Miramar Beach Real Estate Market Forecast 2023

Miramar Beach is a fun-filled beachside community located on Florida’s Emerald Coast. This stunning oceanfront location is known for its luxury homes, laid back yet refined lifestyle, upscale restaurants boasting incredible seafood cuisine, and premier shopping. Locals spend their days bathing in the sun, competing in beach volleyball, and strolling along the well-maintained pathways at Grand Boulevard at Sandestin. When the sun sets, many locals head to The Village of Baytowne Wharf for delightfully delicious fare, mind blowing entertainment, and fireworks. Miramar Beach is one of Florida’s most sought-after gems, and for a good reason.

The Miramar Beach real estate market is holding strong, and the area is experiencing a balanced market, which means the playing field for buyers and sellers is finally leveling out. The price for homes in the area has been trending up about 15.6 percent year-over-year, making now a great time for sellers and investors to enter the market. If you’re thinking of investing in Miramar Beach real estate, learning what the market has in store for the coming year can go a long way in helping you decide your next steps. With that said, we’ve compiled a 2023 real estate market forecast for Miramar Beach.

As demand for homes in Miramar Beach surges, home prices in the area have seen a steady amount of appreciation. In fact, the median home price is up 3.3 percent when compared to last year at this same time. While inventory supply is not necessarily an issue, an influx in residents has helped create a demand for housing that has also increased the price of homes. This trend is expected to continue throughout 2023.

Many real estate experts agree that mortgage interest rates will likely stabilize throughout 2023. While slight increases may happen from time to time, these rates will remain steady through most of the year. Stable interest rates typically incentivize buyers to enter the market, which increases the demand for houses.

Miramar Beach is under constant development, with new infrastructure and amenities currently in the works. These new developments will directly contribute to the housing market. The addition of golf courses, upscale resorts, entertainment options, and shopping centers will enhance the area’s appeal. More and more buyers will flock to the area seeking a more refined way of life that only Florida’s gulf coast can provide.

Given the area’s pristine beaches, incredible amenities, and close proximity to major cities, Miramar Beach has seen significant population growth over the years. An influx of retirees, families, and vacation home seekers is likely to continue throughout 2023. With stable growth in population, more buyers will be entering Miramar Beach’s housing market.

Because of stabilizing interest rates and a general interest in the area, demand for houses in Miramar Beach is expected to continue throughout 2023. Buyers will continue to flock to this Florida community to experience the emerald waters and powdery, white sand along its shoreline. Many people are relocating to the area and are looking for luxury properties and vacation homes. From waterfront estates to ultra-modern condominiums, Miramar Beach’s thriving market is sure to impress those who are looking to invest in the lavish coastal lifestyle this beachfront haven has to offer.

Across the nation, over 65,000 properties began the process of foreclosure in the first quarter of 2023, which was up about 3 percent from the last quarter of 2022 and up 29 percent from the same time last year. Florida held one of the highest numbers of foreclosures when compared to other states. In Q1 of 2023, Florida had over 5,700 foreclosures. The number of foreclosures has increased monthly for nearly two years and is expected to continue.

Currently, homes in Miramar Beach sell on average for around $756K, an increase of 3.3% since March 2022. However, when compared to February of 2023, Miramar Beach’s median home prices dropped by a total of 4.9%. As of right now, buyers and sellers can expect to close on their homes in 95 days. As more buyers enter Miramar Beach’s lower inventoried market, home prices are expected to rise.

You might be wondering, “Should I invest in Miramar Beach real estate at this time?” The answer comes down to a number of factors, including your life situation, if you’re relocating, and whether you seek to live in the home or rent it out. If you’re looking for a stable return on investment or a solid place to call home, then investing in Miramar Beach real estate is a solid choice. With demand for houses expected to increase, the sooner you enter the market, the more profitable your investment will be down the line. However, if you’re still on the fence about investing in the area, consider contacting a local real estate expert who can answer any questions or concerns you may have. They’ll be able to help you decide if investing is a good option for you at this time.

Investing in Miami Beach real estate is an excellent choice that will pay off down the road. However, it can be a complex and scary process, and it’s best to work with an experienced real estate professional who knows the local market and can help you make solid financial decisions for your future.

Bremer Group Real Estate is a team of highly-skilled Florida REALTORS® that have helped clients buy and sell homes throughout the state. Using their knowledge of the local market, the team can help you decide if investing in Miramar Beach real estate is a solid and sound investment. If you’re interested in investing in the housing market, have questions, or want to know more about the local real estate market forecast, reach out to Bremer Group Real Estate today.