Miami is the top destination for buying a house among foreign buyers. Additionally, with many U.S. citizens and businesses relocating from high-tax and high-density cities, Miami's housing market has remained strong, despite the current economic conditions. The real estate market stands out because of the large volume of cash transactions and high migration rate. The current market scenario: According to Zillow, the value of a typical home in Miami was $458,284 in May. The value increased by 1.17% MoM and 5.4% YoY. The YoY gain is well ahead of the national average of 0.9%, indicating strong demand in the market. The only other housing market to see YoY increase more than Miami's was Richmond (5.8%). New listings were down by 20.8% YoY in May. What's happening: A recent Goldman Sachs report predicted home prices in Miami to increase by 0.8%, while at the national level, it expects prices to drop by 10%. Data from Redfin revealed Miami is getting most of its migrants from New York, followed by Washington and Boston. What's up for sale:
This bayfront estate on 0.5 acres features a three-story villa with eight bedrooms and nine bathrooms. The listing price for the property is $48,000,000. The grand room and open terrace offer awe-inspiring views of Biscayne Bay. The property is located in the private, guard-gated community of Camp Biscayne. |
