Miami home, condo prices still below pre-recession peak

by Lauren Brocato

The Miami Association of Realtors reported that median home prices are still lower than they were at their peak in 2007.

The median single-family home price prior to the recession was $380,000 and is now just $335,000. As for condos, the median price was $272,000 in 2007 and is now $235,000.  

Although prices are still not up to what they were pre-recession, the housing market has come along way since it hit rock bottom. Seven years later, prices have rebounded substantially. In 2011, prices sunk to their lowest as the median price for single-family homes in Miami was $172,700, 94 percent lower than it is today. For condos, the median price was $113,800 in 2011, 106.5 percent lower than it is today.

Since 2011, median prices in Miami have continued to rise year after year, though the process of recovery is slower than it is on a national level. The national median home price recovered to pre-recession levels in the first quarter of 2013 when it reached $258,400, according to the Federal Reserve Bank of St. Louis. At $328,000 in the first quarter of 2018, the national price is still on the rise.

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)