Miami Real Estately unveils its in-depth analysis of the Miami housing market, leveraging insights from the U.S. News Housing Market Index. The report highlights a 57% year-over-year decline in construction permits for single-family homes in December 2022 and a 44% decrease for multifamily units. Despite these declines, the median home price in Miami saw a 4.6% increase, reaching $455,000 in December. The rental market also experienced a surge, with a 32% year-over-year increase in median rent. While construction costs and mortgage interest rates are on the rise, Miami’s low unemployment rate of 2.1% suggests a strong local economy. The forecast anticipates a downward trend in new construction approvals for early 2023 but expects the housing market to continue appreciating at a conservative pace.

MIAMI, Sept. 9, 2023 /PRNewswire-PRWeb/ — Miami Real Estately, a leading real estate website in South Florida, is proud to present an in-depth analysis of the Miami housing market, drawing insights from the U.S. News Housing Market Index. As the gateway to Latin America and a hub for international business, Miami’s real estate landscape is ever-evolving. Here’s what you need to know about the Miami housing market as we look ahead into mid-2023.

Key Highlights from 2022: