Miami has been a premier international destination for entertainment, nightlife, and tourists since the 1950s. In the last few years, however, Miami has solidified itself as one of the most desirable cities in America for year-round residents as well as for innovative new businesses. In fact, 2021 was a record year for the Miami real estate market as single-family home prices & median sales prices hit long-term highs; rental prices followed suit as they increased by an impressive 38%.
In addition to these record-setting trends, Miami - and South Florida in general - has seen a massive influx of new residents as citizens of New York, Los Angeles, San Francisco, and other major metropolises have been fleeing in high numbers. Experts believe that Miami is America's new favorite city due to its lifestyle opportunities, emerging tech community, as well as because of harsh COVID-19 restrictions in other major American cities.
Miami’s real estate market is positioned to have another strong, potentially record-breaking year, in 2022 as the city’s nightlife and art scenes are as strong as ever. Moreover, Miami is slowly solidifying itself as a favorite for technology entrepreneurs and investors -- rivaling the likes of Austin, New York, and San Francisco -- as exciting new crypto, NFT, and other technology companies embrace the city as their own.
