Real estate prices in Miami are on the rise, with the average home price sitting at $350K (or $229 per square foot). Homes usually sell for 4.4% below the list price, spending an average of 81 days on the market. Hot homes, though, can sell in around 35 days. Coconut Grove is the most expensive neighborhood in Miami, with a median listing price of $999K. Meanwhile, Le Jeune Gardens is the most affordable, with a median listing price of $180K.
Florida has many cities that welcome millions of tourists every year, and Miami is no different. Tourists flock to the Capital of Latin America not only because of its rich cultural diversity but also due to its vibrant nightlife and proximity to the beach. With countless visitors looking for short-term accommodations, Miami has become a hotbed for rental properties. Investors specifically seek out property in Miami to use it as a way to earn rental income.
But, with property scams and a competitive market, it is easy to lose your footing and fall into a debt trap. When looking for a property to purchase for whatever purpose, it is best to look for a reputable Miami real estate company that you can trust.
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