Hi there, Miami-Dade homeowners and future buyers! Here’s a quick rundown on what’s been happening in the real estate market this June compared to last year.
Market Trends
Things have cooled off a bit in Miami-Dade. This June, we saw 444 homes sold, a noticeable drop from 597 homes sold in June 2023. Condos followed a similar trend, with sales volume dropping from $780 million last May to $699 million this June
What’s Causing the Slowdown?
A mix of higher mortgage rates and general economic uncertainty seems to be making buyers a bit more cautious, leading to fewer transactions.
Good News for Buyers
If you’re in the market to buy, you might find this to be a great time to look. There’s less competition out there, meaning you can take your time and maybe even snag a better deal.
Neighborhood Insights
Keep in mind, these trends cover the Miami-Dade area as a whole. Some neighborhoods might still be hot and moving fast, so it’s always good to check out specific areas if you’re buying or selling.
Final Thoughts
Overall, the market slowdown is making it more of a buyer’s market right now. If you’ve been thinking about buying a home, now might be the perfect time to start looking without the usual rush and pressure.
Stay tuned to My Casitas Miami for more updates and insights on our local real estate market. Got questions or need some advice? Don’t hesitate to reach out!
About the Author: Liz Kenneally is a seasoned real estate agent in Miami with extensive experience in the city's dynamic market. Specializing in coveted neighborhoods such as Coral Gables, Dadeland, Continental Park, East Kendall, Palmetto Bay, Pinecrest, South Miami, and The Falls, Liz ensures smooth transactions for her diverse clientele. Fluent in both English and Spanish, she can be contacted at 786-423-3348 or through the EMAIL AGENT form provided alongside this blog.