It is no secret that the Miami real estate market has been seeing record-breaking sales and mass migration over the last two years. On the heels of Q4, SERHANT. has released their coveted 2021 South Florida Market Report which answers all our questions about the current state of the market and what to expect in 2022.
Garrett Derderian, Director of Market Intelligence at SERHANT. expressed in the report, “We expect the South Florida housing market to remain competitive in 2022 as demand continues to outpace supply. By mid-year, yearly price growth should begin to stabilize as mortgage rates creep up, which could slow demand relative to the robust activity we have seen since the pandemic hit in 2020.”
The 2021 report highlights many elements of Miami’s real estate market, some more surprising than others.
Market highlights include Miami Mainland Coastal condos at an average price of $616.6K, a median price of $454K, an average price per square foot at $475 and an average size of 1,226 square feet. The Greater Miami Beach condo highlights differ with an average price of $947.4K, a median price of $520K, an average price per square foot at $686 and an average size of 1,217 square feet.
Moving into single-family homes, the report highlights some outstanding numbers for the area. Miami Mainland Coastal homes had an average price of $1.3 Million, a median price of $720K, $516 per square foot and the average size of 2,183 square feet. Greater Miami Beach single-family home sales began to skyrocket with an average price of $4.4 Million, a median price of $2.2 Million, approximately $1,113 per square foot and an average size of 3,257 square feet.
Throughout these amazing numbers, it was shown that the Miami Mainland Coastal market saw a strong price increase from 2020 to 2021, with a 21% increase in condos and a 26% increase in single-family homes.
Similarly, Miami Beach sales saw the same trend within the condo market, where condo sales were up by 37%, although there was a 25% drop in single-family homes. This drop did not affect the market too much, as the median price of the homes did increase by 36%.
2021 was a huge year for the Miami real estate market, especially with the record-breaking sale of 8 Star Island Drive, which sold for $75 Million in December 2021. According to sources, this sale broke the previous record which was set in 2015 at the Faena House for $60 Million.
These statistics provide some amazing insights into the ever-evolving market. With real estate currently at the forefront of the city, be sure to sign up for Modern Luxury's monthly real estate newsletter to keep up to date on similar home sale statistics and sought-after stories about some of the hottest homes on the market and beyond.