Miami-Fort Lauderdale-West Palm Beach Area Local Market Report, Second Quarter 2021 reflecting the impact of COVID-19 on the local economy
Today's Market… Median Price (Red Line) and One-year Price Growth $600,000
30%
$500,000
25%
$400,000
20%
$300,000
15%
$200,000
10%
$100,000
5%
$0
0%
2012 Q2 Q4 2013 Q2 Q4 2014 Q2 Q4 2015 Q2 Q4 2016 Q2 Q4 2017 Q2 Q4 2018 Q2 Q4 2019 Q2 Q4 2020 Q2 Q4 2021 Q2
Local Price Trends Price Activity Current Median Home Price (2021 Q2) 1-year (4-quarter) Appreciation (2021 Q2) 3-year (12-quarter) Appreciation (2021 Q2)
Miami
U.S.
Local Trend
$485,000 28.0% 37.4%
$351,267 21.9% 32.3%
Prices continue to grow relative to last year
3-year (12-quarter) Housing Equity Gain*
$132,000
$85,667
7-year (28 quarters) Housing Equity Gain*
$220,000
$139,433
9-year (36 quarters) Housing Equity Gain*
$280,000
$170,333
Gains in the last 3 years have extended the trend of positive price growth after the recession
*Note: Equity gain reflects price appreciation only
Conforming Loan Limit** FHA Loan Limit Local Median to Conforming Limit Ratio
Miami $510,400 $373,750 95%
U.S. $765,600 Not all buyers have access to government$765,600 backed financing in this market not comparable
Note: limits are current and include the changes made on January 1st 2020.
Local NAR Leadership
The Miami-Fort Lauderdale-West Palm Beach market is part of region 5 in the NAR governance system, which includes all of Georgia, Florida, Alabama, Mississippi, Virgin Islands, and Puerto Rico. The 2021 NAR Regional Vice President representing region 5 is Andrew Barbar.