Millennial Demand Forcing Rise in Home Prices

According to Zillow, home values are growing fastest in areas with the highest population of children, reflecting the impact millennial homebuyers are making on family-friendly neighborhoods with a shortage of homes for sale.

Zillow data found that a record number of millennials will reach key age milestones—specifically age 32—for home buyers over the next two years, which may continue to accelerate price gains even further. The top 10% of ZIP codes with the largest share of kids in each county analyzed saw an average of 21.3% growth from October 2020 to October 2021, compared to 17.6% in ZIP codes with the smallest share of kids.

Home values in ZIP codes with a higher share of kids younger than 18 are growing faster than homes elsewhere due to demand from millennials looking for homes that meet the needs of their growing families.

"As millennials go, so goes the housing market, and we are seeing now, as millennials age, that they are looking for homes that fit the needs of growing families," said Zillow Economist Nicole Bachaud. "Millennial demand has helped push up home prices in areas with the most children. Competition for homes in these family-friendly areas should intensify in the coming years as more millennials reach the key age of 32, adding to the affordability squeeze." …READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

Listings remained at 14 active listings in the MS/VG market during the week. Inventory has averaged under approximately 18 listings the last several months, which makes for a very tight market for Buyers. The average sale price is close to $600,000. Amazing! Values remain very strong in Miami Springs and Virginia Gardens. The market is still favorable for Sellers and there are still many qualified Buyers out there—sell now! Please refer to the articles posted on our website.

Twelve (12) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Three (3) active listings have had a price reduction (0 this week). We remain in a strong Sellers' market with high demand, and higher interest rates coming in 2022. Some increased inventory is on the horizon!

MULTIPLE OFFERS ARE BACK AND LISTINGS KEEP SELLING OVER LIST PRICE!!

Mortgage interest rates have started to increase but remain historically low. There are still serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties between $400,000-$450,000. And the low inventory of properties in this range makes it difficult for most first-time Buyers, with competition from multiple offers expected. There are no properties listed under $400,000. Two (2) properties are priced between $400,000-$500,000; four (4) properties are priced between $500,000-$600,000; two (2) properties are priced between $600,000-$700,000; two (2) properties are priced between $700,000-$800,000; there are no properties priced between $800,000-$900,000; two (2) properties are priced between $900,000-$1,000,000; and two (2) properties are priced over $1 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!

During the period of February 4, 2022 through February 11, 2022, there were reported 4 new listings, 5 closed sales, 3 pending sales, 3 active with contract, 0 expired listings, 0 cancelled listings, 1 Temp off market, 0 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, February 11, 2022. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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