HOUSING MARKET VALUES UP NEARLY 50%
FROM PRE-PANDEMIC LEVELS

via themreport.com — While new home construction has been the catalyst for housing market growth, the U.S. housing market has rebounded significantly in 2023 after a slight downturn late last year.

The total value of the U.S. housing market has surged by more than $2.6 trillion over the past year, according to a new Zillow analysis.

The total value of the U.S. housing market is now slightly less than $52 trillion, an estimated $1.1 trillion higher than the previous peak reached last June, while a small chunk of this growth can be attributed to a 0.7% rise in the average value of a U.S. home during this period.

Key Findings:

The total value of the U.S. housing market is 49% higher than before the start of the pandemic in February 2020.

Among metropolitan areas, New York, Los Angeles, San Francisco, Boston and Miami are the most valuable housing markets.

Florida now boasts the second-most-valuable real estate in the nation, surpassing New York, while California retains the top spot.

"A steady flow of new homes hit the market this spring and summer, helping chip away at the deep inventory deficit and boosting the total value of the market," said Orphe Divounguy, Senior Economist at Zillow. "Despite the presence of higher mortgage rates, which deterred some home shoppers and kept many existing homeowners on the sidelines, enough buyers remained to keep the market moving. Builders recognized the unmet demand and responded by starting more projects. New home sales rose this year while existing home sales fell and should make up a bigger piece of the home sales pie for as long as rates remain elevated."

Top 10 Most Valuable States …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are sixteen (16) active listings in the MS/VG market this week—a slight decrease in inventory since last week. We are truly in a unique and unpredictable market. More inventory increases in the months ahead? Anything is possible! Two (2) pending sales this week. Values remain strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified Buyers out there. With tighter inventory and continued high demand, the market is transitioning back to a Sellers' market. Please refer to the articles posted on our website.

Nearly half of the active listings are over one million dollars—one is even priced for over $2,000,000.00!! Six (6) of the active listings have had a price reduction; three this week. We were transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage rates, gives Sellers an advantage and makes it difficult for Buyers. Although, things may start to slow down! Expected interest rates increases in the future can mean fewer buyers. We still anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates are approximately 7% 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 dropping, now averaging 41 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; two (2) are priced between $500,000-$600,000; four (4) are priced between $600,000-$700,000; none (0) are priced between $700,000-$800,000; one (1) is priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; six (6) 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 September 22, 2023 through September 29, 2023, there were reported 0 new listings, 0 closed sales, 2 pending sales, 1 active with contract, 0 expired listings, 2 cancelled listings, 0 temp off market, 3 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, September 29, 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:  [email protected]

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