“Miami's real estate market has experienced significant growth in recent years and continues to attract affluent buyers from across the U.S. and internationally, many drawn by Miami’s favorable tax climate, sunny weather, strong healthcare and growing cultural scene. Even in the face of broader market corrections, Miami’s real estate remains supported/insulated by continued wealth and talent migration.
We have entered a more balanced market as new listings have been expanding, replenishing supply that had previously fallen to some of the lowest on record–still there is an affordability struggle as home prices remain strong and insurance prices have risen substantially. Condo inventory has risen quicker in part due to concerns over increased assessments in older buildings due to stricter code going into effect, but prices overall have held up. Inventory for luxury turnkey properties in prime locations is still extremely limited. The luxury sector in Miami and the surrounding areas continues to transact at all-time highs. David Beckham recently paid nearly $6k ppsft on Miami Beach, in December we saw an $85 million trade that marked the priciest single-family home sale in Miami since Ken Griffin's purchase in 2022, and new signed contracts in December 2024 for properties above $10 million increased by 400% YOY. There is still holdback from buyers who would like to relocate here but are unable to secure a spot for their kids in preferred private schools. Spec builder activity has slowed due to rising home and construction costs, which adds to the supply squeeze in certain categories.” Nancy Batchelor, Compass, Miami Beach
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