The Miami real estate market is booming and keeping real estate professionals very busy. The reason? Miami is the most popular U.S. migration destination.
The mass migration to South Florida from high-tax states is driving up demand for homes and rentals in Miami-Dade County. This, in turn, creates the ideal climate for real estate investors.
Realtor.com says the median listing price in Miami is $388 per square foot, with a median sale price of $525,000. The median rent is $3,550 per month. A Zillow report found over a 24% increase since last year.
Given population growth and housing demand, Miami presents many real estate investment opportunities.
Think of South Florida real estate; you'll likely envision a luxury condo or a penthouse on South Beach. But there's more to the market than just a high-rise Miami condo.
From Sunny Isles to Key Biscayne and Little Haiti, the Miami Metro Area has something for everyone. It's home to some of the best neighborhoods in South Florida for real estate investors. These neighborhoods include Aventura, Brickell and Downtown Miami, Coconut Grove, Coral Gables, and Edgewater and Wynwood.
Florida gained over 200,000 new residents last year, making it second only to Texas in population growth.
Florida's warm weather, beautiful beaches, and no state income tax have made it an attractive destination. Miami Beach and South Beach have always drawn people to South Florida.
The recent mass migration from high-tax cities, like New York, to Miami has significantly impacted demand for rental properties. Rent in South Florida increased 50% compared to last year - more than anywhere in the nation. Miami is already the 6th largest city in the U.S., and its growth isn't projected to stop anytime soon.
The demand for rentals and population growth make a Miami property an excellent prospect for homeowners, real estate investors, and property management companies.
Miami is the seat of Miami-Dade County, home to one-tenth of Florida's population.
Many Fortune 1000 companies are headquartered in the Miami Metro Area. These include Public, Burger King, Alienware, Citrix Systems, and Carnival Cruise Lines.
Approximately 60% of U.S. trade with Latin America flows through Miami. Miami is also known as the "Wall Street of the South" because of its high concentration of banks and financial service companies. It's second only to New York.
These employers and industries fuel the city's economic growth and provide jobs that help fuel Miami's population growth.