MIAMI
Miami is one of the busiest and most beloved destinations. The city is also economically thriving with a robust real estate market. Here’s the forecast for how the market has been doing this summer as well as where it will lead investors/buyers in the coming years.
Despite having just under half-a-million population, Miami’s private housing sector is much bigger than its existing population—a sure sign of a healthy housing market. Direct statistics ranked Miami as the seventh-largest real estate market in the country, second largest private housing sector in the Southeastern United States, as well as the nation’s fourth most valuable housing market in the last year, according to Noroda.
Miami’s real estate market is expected to continue its growth into 2020, and beyond. According to Zillow, median home values in Miami have seen a surge of almost 2.0% in the last year or so and the prices are predicted to fall at least 0.5% by the end of 2019, which makes it an ideal time to invest in Miami’s private housing sector.
The median home value in Miami currently stands at $330,100. The median listing price per square foot in Miami is $417 (higher than the West Palm metro), and the current price of median home listings in Miami is around $477,500. The rental price of homes in Miami in 2019 is around $2,400, which is again much higher than the West Palm Beach metro area.
Miami’s real estate market also had a positive 3rd quarter ending as well as a healthy forecast projected until the 3rd quarter of 2021. Ultimately, if you are looking to invest in Miami’s real estate market, now’s the best time to do so.
PALM BEACH
Palm Beach is renowned for its scenic beaches, shopping, dining, and above all: its glittering and expensive properties. As you may have already guessed, the unique geography of Palm Beach—being separated by a lake lagoon—is the real booster of its real estate market.
Palm Beach’s housing sector is perhaps one of the strongest in Florida, as in the previous year, Palm Beach home values saw a dramatic surge of almost up to 7.3%. Additionally, Zillow predicts that another 4.9% rise in home values is expected in Palm Beach throughout 2019, and even more in 2020.
The median home value in Palm Beach is currently $1,180,200. The median price per square foot in Palm Beach stands at $778. This is higher than the neighboring cities/ towns of Miami, West Palm Beach Metro, and Fort Lauderdale. Also, the median rent prices in Palm Beach are $7,500, which is notably higher compared to adjacent neighborhoods.
With such an illustrious real estate market, Palm Beach’s economy is as actively growing as well. With such accolades to its credentials, Palm Beach certainly holds a credible resume for all those who are planning to relocate or invest in its strong real estate market.
The listing is shared by Sharona Alperin of Sotheby’s International Realty and Ron de Salvo of Coldwell Banker.
