Jan 10, 2023 - Real Estate

Here's what experts say 2023 holds for Miami real estate

Brianna Crane

Illustration of the year 2022, with a keyhole for a zero, which zooms in so you can see through the keyhole to the year 2023. — Illustration: Brendan Lynch/Axios

Miami shows no signs of a market crash. Here's what experts say to expect instead.

1. The market will hold strong.

Home sales prices could take a hit if mortgage rates were to continue surging, but that doesn't seem to be the case, forecasts Ines Hegedus-Garcia, executive VP of Avanti Way Realty.

"This sustained decline [in mortgage rates] will help revive homebuying and we should see a more robust market for home sales in 2023," she says.

2. Demand won't go anywhere.

Fernando Arencibia Jr., CEO of Arenci Properties Realty, says demand should stay strong in 2023. "South Florida real estate is unique from other U.S. markets in that we continue to see high in-migration domestically and internationally," he says.

If mortgage rates do increase later this year, the number of inbound movers and cash buyers should be enough to shield South Florida from crashing home prices.

3. Buyers will feel relief.

Even if home prices continue to appreciate, Arencibia Jr. predicts conditions will be calmer for buyers.

It's likely buyers will have more choices and have a little more negotiating power as the market balances out.

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Here's what experts say 2023 holds for Miami real estate

1. The market will hold strong.

2. Demand won't go anywhere.

3. Buyers will feel relief.

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