Home sales have increased throughout Miami-Dade and Broward counties, according to the latest report from the Miami Association of Realtors reported on Miami Herald.
The increase in sales is due to greater interest from millennials who are moving from renting to buying, he said.
Many parents are offering to give up down payments for their children to buy properties in Miami, according to Nancy Batchelor, a Realtor with Berkshire Hathaway HomeServices EWM Realty.
Baby boomers are also leaving the suburbs for urban life. "They want to live in a walkable neighborhood and have a carefree lifestyle," Batchelor said.
Total home sales increased 15,6% year over year, from 1.607 sales in January 2019 to 1.857 sales in January 2020. Condo transactions increased 16.4%.
Median prices continued to rise in Miami-Dade. Single-family home prices grew 7.1%, from $350,000 to $375,000. Condo prices increased by 6.5%, from $230,000 to $245,000.
