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The lowdown on the Brickell real estate market

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Brickell’s real estate market has had an interesting year, and this is generally true for the real estate industry as a whole. Prices have rocketed and homes put up for sale barely last a week or two on the market before they’re bought. 

However, what can be expected of the Brickell, Miami real estate market in the coming year, especially with the changing economic climate marked by higher interest rates? 

Current and recent trends 

Brickell continues its steady increase in home prices as we move to the final quarter of the year. In September 2022, a house in Brickell was listed at a median price of almost $700,000 – a 22.7% jump from last year’s figures. This movement was consistent with the rapid rise in real estate prices felt across the country during the height of the pandemic. 

Looking at historical data over the past three years, Brickell’s real estate market saw steady growth, punctuated by a sharp uptick in prices in April 2021. This is an indication of a stable real estate market that suddenly skyrocketed with frenetic market activity.  

The average number of days that a property spent on the market also reflected sharp peaks and dips from October 2019 until around April 2021. From there, the time spent by a house on the market became shorter until the end of the second quarter of 2022. When in April 2021 it would take an average of 119 days before a house is taken off the market, this has been reduced to only 63 days in July 2022. 

Why the sudden interest in Florida in 2021?

Market experts point to the pandemic as the impetus behind the massive wave of people moving to Florida, especially from the northeastern parts of the country. Lockdowns enforced by most states to curb the virus spread drove many people to move location themselves. People changed perspectives, wanted a better lifestyle, sought out better climes, and began moving in greater numbers to Florida. 

Add to this the fact that Brickell now has Brickell City Center, a hub that offers professionals a great retail, dining, and business district. Also factor in that Brickell has a stream of developments not just in the pipeline but under construction, and it’s easy to see that the place is ready for a greater influx of people. 

What lies ahead? 

It is likely that high interest rates will be with us until at least the end of the year. This has, as intended, led to a cooldown in the housing market, and even Brickell’s market is feeling the effects. However, this is far from a market crash. After the surge of activity that brought home values to stratospheric levels during the onset of the pandemic, a correction is certainly due. Brickell may well be returning to a steady growth market. 

That said, this is the best time to invest in Brickell real estate for the long term. Brickell’s history of steady growth and its development projects suggest that investing in real estate to convert into rentals or in a primary residence with equity growing steadily over time is a wise option. 

Brickell will continually grow – albeit, at a more sustainable rate, and homes constructed should keep pace with demand.   

For further information about homes for sale in Brickell or in other neighborhoods in Miami, contact Nexxos Realty. You can reach us at 786.210.3562 or leave a message here. We’d love to hear from you. 

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