Miami's real estate market has started to cool, despite a surge in property prices and sales during the pandemic. Despite the slowdown in other markets, Miami's market is no longer the runaway train it once was, with other US cities surpassing it in speedy home sales and rising property values.
A housing market's days of market indicates its rapid growth, suggesting an imbalance between supply and demand. Miami, a thriving market, is not without challenges, with prices outpacing Miami in five US markets. Amazon founder Jeff Bezos recently relocated to Miami.
Maybe it's time to expand the Penthouse Queen to a few more markets? What do you think?
Here are its competitors:
1. Phoenix—Mesa—Chandler, Arizona
Luxury listing prices in Phoenix rose 47.7% YoY to December, with the median price at $2.55 million, half of Miami's, and homes spent 76 days on the market.
2. Santa Maria—Santa Barbara, California
Luxury listing prices in Santa Barbara, California, increased 45% annually in December to $20.06 million, attracting affluent enclaves like Carpinteria and Montecito, with listings spending 73 days on the market.
3. Portland—South Portland, Maine
Portland, Maine experienced a 40.3% annual increase in luxury listing prices in December, ranking No. 1 on The Wall Street Journal/Realtor.com Emerging Housing Markets Index. Despite the price surge, the region remains affordable compared to Boston or New York.
4. Tampa—St. Petersburg—Clearwater, Florida
Luxury listings in Tampa increased 9.4% in December to $1.75 million, with homes spending 78 days on the market. Luxury sales in Tampa surged 35.8% YoY in Q3, the largest increase in the US. Tampa likely benefits from Miami spillover and Florida's benefits.
