According to real estate data, the national market reached bottom in February of 2012. National average home prices are now seen around $150,000 which is the same price level during 2004.
Out of all the markets within the United States, the South Florida real estate market is among the most impressive with its lowest point having taken place in April 2011. It was then that properties within the area were being offered to buyers for bargain deals which people from all over the world certainly seized for the taking.
One of the great things about the deals that were made during that time is the fact that they are now worth more than people had paid for which means that people will have already made positive gains in just a span of one year.
A perfect example would be Downtown Miami condos which were valued at around $290,000 today that were being sold then for only $75,000. Imagine that for a return on your investment within just one year!
During April 2011, the median home price for South Florida real estate properties was at $100,000. Now, the value is at $136,000 which marks a 36 percent increase in only one year. Of course, people will have to acknowledge the fact that the South Florida real estate market was among the few markets that suffered the worst since the crash which is one of the main reasons why the appreciation has been so dramatic over the last couple of months.
Nevertheless, a 36 percent increase definitely shows that Miami is indeed one of the top comeback markets within the United States and the prime location of the region is definitely one of the main reasons for such a powerful comeback.
South Florida remains to be one of the most desired locations for people to live within the United States. Such fabulous tropical climate and world-class beaches make it one of the best places on the planet. Also, the fact that it serves to be an excellent location for businesses from all over the world — particularly those who are looking to engage in activity that utilizes the region’s major ports — makes it an international hub for so many major companies.
If you would like to find out more about the current market situation, availability of properties, and other details regarding the South Florida real estate market, you may contact a professional agent for more information.