"The reality is, people who are moving here can afford it," said Eddie Blanco, the incoming 2025 chairman of the board for the Miami Association of Realtors. He added, "We're forgetting to remember Miami is now a global city. When you compare Miami to Sydney, Shanghai, London, Morocco, we are a discount." This perspective underscores the unique position of the Miami housing market as a desirable destination for affluent buyers, even amidst slowing sales.
Despite an increase in inventory and a drop in total deals, South Florida’s housing market continues to thrive due to wealthy buyers making high-end purchases. The median sales prices for both homes and condos have risen, indicating that while the number of transactions may be declining, the ones that are occurring are significantly impacting overall prices.
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