Miami is the newest hotspot for home sales. Miami has been in the top 10 markets for home searches since 2017, but this year, the metro claimed the number one spot, according to a report from Redfin. In the last year, the number of homebuyers in the market has tripled.
The pandemic has played a key role in Miami's surge. The market was a top relocation destination with new residents coming from Atlanta, Cincinnati, New York, Columbia, Mexico City, Pittsburgh and Philly, according to the data. The beaches, low taxes and warm weather are the top reasons why people are relocating to the market.
As a result of the demand, home prices are increasing as well. The number of active condo listings in South Florida is rapidly shrinking, according to RelatedISG Realty's 2021 Q2 Miami, which anticipates a rise in condo prices over the next few months. There were nearly 24,000 condos for sale in listings across Miami-Dade, Broward and Palm Beach counties last year. In addition, Single-family homes are often selling at the listing price or higher, with no contingencies, all cash, and bidding wars.
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