We have some good news for South Florida residents. Home values are continuing to climb across the region, and particularly for Miami properties. We also have good news for homebuyers. Mortgage rates are remaining near historically low levels, so it is a good time to finance the purchase of a home, and buyers should do so soon before prices climb too high.
During the last quarter of 2013, the median home price in the South Florida region was approximately $254,900. That median home price is 1 percent higher than the median home price during the previous quarter. And, it is almost 20 percent higher than the median home price during the same quarter in 2012. That is quite an impressive jump in just one year.
In order to afford a mortgage for that amount, a South Florida resident would have to earn approximately $44,000 annually, which happens to be very close to the national average income. This is positive news for middle class Americans. Plus, the median home price correlating nicely with the median income should garner confidence and optimism that the economy has recovered and the real estate market has rebounded.
No matter what type of home you are seeking, RE/MAX Paradise is here to serve all of your Miami real estate needs so please contact us today to let us know how we can be of service!