The growing economic uncertainty and higher interest rates in the USA in mid-2022 affected the Miami residential property market as follows:
- The number of single-family homes sold in Miami reduced by 22.7% compared to last year, down to 430 transactions in June 2022.
- The number of apartments sold in Miami also dropped by 30.3% compared to the previous year, from the record high of 2,515 transactions in June 2021 to 1,752 transactions in June 2022.
- The number of apartments worth USD 400,000 – 600,000 sold in Miami grew by 5.1% compared to the same period last year, up to 416 transactions in June 2022.
- The total value of properties sold in Miami in June 2022 was USD 2.5 billion.
- The number of single-family dollar homes reduced by 17.4% compared to the same period of the previous year.
- The total value of dollar homes sold dropped from USD 1.5 billion to USD 1.2 billion.
Real estate sellers are not going to like all the above signs of a cooling market but buyers can profit from them. The lower demand means that the value of local residential properties is gradually dropping. Until prices climb back up, investors and home-hunters can get great deals on houses or apartments in Miami.