Miramar Beach, Florida, has a long, distinguished history as one of the most idyllic, friendly, and exciting cities in the Florida Panhandle. Because of its reputation, Miramar has almost always been high on the list of desired places for homeowners looking for property in the Sunshine State.
But how does the Miramar Beach real estate market look in 2023? Sellers and buyers always need to keep a close eye on the state of the market, but it can be difficult to find all the relevant information in one place. That’s why we’ve put together this all-in-one forecast for what you can expect in Miramar Beach right now.
MIRAMAR BEACH HOUSING MARKET FORECAST 2023
Overall, the Miramar Beach real estate market has been on a steady incline since the beginning of 2023. Home values are up across the board, especially compared to neighboring towns like Destin and Walton Beaches. This mirrors a similar uptick in interest that we’re noticing across the state of Florida. Let’s look a little closer at Miramar Beach in particular.
HOME VALUES INCREASING
Home values around the Miramar Beach area are rising in 2023. If we compare the value of all homes sold in 2022 versus those sold in 2023, values have climbed over 18%. That’s considered somewhat of a meteoric rise. As we look at higher-value properties with four or five bedrooms, that increase in price is even more dramatic. Four-bedroom properties sell for about 44% higher than in 2022.
RISING INTEREST RATES
The interest rates for homes in Miramar Beach fall right in line with those we’re tracking across the country. That is to say, they are climbing. Actually, they’re near record highs. On average, a mortgage for a single-family home in Miramar Beach currently sits at 6.358% for a 30-year fixed-rate loan. Those rates drop to 5.53% for a 15-year loan.
What’s interesting, however, is that those figures have actually fallen somewhat since late 2022 and early 2023. At that time, a 30-year loan for a single-family home was closer to 6.6%-6.7%. So, on the whole, we’re noticing a slight downward trend in interest rates in the area.
INVESTING INDICATORS WILL FAVOR LANDLORDS
The favorability of the housing market for landlords can be difficult to estimate. At the moment, the market slightly favors landlords. Why? A few reasons. For one, the number of homes on the market has seen a dramatic increase since the beginning of 2023. In fact, that spike was easy to see as far back as the mid-2010s, but the pandemic did cause a decrease.
Today, though, the population migration to Florida is booming. The inventory of homes for sale is also up 13.6% since February 2022. Plus, more and more new residents in the state are looking for rental properties after the pandemic. Together, those indicators show that landlords may find a good investment in Miramar Beach.
POSITIVE NET POPULATION MIGRATION
It’s no secret: more and more people are flocking to the Sunshine State from other parts of the country. Florida’s amenable climate, welcoming tax regulations, and booming real estate development make it one of the most promising areas of the nation for home buyers. Miramar Beach is no different.
Nearly every month since mid-2022, the number of homes sold in Miramar Beach has climbed. Now, about 40-45 single-family homes are sold monthly, up almost 12% since 2022. Nevertheless, Miramar Beach is home to a good proportion of high-value properties. As such, a number of luxury homes are taking a long time to sell, with 45% of all homes sold in over three months.
HOW COVID-19 AFFECTED MIRAMAR BEACH REAL ESTATE MARKET
Initially, COVID-19 caused the nation to fall into a recession. Yet the housing market remained strong in Miramar Beach. Demand for housing caused homeowners to be in a good position when selling. Home values appreciated by nearly 20% by August 2021. Even today, home values in the Miramar Beach real estate market remain strong.
Interest rates rose dramatically in late 2022. We saw demand for high-end luxury drop for months. But now demand across the state is strong again — even stronger than pre-pandemic. The opportunity to invest in Miramar Beach now seems to be a great one.
MIRAMAR BEACH FORECLOSURE STATISTICS 2023
The number of foreclosures in Miramar Beach in 2023 is at a low point compared to early and mid-2022. At that time, as many as three properties were filed as foreclosed each month. More recently, those statistics have leveled off, and one to zero homes are foreclosed monthly.
MIRAMAR BEACH MEDIAN HOME PRICES 2023
Miramar Beach is home to a number of high-end properties that contribute to the high median home prices in the city in 2023. Currently, the median price for a single-family home in the city is about $732,500, or just under $550 per square foot. When we look at the median sale price, however, we see the effects of the buyer’s market in the area. We see homes, on average, fetch about $602,000.
MIRAMAR BEACH REAL ESTATE MARKET: SHOULD YOU INVEST?
Putting all these statistics together, we agree that 2023 is an optimal moment to invest in Miramar Beach real estate. Migration data shows that a healthy number of new buyers will be filtering into Florida throughout 2023. Development across the state does tell us that buyers may be in a slightly more favorable position than sellers, but not in the luxury real estate market. Demand remains high in that part of the market, as do the sale prices among the highest end of the properties for sale.
REACH OUT TO A LOCAL REAL ESTATE AGENT TODAY
We consider the Miramar Beach real estate market to be in a great position for investment, especially in the luxury market. Home values are climbing, demand for Florida homes has redoubled since the pandemic, and the development of high-end homes looks encouraging for investors to join the fray.
If you have any questions or comments to share about Miramar Beach real estate, don’t hesitate to reach out! Contact The Richards Group today for more information.