NEW CONDO CONSTRUCTION AND RECORD-BREAKING SALE PRICES | Real Estate Miami Report Update March 2023

The current state of the real estate market in Miami March 2023, highlighting continued migration, lack of quality inventory, and affordability as major concerns. Inventory remains low in most markets, and demand is high, with buyers no longer desperate to buy property and preferring to wait for better options. Entry-level home prices start at around 2 million in prime residential markets, and new construction homes start at 6 million. The condo market is dominated by ultra-luxury condos with limited options in the 3 million to 6 million range. Record-breaking sale prices per square foot for ultra-luxury homes and condos are expected to continue in 2023. New trends include units with three-plus bedrooms, and primary luxury condo buyers are increasing, leading to a strong long-term market. The land will continue to appreciate as long as the ceiling of the housing market remains high, and the desire for new homes continues. What do you think about the March 2023 real estate market in Miami?

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