caused sellers to go on the defensive. Selling your home in Miami in 2021 has become incredibly appealing; as the demand for homes has risen, sellers have been able to list higher and higher prices, making a sizable profit, particularly if you purchased your home several years ago when the demand for housing was much lower.
As it stands, the Miami real estate market is geared in favor towards sellers while buyers have come to accept a new, higher, market standard.
What’s Selling In Miami?
Miami is filled with gorgeous properties, both waterfront dream homes, and affordable multi-family units. Since early 2020, Miami has seen a massive rise in real estate demand. While in the past where single-family homes have dominated the real estate market, condo sales have taken a huge leap in sales over this past year.
Miami luxury condos come with a certain allure – they offer the best of everything. Amenities often include access to a pool, sauna, fitness center, and more. Moreover, they come with stunning waterfront or city views.
What’s more, Miami isn’t just for luxury living. The area is filled with affordable housing options, perfect for first-time homebuyers or those who are looking to retire in the Sunshine State.
Miami has a wide variety of communities that offer something for everyone. If you’re looking to live in an area with beautiful waterfront views, gorgeous beaches, and pristine golf courses, you’re sure to find the right Miami real estate property for your needs.
The Bright Future Of The Miami Real Estate Market
While this year has been tough for buyers, it seems as if things are finally turning around. Buyers should look at their options carefully and be willing to act quickly when they find a home that they like.
Sellers, on the other hand, should be aware that they have the advantage in today’s market and should price their homes accordingly. Real estate is a long-term investment and those looking to sell in 2021 are in a great position to make a sizable profit.
Miami real estate agent Donald Shurts, who has run a successful real estate team in the city for 17 years, has chimed in on the topic of what’s to come for Miami stating: “Miami has so much to offer a vast group of demographics and this last year has seen a major influx of newcomers. Although prices are rising, and are likely to continue to rise throughout the next year, homebuyers don’t seem to mind and sellers certainly aren’t complaining!”
Many leading agents in the city predict that Miami will continue to rise in popularity over the next several years. The area is home to such fantastic real estate that even with the higher prices, the market remains competitive. Many believe that this will not change anytime soon and that Miami will only become more in demand.
In short, the Miami real estate market has been booming. The market has shifted in favor of sellers, with demand for properties higher than ever. Luxury condos are selling like hotcakes, and buyers are becoming more and more aggressive in their pursuit of the perfect home.
Miami has a vast range of options for luxury homes, condos, and multi-family housing. While the market is competitive today, many experts believe that as time goes on and as more newcomers move to this vibrant city, the Miami real estate market will only become more prominent.
If you’re considering relocating to this fabulous, sunny city any time soon, be prepared to act quickly and fight for the home you’re looking for. With the demand for homes rising ever higher, the houses for sale in Miami are moving faster than ever before.