While the housing market is hot and inventory is low nationwide, the South Florida real estate market is seeing trends like never before. In Miami-Dade County, house prices are up 21.6% from the same period last year and condos are up 17%.

Melissa Miller, a real estate agent in the area, said, “I’ve never seen a market like this one. The prices are increasing at an astronomical rate.”

According to real estate agents in the area, many people are moving from out of state and purchasing homes. The low inventory and increase in residents has caused prices to skyrocket.

Belinda Sime, a local real estate agent commented, “As soon as a property becomes on the market, we have multiple offers and then we go into a multi-offer situation.”

Agents predict that the high prices and low inventory will continue for a while, but likely level out some by the end of 2021.

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