Miami-dade has been the epicenter of Miami-area real estate since 1998.
Now, nearly a decade after Miami’s real estate boom began, the county is at a tipping point.
From 2000 to 2020, Miami-dot saw its number of home sales increase by an astounding 70 percent, according to data from CoreLogic.
The county has had an average home price of $1.7 million, up more than 40 percent from the previous year, according in the last quarter of 2017.
But this growth has slowed, and now it’s slowing even more.
The number of houses sold in the Miami-County area fell by more than 15 percent from last year to a little more than 8,000 homes in the first nine months of 2020, according the CoreLogics report.
But that was a slow start to the year.
By 2021, the number of homes sold in Miami would fall to 6,000.
“There’s not enough inventory for people to buy,” said Joel C. Lomax, the director of sales at the Miami Development Authority, the city’s public housing agency.
LOMAX said that a lack of inventory is a big problem for buyers.
“They don’t want to sell their house because they don’t have inventory,” Lomask said.
“So, they just walk away from it.”
In the past year, Miami’s population has more than tripled, from about 200,000 in 2000 to about 250,000 now.
A lot of that growth has been in the inner city, where the population has ballooned to about 2.4 million.
But it also has been driven by the growth of new neighborhoods that are attracting the younger generation of people.
Miami-sport leagues and other professional leagues have exploded in recent years, attracting more than 6,300 new players in the past 10 years.
The city also has experienced a boom in condo construction, which is now at its highest level since 2000.
Loomax said that in order to stay competitive in the housing market, the Miami Housing Authority and the county would need to invest more in the infrastructure and job training.
Loma Real Estate bought an abandoned house in the heart of the city and has been building a $5 million apartment complex there for the past four years.
“We’re trying to find ways to increase the number and quality of affordable housing in Miami,” said Loma’s president, Michael T. Toczek.
“And we want to do it in a way that makes sense for our community.”
But Loma also wants to build more than a million units of affordable rental housing.
That’s because Loma has also become an important broker for developers in Miami’s outer neighborhoods.
Developers are interested in the area because it’s known as a high-paying market.
And with its low costs, many developers are willing to spend millions of dollars on the project, Loma said.
So far, the developer has built a 1,200-unit apartment complex on the Southside, which includes affordable units.
But Lomas and Tocak said they hope to see more developers expand their projects and that more developers will be willing to pay for the infrastructure they need to attract new residents.
“It’s not just affordable housing,” Loma told The Miami Herald.
“You have to build it in ways that are affordable for the community.”
The average rent in Miami in 2020 was $1,907 a month, down more than 25 percent from a year earlier, according Census Bureau data.
For some people in Miami, the price is unaffordable.
In recent years there have been two housing-related fires in the city.
In February 2018, a fire burned down two houses on a busy block in the West End.
The next month, a wildfire engulfed a former condo building on the south side of the downtown.
And a month after that, a third fire swept through the same neighborhood.