July 3, 2023 Real Estate News

REPORT: Miami Housing Prices Set New Record

Would-be buyers waiting for Miami-area residential prices to decline continue to look foolish, as the local market just set a new pricing record. Fresh Miami Association of Realtors data shows that Miami-Dade County’s median sales price reached a historic high of $620,000 in May.

This is the second consecutive record-setting month for the Miami-Dade housing market, as noted in this Miami Herald article breaking down the association’s new report. Extremely low inventory levels and consistently strong buyer demand are driving price increases.

“Miami-Dade remains an attractive place. I’m [still] seeing reports of businesses moving to Miami-Dade. These businesses have high-salary positions and those employees can afford to pay for higher priced homes,” said Mark Thibodeau, assistant professor of real estate at Florida International University.

On a national level, TheStreet called back to a prediction influential finance expert Dave Ramsey gave on his “Ramsey Real Estate Realty Check” show. Ramsey does not expect housing prices to drop “because supply and demand just won’t allow it. There’s too many buyers chasing too few houses and that’s going to hold the market.”

Whether you look locally or nationally, the sentiment is the same: housing prices are not dropping anytime soon. Here in Miami, those who wait will have to pay significantly more when they finally accept reality.

Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the world-class Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.” The building is surrounded by three championship golf courses and is just 20 minutes from Miami Beach.

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.

For more information about the residences at Merrick Manor, visit the new Sales Gallery in Suite 117 on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday.