Miami Ranks as the Second Fastest Growing Economy in the Nation

Miami Ranks as the Second Fastest Growing Economy in the Nation

When it comes to lifestyle, business and real estate, Miami is the place to be.

Recently, Wallet Hub ranked Miami as the second fastest-growing large-sized economy, right after Austin, Texas. Incidentally, Miami is also the 17th overall city in terms of total growth.

Real estate sales are keeping up with the growing population

Miami’s growing economy can be felt across the Magic City. According to the Miami Association of Realtors, the city experienced a 7.7 percent population growth from August 2014 to August 2015, as well as an increase in full-time jobs. Both are most likely tied to the emerging technology industry and infrastructure upgrades.

With population and job growth, it’s no wonder that the total existing Miami-Dade County residential sales, including single-family and condo markets, rose 2.9 percent to 2,479 in August, compared to 2,409 in August of 2014, according to MiamiRE.com.

Condos are particularly popular. The same study found that existing condominium sales increased 6.5 percent, from 1,252 to 1,334.

Miami’s condo prices beat competitors worldwide

Prices for Miami condo units continue to rise at a steady pace. This is significant because in 50 out of 51 months, condo market prices have risen. For example, in August 2014 the median condo price was $182,000 and in 2015 that number went up to $204,000.

While median prices may have increased locally, home prices remain affordable in comparison to large cities worldwide. A condo in Miami that goes for $149,900 would be $960,840 in London, $960,840 in Hong Kong, and $1.6 million in New York City. (These statistics were tabulated according to the National Association of Realtors’ 2015 Profile of Home Buying Activity of International Clients.)

It’s a great time to live in and invest our city. Miami has all the draws of big cities and is poised for even more growth. Come for the beach and stay for the business or come for the business and stay for the beach – either way goes in Miami!

For more information on purchasing or selling real estate in Miami, contact Suzanne Feanny for a free consultation.

Sources:

MiamiRE.com “Miami has second-fastest growing economy among big U.S. cities,” Dohm, J., 17 October 2015

MiamiRE.com, “Miami-Dade County Residential Sales Rise in August,” 21 September 2015