Property Values Up for Third Consecutive Year in Miami-Dade
July 3, 2024According to a recently released county report, property values across Miami-Dade County have surged by an estimated 10% from 2023. The increase in property values highlights the robustness of Miami-Dade’s real estate market, despite ongoing challenges with housing affordability. This marks the third consecutive year of overall value increases in Miami-Dade, as reported by the Miami Herald.
All 34 municipalities in the county experienced property value increases, with all but one — Sweetwater — seeing a rise of at least 5%. Seventeen municipalities recorded double-digit increases. Florida City saw the largest increase at 17.6% in 2023, followed by El Portal with a 15% increase, Normandy Shores with a 13.8% increase, Indian Creek with a 12.9% increase, and Hialeah with a 12.3% increase.
Pedro J. Garcia, the Miami-Dade property appraiser, anticipates that property values will continue to rise in the coming year. “We don’t see any slowdown of people buying and selling property in Miami-Dade,” he told the Miami Herald.
Source: axios.com
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