Surrounding towns not immune to downturn
Back to home prices, Global Mansion reported that in the beach towns of Miami-Dade County – Sunny Isles Beach, Bal Harbour, Bay Harbor Islands, Surfside, Miami Beach, Fisher Island and Key Biscayne – it is much the same story. Transactions for single-family homes and condos each dropped 46% annually, according to the report on the second quarter. Median single-family prices fell 31% to $2.9 million, while condos gained 2% for a median price of $538,000.
In popular Palm Beach, low inventory has slowed sales for the third consecutive quarter. According to the report, sales for single-family homes plunged 34% year-over-year, with the average price falling 11% to $17.4 million.
Even the rental market has been impacted, according to one report. Competition for affordable housing has grown intense amid an increase of up to 29% in rental rates. According to the report, the state is the most overvalued in the US. By the end of 2022, the report found, the median rent price was $1,266 and soared to today’s market rate of $1,635 – an increase of 29% from the beginning of this year.
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