Q4 HOME PRICE GROWTH JUMPS IN NEARLY ALL U.S. METROS

via themortgagepoint.com—According to the most recent quarterly report from the National Association of Realtors (NAR), home prices increased in nearly 90% of metro markets (201 out of 226, or 89%) in Q4 of 2024, while the 30-year fixed mortgage rate varied between 6.12% and 6.85%. Compared to 7% in Q3, some 14% of the 226 metro regions under observation had double-digit price increases within the same time frame.

The typical single-family existing-home price nationwide increased 4.8% to $410,100 from a year ago. The national median price rose 3.2% year-over-year (YoY) in the most recent quarter. The median home price increased by 49.9% over the last five years, from 2019 to 2024.

With a 2.1% YoY price increase, the South had the highest percentage of single-family existing-home sales (45.1%) among the major U.S. regions in Q4. Additionally, prices rose 4.0% in the West, 8.0% in the Midwest, and 10.6% in the Northeast.

“Record-high home prices and the accompanying housing wealth gains are definitely good news for property owners,” said Lawrence Yun, Chief Economist at NAR. “However, renters who are looking to transition into homeownership face significant hurdles.”.…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are twenty-three (23) active listings in the Miami Springs/Virginia Gardens market. Almost 35% of the active listings are over $1,000,000! Inventory had hovered at approximately 30+/- listings last quarter but has been decreasing. We are seeing a number of price decreases on active listings, which is good for buyers, but sold prices remain strong for sellers. There are still serious qualified buyers looking for the right property and multiple offers still happen in some cases. Timing is everything in this interesting market!

We had been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes makes it difficult for some buyers. High interest rates also create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Sales activity has slowed down a bit. Properties are staying on the market for longer but some houses still quickly sell. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates are just under 7%. Rates are expected to fluctuate between 6-7% in 2025. Despite high interest rates, there is still demand! The number of days properties are staying on the market is averaging 56 days. Four (4) of the active listings had a price reduction—one (1) this week. There are no new pending sales this week. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. There are no properties listed under $500,000. There are no listings priced between $500,000-$600,000; five (5) listings are priced between $600,000-$700,000; four (4) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; seven (7) between $1-2 million; and one (1) priced for over $2 million.

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

During the period of February 1, 2025 through February 7, 2025, there were reported 3 new listings, 1 closed sale, 2 pending sales, 3 active with contract, 0 expired listings, 0 cancelled listings, 2 temp off market, 1 price reduction, 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 February 10, 2025. 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:  [email protected]

………………………………………………..……………………………………………………………………………