With interest rates still at record lows, many South Florida homeowners have refinanced their home loans. So not only are many homeowners paying lower mortgage payments today; they are doing so while their wealth (home equity) has significantly increased. Home equity can be tapped for renovations, college loans and more.
Miami-Dade County single-family median prices increased 34.8% year-over-year in April 2021, increasing from $382,000 to $515,000. Miami single-family median prices have risen for 113 consecutive months, a streak of 9.4 years. Existing condo median prices increased 22.6% year-over-year, from $265,000 to $325,000. Condo median prices have increased or stayed even in 115 of the last 119 months.
Source: World Property Journal 6/7/21
