Real estate values across all of Miami-Dade County have surged once again and show no signs of cooling, according to the latest report from the county appraiser's office and reported by the Miami Herald.
The report indicates that taxable property values across Miami-Dade rose by approximately 10% by the end of 2023, from $425.8 billion to $468.6 billion over the mentioned time period. This figure includes valuations of existing commercial and residential buildings, as well as new constructions. It marks the third consecutive year of significant growth, following a 12.3% increase in 2023 and a 10.2% increase in 2022.
Property values are influenced by several factors, including the volume of sales, prices, and new construction. In previous years, some municipalities saw declines due to demolitions and land clearing for new projects.
Despite nationwide challenges for the real estate industry, local population growth has sustained the market in Miami-Dade, leading to significant investments in commercial real estate, particularly in warehouses, and driving historically high sales prices. The median sales price for a house in Miami-Dade now stands at $654,000.
The figure is more than 50% higher than the price of the median home in Florida, which clocked in at $409,179, according to a recent report released by GOBankingRates. The minimum annual salary to afford one there is estimated at $85,535.76, considering an initial payment of $81,835.74 and a monthly mortgage of $2,138.39. Hawaii and California are the states where buying property is the most expensive in the country.
Pedro J. Garcia, the Miami-Dade property appraiser, attributes much of this growth to an influx of people from the Northeast and California, spurred by the ability to work remotely during the COVID-19 pandemic and the absence of state taxes in Florida.
Every municipality in Miami-Dade saw an increase in property values, with Sweetwater at the lowest end of the list (a 0.5% increase), whereas eight municipalities experienced increases above the county average of 10%. El Portal lead at 13.5%, followed by Indian Creek (12.9%), Surfside (11.5%), Biscayne Park (11.5%), Miami Shores (11.4%), Virginia Gardens (10.9%), Golden Beach (10.6%), and Hialeah (10.4%).
Garcia anticipates that property values will continue to rise in the coming year, citing positive population forecasts and strong demand for residences. He noted the persistent activity in the real estate market and the lasting impact of the pandemic on demand. "We don't see any slowdown of people buying and selling property in Miami-Dade," he said.
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