Miami is defined by seemingly endless shopping opportunities in modern, sprawling malls and quiet family-owned shops of Coconut Grove. It also offers the lures of deep-sea fishing, golf and tennis, plus Miami's major league football, basketball, hockey and baseball teams. Miami is a center of art festivals and outdoor food and wine extravaganzas and hosts an international airport and the world’s busiest cruise port.
Miami's population is 6.1M, with a total workforce of 2.7M. The labor market grew by 147,000 jobs over the past year, up by 5.6%. The median household income in Miami is $59,036, 7.4% lower than last year and 12.6% below the national average of $67,521.
In the housing market, total permits issued totaled 22,303 over the last twelve months, up 5.0% year-over-year. Miami has 172 active new home projects on the market, 28.9% fewer than the 242 from last year. The average list price in the market is $844,406, 1.5% lower than last year and 87.4% above the national average. Over the last three months, new home contracts decreased by 42.3% to 1,911. Miami and Homestead had the highest concentration of the new home contracts in the Miami market.
