From the Florida Insider:
In South Florida, home prices continue to surge. The housing market trend has left several homebuyers either unable to find properties or in an all-out bidding war.
“I’ve been looking for a home for about two years, it has been a very difficult and kind of a strenuous process,” said South Florida resident Alexander Shepard.
Shepard adds despite having thousands saved and a great credit score, his lifelong dream of becoming a homeowner has become virtually impossible.
“A house might be on and off the market within three or four days, sometimes two days. So before I can even get the paperwork signed, I’m told that the house is off the market,” said Shepard.
According to Realtor.com, Miami-Dade County’s total home sales surged 142% from this time last year. On top of homes being sold in record time, realtor Brittney Woods says “many properties are also being sold well above the listing price.”
According to the October 2021 Housing Affordability Index Report by RealtyHop, Miami has officially passed Los Angeles as the second least affordable housing market in the U.S. The median household income in Miami is $39,049, while the median home price is $549,000, according to the report’s findings.
“Miami overtook L.A. as the second most expensive housing market in the nation, even though the price decreased slightly since our last report,” states the report. “A household in Miami should expect to pay $2,653 per month toward homeownership costs, or roughly 81.55% of median incomes.”