Once again, the real estate market in the Capital of the Sun offers very encouraging news for foreign investors interested in real estate in this and other South Florida cities, such as Orlando and Fort Lauderdale. According to CoreLogic’s S&P Case-Shiller Index, home prices in Miami were the most valued during 2023 in the United States, with 6% compared to the dynamics recorded in 2022.
Miami outperformed other major U.S. real estate markets in the index, including New York (5%), Chicago (5%), Boston (3%), among others. In addition, the behavior of prices in the real estate market in the city was above the average valuation throughout the country, which was 2.4%.
Similarly, the increase in home prices in Miami was higher than the national average during the period from 2014 to 2019, which was 5.4%, according to the CoreLogic report. This trend conveys optimism for those real estate investors who are analyzing buying homes for sale in Miami, as this increase in prices makes their decision even more attractive.
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What will happen to home prices in Miami in 2024?
According to the analysis presented by CoreLogic, while the outlook for real estate market activity in 2024 looked promising at the beginning of the year, “elevated mortgage rates, which recently went up another notch, are posing a challenge to both buyers and sellers.”
The entity reported that, after knowing the first data on the supply of homes for sale and the contracts signed in January and February, “the expected rebound of 2024 is still to be seen, especially as the spring season for home purchases approaches”.
However, despite the reduction in sales, home prices are expected to moderate as the imbalance between buyers and sellers continues, the CoreLogic report reads.
” CoreLogic’s latest Home Price Index (HPI) forecast estimates that home prices will increase another 3% on average in 2024″ across the United States, sowing optimism about the behavior of home prices in Miami this year.
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Population and Demand Will Grow in South Florida
Projections by Miami Realtors, based on reports published by Florida’s Office of Economic and Demographic Research, indicate that by 2050 the population in South Florida will grow by 14%, especially in sectors such as Miami-Dade, Broward and Palm Beach.
This is a sign that the demand for housing and real estate properties in South Florida will continue to grow, which is undoubtedly a key factor to consider when investing in Miami, Orlando, Fort Lauderdale and other cities in the state.
Lots of options for investing
If you are interested in investing in homes and apartments for sale in Miami from any country in Latin America and take advantage of the good moment of the housing prices in Miami, Check out the wide and varied offer of properties that we have at your disposal at PFS Realty Group, which are an excellent opportunity to fulfill your purposes.
Take advantage of the experience and knowledge of our advisors, who will be able to guide you to find the best alternative to make your real estate investment, also because depending on the conditions in which you do it, you will be able to opt for American residency with the EB-5 visa. In addition, we have financing so that you can access mortgage credit and complete the payment of the property of your choice.
