The Miami, Florida real estate market remains a hotspot, and understanding its evolving dynamics is essential. In a recent RiskWire Housing Pulse, Veros’ Chief Economist Eric Fox, Senior Research Economist Reena Agrawal, and Miami real estate broker Sep Niakan of Blackbook Properties shared valuable insights into current trends shaping the region.
A Continued Influx of High-Net-Worth Buyers
Miami has long been a magnet for high-net-worth individuals, a trend that accelerated during the pandemic and shows no signs of slowing. Florida continues to lead the nation in net income migration and remains the top destination for affluent buyers relocating from other major U.S. cities.
Home Price Growth Predictions for 2025
Looking ahead, home prices in the greater Miami area are expected to rise. Niakan predicts “mid to high single-digit growth for single-family homes, and low single-digit growth for condos” over the coming year.
Rising Insurance Costs and Affordability
Florida’s vulnerability to natural disasters has driven significant increases in insurance rates, with Niakan noting that “Florida leads the country in insurance rate increases, specifically increasing a significant amount in the past few years.”
Despite affordability concerns, lending remains strong for both single-family homes and condominiums, signaling a stable financing environment. When asked about these concerns, Niakan responded that lending is in a very healthy spot for both property types.
As Miami’s housing market continues to evolve, insights from industry experts like Fox, Agrawal, and Niakan help provide a clearer picture of what’s ahead in 2025 and beyond.
Want to explore more takeaways from this conversation? Head over to RiskWire’s webcasts and interviews page to catch the fourth edition of the RiskWire Housing Pulse: Decoding the 2025 Housing Market with Sep Niakan
