Miami, Florida Real Estate Market

The beautiful city of Miami has many beautiful homes to choose from. The weather is nice, alongside the beach, and it is a diverse community. The Miami real estate market has declined for the most part this past few years.

It once was virtually impossible for many residents to own property in Miami a few years ago that have recently bought a piece of property. For these former tenants, the downturn in pricing and interest rates for homes and fixed rate loans was welcome. The mortgage rates are currently right at around 5% for a 30 year fixed loan. For example, a home appraised for over $420,000 in Miami in 2007 is now worth under $220,000.This is definitely unwelcome news for those who bought their homes in 2007 or recently before that year when prices were high. How much house can you afford for your money in the Miami area? The average price per square foot within Miami is around $185. So, for example a 2,000 square foot house in the city should cost around $370,000.

As you can see from the statement made above, Miami was one of the hardest-hit areas in the real estate market downfall. Although some of the most popular suburbs were not hit quite as badly, they still suffered a loss in value. City-data.com suggested some of the best and worst suburbs to live in that are close to the big city. The best suburbs are reported to be Loxahatchee, Southwest Ranches, Horse country, Redlands, and Sunkist Estates. According to the same site, the five least desirable neighborhoods are supposedly Liberty City/Overtown, Doral, Hialea, Florida City, and Opa-Locka.


Let's talk about renting for a quick second. When there's a credit crunch, rent usually rises. According to trulia.com, the median rent payment in Miami is $1850. This is higher than both Coral Way and Almeda at $1650 and $1400 respectively. Over the past year, Miami's median rent has stayed pretty stable while Coral Way and Almeda's median rent payment has slightly decreased.


That is my short overview of the real estate market in and around the city of Miami, FL. Please feel free to comment or add additional information I left out that you foresee as important! Thanks and have a wonderful day.