If you’ve been eyeing the high end of the real estate market in Miami but haven't found the perfect home, you might have paused your search. However, recent data suggests that now might be the ideal time to jump back in. Here's why.
There Are More Luxury Homes To Choose From
The definition of a luxury home varies by location, but typically, these homes are valued in the top 5% of any given market. According to a recent report from the Institute for Luxury Home Marketing, the selection of luxury homes is increasing (see graph below):
As illustrated, there are significantly more single-family luxury homes available now compared to a year ago. In fact, the inventory has grown even from just a month ago. This increased selection offers you a wider variety of top-tier homes, each with unique features and styles.
Whether you’re looking for the latest design trends like modern kitchens with chef-grade appliances, breathtaking views, or integrated smart home technology, the surge in luxury inventory means you’re more likely to find a home that matches your taste and lifestyle.
In the past year, over 250 luxury homes were sold in Miami, marking a significant increase compared to previous years. The average sale price for a luxury home in Miami is now $3.5 million, reflecting a robust market demand. Luxury homes in Miami typically stay on the market for an average of 45 days, showcasing the brisk pace of sales in this segment.
Rising Luxury Home Prices Can Help You Build Wealth
Another critical factor to consider is the rise in luxury home prices. According to HousingWire, luxury home prices have increased by 8.7% over the past year. As they report:
“People with the means to buy high-end homes are jumping in now because they feel confident prices will continue to rise . . . They’re ready to buy with more optimism and less apprehension.”
This trend indicates that buying now, before prices climb higher and while there is more inventory available, might be your sweet spot. Rising home prices can contribute significantly to building generational wealth over time. Conversely, if you delay your purchase, you might end up paying more for the same home later as luxury prices continue to rise.
Closing Thoughts
With the combination of growing inventory and rising prices, now is an opportune moment to explore the luxury homes available in Miami. If you’re interested in seeing the high-end homes in our area, let’s connect today.
