Office prices aren’t the only real estate costs increasing in South Florida – the residential market is also seeing growth and rising prices. The average price per square foot has increased 9% YOY, up to $177 for single family homes. The median sale price is up 13.1% compared to last year.
When it comes to residential rentals, increases are up 10-11% depending on the number of bedrooms. These increases have made Miami one of the top ten most expensive cities in the country to rent for 2015.
Transaction volumes have also been growing in Miami-Dade county. Mainland miami is especially strong in this regard, with more sales volume than Miami Beach.
“Miami’s residential real estate market has good indicators that it is a strong, healthy market, with both rising prices and transaction volumes” says Rise Realty President, Keith Darby. “The Miami-Dade area is continuing to grow in popularity and be developed as a major international city. People want to live and work here.“