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The Ongoing Attraction of Miami’s Real Estate Market for Home Buyers in 2024

A recently released report suggests that in 2024, Miami, among four Florida cities, could be a prime destination for prospective home buyers. According to Jeff Polashuk, Regional Vice President of Compass Florida, the anticipation of mortgage rates hovering around 8% is expected to result in increased housing inventory and options.

Despite potential external pressures from the stock market and interest rates, South Florida, as asserted by Polashuk, is poised as an attractive place to live due to its advantageous tax situation, job opportunities, entertainment choices, global accessibility, and consistently pleasant weather throughout the year.

Redfin data from September reveals that there were 143,865 homes for sale in Florida, marking a 3.4% increase from the previous year. Newly listed homes saw a notable 12% gain, totaling 41,113. Polashuk highlights the Miami metro area as one of the four markets to watch in 2024, noting that despite a median home value of $557,679, prices are expected to remain stable.

Miami ranks ninth among the top U.S. cities where people are relocating, according to Redfin, aligning with Polashuk’s projection. He suggests that cities witnessing a decline in home prices are likely those that were popular among remote workers during the COVID-19 pandemic.

Florida, as reported by The Mortgage Reports, has been the most popular state for relocation in the past two years. Polashuk also mentions four other Florida cities to keep an eye on in 2024:

  1. Jupiter: Anticipated to experience significant growth due to its family-friendly atmosphere, excellent schools, beautiful beaches, and diverse entertainment options.
  2. Jacksonville: This large metro area, ranking sixth on Zillow’s 2023 list of hottest real estate markets, boasts an affordable median home value of $295,729 and has seen steady population growth.
  3. Miami: In the realm of affordability, Miami may not be considered budget-friendly, with a median home value of $557,679, as per Zillow. Nevertheless, Jeff Polashuk suggests that rather than experiencing a surge, home prices in Miami are anticipated to “remain steady.”
  4. West Palm Beach: Expected to maintain stable home prices, this area has witnessed increased inventory thanks to growing infrastructure and recent developments.

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