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Miami, FL

Booming Condominium Market, Business And Research Institutes, Cultural Hotspot

Miami, FL

With its tourism industry and booming condominium market, Miami is home to a wide array of cultures, businesses and research institutes. As one of the largest urban areas in the country, navigating Miami’s real estate market can be confusing. The following housing data was sourced from realtor.com. If you’re planning on moving to Miami, here are a few facts you should know about the city and its real estate market:

  • • Miami homes sell relatively quickly. In July 2016, single-family homes spent a median number of 44 days on the market, and condos spent a median number of 71 days on the market. Nationally, homes spent a median number of 65 days on the market.

  • • With booming inventory, Miami is a buyer’s market with high inventory – especially for condos. In June 2016, Miami condos represented about 7.7 months of supply, and single-family homes represented about 3.3 months of supply. (Six months of supply is generally considered to be a neutral market.)

  • • The median sales price for single-family homes and condos in Miami has experienced several years of growth. The median sales price for a single-family home in Miami was $320,000 in June 2016, a year-over-year increase of 12.3 percent. The median sales price for Miami condos was $176,500 in June 2016.

  • • Sales of single-family homes in Miami reached an all-time high of 14,000 homes in 2015. In June 2016, Miami had a total of 7.865 active property listings, a year-over-year decrease of 1.5 percent.

  • • As of July 2015, Miami had an estimated population of 441,003. This estimate is an increase of about 10.4 percent from April 2010 when Miami’s population was 399,508.

  • • The cost of living in Miami is relatively expensive – about 18.7 percent more expensive than the national average.

Comprising 35 square miles of land and more than 400,000 residents, Miami is one of the most densely populated U.S. cities. Although Miami is well-known as a beach destination, most of the area’s beaches are actually located in the city of Miami Beach, which consists of 7 square miles of natural and manmade barrier islands. Most of the Miami-area resorts are located in Miami Beach about a mile east of Miami. Besides being a popular vacation destination that attracts more than 15.5 million visitors annually, Miami is home to Fortune 500 companies, a large concentration of international banks and several major Spanish-language TV networks.

Miami’s culture is heavily influenced by its large Hispanic population, most of which comes from nearby Cuba or other Caribbean islands. As of the 2015 census, about 51 percent of the Miami area population spoke Spanish. The city even has its own dialect, sometimes called the “Miami accent,” that developed as the result of unique cultures mixing over the years. The clash of cultures in Miami also helped invent a new type of cuisine dubbed “Floribbean,” which is a mix of American and Caribbean cooking styles.

Miami is the county seat of Miami-Dade County, a 2,431-square-mile area that extends to Florida’s southern tip. The Miami metro area is the fourth-largest urban area in the U.S. with about 5.5 million residents. Because of its many residents, traffic is often cited as an inconvenience for residents. Fortunately, Miami has 25-mile dual-track Metrorail system that runs from downtown Miami to Miami International Airport, as well as north and south of the downtown area.