2024 HOUSING MARKET FORECAST AND PREDICTIONS: HOUSING AFFORDABILITY
FINALLY BEGINS TO TURNAROUND

via realtor.com — As we look ahead to 2024, we see a mix of continuity and change in both the housing market and economy. Against a backdrop of modest economic growth, slightly higher unemployment, and easing inflation longer term interest rates including mortgage rates begin a slow retreat. The shift from climbing to falling mortgage rates improves housing affordability, but saps some of the urgency home shoppers had previously sensed. Less frenzied housing demand and plenty of rental home options keep home sales relatively stable at low levels in 2024, helping home prices to adjust slightly lower even as the number of for-sale homes continues to dwindle.

Home Prices Dip, Improving Affordability

Home prices grew at a double-digit annual clip for the better part of two years spanning the second half of 2020 through 2022, a notable burst following a growing streak that spanned back to 2012. As mortgage rates climbed, home price growth flatlined, actually declining on an annual basis in early 2023 before an early-year dip in mortgage rates spurred enough buyer demand to reignite competition for still-limited inventory. Home prices began to..READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

We are truly in a unique market with high interest rates, high prices, and high demand. The good news? Inventory has been slowly increasing over the last couple of weeks. There are twenty-one (21) active listings in the MS/VG market this week. More increases in the months ahead? Who knows! The market remains unpredictable, but one thing is for sure—there are still many qualified Buyers out there, despite interest rate increases. Values remain strong in Miami Springs and Virginia Gardens. Please refer to the articles posted on our website.

Over one-third of the active listings are over one million dollars, with one listing even priced for over $2,000,000.00!! Seven (7) of the active listings have had a price reduction; one this week. There are zero (0) pending sales again 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 aa 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 continued to be between 7.5%-8% this past month. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming more common again. The number of days properties are staying on the market is averaging 45 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. No properties are priced between $400,000-$500,000; none (0) are priced between $500,000-$600,000; two (2) 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; two (2) are priced between $900,000-$1,000,000; five (5) 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 November 25, 2023 through December 1, 2023, there were reported 1 new listing, 1 closed sales, 0 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 1 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 Friday, December 1, 2023. 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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