As a realtor who has been actively involved in Miami’s hot pandemic housing market I can tell you that the demand for homes here in South Florida is still huge. In fact, two of my recent listings received offers sight-unseen and there were bidding wars for each of them, with one receiving a whopping 17 offers! When I tell that story, I am almost always asked if the buyers were from out of state: one home did sell to a family from the Northwest, while the other went to a local gentleman, but our offers were a mixed bag for both. We are definitely still seeing people from all over the country clambering to move to Miami, but there is pent-up demand from locals who want to move as well and, obviously, our inventory is very limited, so the seller’s market continues.
With that said, our housing prices have certainly increased over the past 18 months. However, compared to other major metropolitan areas around the country, our median housing price of $549,000 seems like a bargain. Los Angeles’ median list price is $915,000, New York City’s is $958,000, and San Francisco’s rings in at $1,300,000! Combine that relative housing affordability with no state income tax, many people’s ability to work from anywhere, plus our sparkling blue water, and it is no wonder that new buyers keep flocking to Miami!