HOW MUCH MONEY ARE AMERICA’S HOMES WORTH?

via dsnews.com—Have you ever wondered what the total value of homes are in a given area?

According to a new study, LendingTree analyzed data from the latest U.S. Census Bureau American Community Survey to take a look at how much money American homes are worth collectively. Specifically, Census data was used to examine the total value of owner-occupied housing units in each of the 50 largest U.S. metropolitan areas.

LendingTree experts found that owner-occupied housing units in the nation’s largest metros are valued at more than a whopping $23 trillion total.

Report Highlights:

The exact total value of owner-occupied housing units in the nation’s 50 largest metros is $23.48 trillion. This figure grew by about 38% between 2019 and 2022, from $17.02 trillion.

Real estate value in the nation’s 50 largest metros makes up the bulk of that value across the country. The total value of all owner-occupied homes in the U.S. is $36.60 trillion. This means the value of homes in the nation’s largest metros accounts for 64.1% of the total value of homes across the U.S.

Based on the total value of owner-occupied homes within them …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

This week there are twenty-nine (29) active listings in the MS/VG market this week. Inventory has continued to increase over the last several weeks! Will this trend continue? Nobody knows as we are in a truly unique market. One thing is for sure—despite the high interest rates and high prices, there are still many qualified Buyers out there! Values remain strong in Miami Springs and Virginia Gardens. Please refer to the articles posted on our website.

There are nine (9) active listings over one million dollars. One listing is priced for over $2,000,000! Nine (9) of the active listings have had a price reduction; none this week. There is one (1) pending sale this week. We have been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage interest rates, gives Sellers an advantage and makes it difficult for Buyers. The high interest rates also create a difficult situation for Sellers because the Sellers likely have a mortgage with a much lower interest rate. Where do they go if they decide to sell? Interest rates aside, we continue to anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates have decreased and are now under 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are more common again. The number of days properties are staying on the market is averaging 17 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance costs make it difficult for many first-time Buyers. There is one (1) property priced between $500,000-$600,000; five (5) are priced between $600,000-$700,000; seven (7) are priced between $700,000-$800,000; four (4) are priced between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; eight (8) between $1-2 million; and one (1) is listed for over $2 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of January 5, 2024 through January 12, 2024, there were reported 4 new listings, 0 closed sales, 0 pending sales, 0 active with contract, 1 expired listing, 1 cancelled listing, 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, January 12, 2024. 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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