Imagine the Brickell Miami real estate market as a captivating puzzle – every piece tells a different story, with different twists, turns, and intrigues.
Some say that profit is a certainty rather than a choice in this market. While we wouldn’t argue with that, it’s important to mention that success in this ever-evolving market still largely relies on leveraging data-driven insights for smart decision-making. It’s on this note that we present to you some of the most significant Brickell real estate market stats in 2023, so far.
Vibrant real estate market
For anyone who has been keenly following Brickell real estate news, most of the data we’ve seen so far points to a stable and strong real estate economy.
Just last month, the National Association of Realtors revealed that despite a 2.4% y-o-y decrease in national median home prices, some markets in the country still experienced record-high price increases. Reliable Brickell real estate market stats revealed that properties in the Brickell Miami area sold for an average price of $650k. This represents an impressive y-o-y increase of 10.2% for this market. Factors such as the desirability of this neighborhood among both buyers and renters as well as the huge investment potential that it represents are some of the reasons why this market continues to wax stronger, even in 2023.
Another interesting statistic to watch among the significant Brickell real estate statistics so far in 2023 is that properties here sold for just 4% under the asking price. Some sell for even lower, at just 1% less than the asking price.
Compared to other real estate markets where properties might be listed at unrealistic prices, Brickell, Miami, despite being a high net-worth neighborhood, is a place for anyone looking to make reasonable and informed investment decisions.
Property appreciation and rental yields
With a decent 10% y-o-y average property price increase, only a few other neighborhoods can boast of the investment potential that a property in Brickell represents. Whether you’re swayed by the impressive property appreciation or rental yields, Brickell is where you should be.
Days on the market
The Brickell Miami real estate stats do not point to a very competitive market but homes here sold on average within 2 and half months – 76 days, according to Redfin. Some of the hottest homes here get sold in a little over a month.
These bits of Brickell real estate news point to factors that could range from persistent demand from buyers that continues to exert upward pressure on prices or perhaps a limited inventory. According to statistics from Realtor – there are currently over 700 hundred Brickell condos and other property types for sale.
Cautious optimism for success
These impressive real estate stats might have given you a sneak peek into what it might feel like to own a piece of Brickell, but before you go all out searching for the perfect Brickell condos for sale, it’s important to be cautious and proactive in this market.
A large part of this is having a deep knowledge of market data and insights for smarter decision-making – part of which is why a blog post like this would be necessary in the first place. Another important factor would be having the right team working with you. Both of these are important elements that could go a long way to make a difference whether you’re buying or selling in Brickell.
HuntMiami Real Estate Team
Whether you’re selling or buying in Brickell, it’s always important to always work with market trends and data. Having a professional team working with you to help analyze your specific circumstances would also go a long way. If this sounds like you, our team at HuntMiami is always ready to help!