A stunning seaside oasis located on an island, Miami Beach makes up one of South Florida’s most prestigious real estate markets. The area is home to luxurious high rises and sprawling oceanfront mansions. Despite being just 15 square miles, this island community boasts a stellar selection of things to do. This vibrant cultural hub is filled with exclusive shopping, fine dining, and unmatched entertainment.
Here, homebuyers can find some of the most sought-after homes in the world. Miami Beach is famous for its unique beauty and features an unmatched selection of Art Deco-style homes. In addition to these elaborate homes, buyers can find simpler modern houses and traditional bungalows. Today, more homebuyers dream about moving into one of Miami Beach’s neighborhoods. However, before getting serious about purchasing a property, it is helpful to learn more about what to expect in the area for the coming year.
Miami Beach housing market forecast 2024
Owning a property in Miami Beach is seen as an investment opportunity for many. Sitting at the center of a booming tourist hotspot, owning a luxury vacation home or full-time residence to sell in the future can bring a huge return on investment to smart buyers. However, real estate investment always comes with some inherent risk.
This is why a sound understanding of the local real estate market is important. The market forecast can give buyers and sellers valuable insight into what experts are predicting for the Miami Beach real estate market in 2024 so they can respond with confidence.
Increasing home values
Current market trends see home prices continuing their steady climb well into the future. The five-year forecast for Miami Beach predicts a substantial 12% increase. That means by late 2028, the median home price in Miami Beach is expected to be about $520,000. For real estate investors, this means a strong likelihood of a sound return on investment on a Miami Beach home in the coming years.
Continued decline in population
Fewer homes on the market
Throughout 2023, Miami Beach has seen historic lows in housing inventory, a trend that may recover as the months go on but is unlikely to rebound fully in the coming year. This trend may push Miami Beach into a seller’s market where buyers have to compete, often spending more, for the limited supply of listings.
Interest rates dropping
Navigating the housing market
For sellers, the future is less predictable. Less inventory often means more competition among buyers. However, with fewer people moving onto the island, the market will likely remain balanced in the coming years. Lower interest rates may bring some buyers out of the woodwork that has suspended their home search, possibly driving more luxury buyers to the island in the coming years and increasing competition for Miami Beach homes. Rising home values indicate that current homeowners are still likely to be able to turn a profit.
Stay on top of the 2024 housing market in Miami Beach with the help of a local realtor
Luckily, Carmenate / Duchon has been serving the Miami area for years, giving them a deep understanding of what it takes to succeed in a competitive real estate market. Whether you want to buy Miami Beach mansions or are looking to learn more about the area, give Eloy Carmenate and Michael Duchon a call to have all your questions answered.