Invest In South Florida Real Estate
Are you considering investing in a South Florida vacation rental? If so, look no further; South Florida is one of the country’s most desirable holiday and vacation destinations. Real estate in South Florida is seeing a resurgence as many Americans flock to the sunshine state.
Currently, due to the surge of new Floridians, housing inventory has fallen throughout South Florida. According to the Miami Association of Realtors single-family homes in Miami-Dade County, inventory is down 50.7%, Broward County down 53.5%, and Palm Beach County down 47.44% compared to last year.
Despite lower inventory, real estate prices are up compared to previous years. South Florida’s home values have increased by an average of 7.8%. Miami-Dade County’s single-family home median sale price is up 33.1%, Broward County’s is up 24.5%, and Palm Beach County’s is up 30.14%. With prices rising in South Florida, the window to get a great deal is rapidly closing.
In addition to real estate prices rising, the number of travelers hasn’t slowed down either. VisitFlorida.org reported that 79.7 million people visited Florida in 2020. In just the first quarter of 2021, 25.56 million people visited Florida, an increase of 38% over the previous quarter.
Essentially, don’t miss your opportunity to buy a home or a condo in 2021 as the prices are only going to rise!
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