The market was exceptional for investors in 2021, but is the Florida housing market still a smart investment for 2022? Based on the most recent reports from Florida Realtors, the answer is a "Yes!" »
Miami-Dade County real estate ended its historic 2021 with a myriad of year-end records, including a record for the most home sales of all time and the highest dollar sales volume.
Miami's bubbling real estate market, fueled by domestic and international home buyers, ended 2021 with 39,394 home sales, up 49.5 TP2T from 26,345 transactions in 2020. Volume Miami dollar sales reached $30.3 billion in 2021, an annual increase of 103.4 %.
Miami-Dade County home values have increased by 24.5 TP2T over the past year and will continue to rise over the next twelve months due to the imbalance between supply and demand.
In April 2022, real estate in Miami set a new record by reaching the 7th highest monthly home sales in history. Miami-Dade County saw 3,445 home sales, with a local economic impact of more than $311 million. Miami's total sales volume was $2.8 billion in April 2022.
Home values in the Miami-Fort Lauderdale-West Palm Beach area have increased by 28.1 TP2T over the past year. Zillow forecasts a next increase of 16.8 % by April 2023.
What are the advantages of investing in the Miami real estate market?
- City ranked #12 in the United States for real estate investment in 2019 (PwC).
- High quality investments at an affordable price
- High rental incomed
- Steady real estate appreciation
- Currently in the national top 10% for real estate appreciation
- More than 70% of the tenant population
- Low property taxes
- No income tax
- Great Airbnb Rental Opportunities Thanks to Massive Tourism Market
Investing in real estate in Miami will bring you good returns in the long run, as house prices in Miami tend to increase year on year.
Economic Development and Job Growth in Miami
Many people move to Miami for work. Miami is Florida's largest urban economy and has the 12th largest GDP in the United States. The World Cities Study Group has ranked Miami as an alpha city based on level of business activity, human capital, and cultural activity. Miami's unemployment rate hovers around 4 % (before COVID-19); it is currently in line with the national average but often below it.
Miami's massive rental market
2/3 of Miami residents are renters, a rental rate rivaling that of New York. This is partly due to the number of people working in seasonal and temporary jobs in the tourism sector and the low supply of housing relative to demand. A significant asset for investors, allowing them to buy single-family homes to be divided into several units, which can be rented individually.
The latest key figures for the rental market in Miami
As of June 9, 2022, the average rent for a one-bedroom apartment in Miami, Florida was $2,250. This is an increase of 32 TP2T over the previous year. The average rent for a 1-bedroom apartment is $2,250, that of a 2-bedroom apartment is $2,900, while the average rent for a 3-bedroom is $3,675.
Miami is a buyer's market and investors should capitalize on this advantage while it is still there.
Looking for a property in Miami?
Contact one of our BARNES real estate experts in Miami for a list of available properties that meet your specific needs. Our real estate agents who are experts in the real estate market in Miami will carefully select the properties that best suit your needs and your budget.
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