The median price for a single-family home in Miami-Dade County rose 8.6 percent to $295,000 in the second quarter of 2016, up from $271,620 for the same period last year according to information from the MIAMI Association of REALTORS and the local Multiple Listing Service systems. These figures mark the 18th consecutive quarter that prices have increased. The median price for existing condominiums also increased 5.5 percent year-over-year from $203,850 to $215,000. Statewide, the median sales price for single-family existing homes in the second quarter was $220,000, up 10 percent from the same time a year ago, according to Florida Realtors. The Florida median price for condos during the quarter was $163,000, up 5.2 percent over the year-ago figure.
Globally Miami’s residential properties remain cheap compared to other international cities, according to the National Association of Realtors’ 2015 Profile of Home Buying Activity of International Clients. A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach cost an average of $149,900, while the same sized unit in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million) were all at least five times higher.
“Continued price growth in Miami points to demand for local properties, particularly in the mid-market,” said Mark Sadek, the 2016 MIAMI Chairman of the Board. “Due to our warm weather, exciting lifestyle, multicultural society and many other positive attributes, there will always be demand for Miami real estate from both domestic and international buyers.”
