Goldman Sachs Forecasts Miami Housing Market To Outperform in 2023

The Miami metro area is expected to be one of the few major housing markets that doesn’t see a housing price decline in 2023, according to a new paper by Goldman Sachs researchers (via Fortune).

Overall, Goldman Sachs is forecasting Miami home prices will rise slightly by the end of the year – one of only two major markets in the report expected to see an increase.

Here’s what the Goldman forecast calls for in selected major markets in 2023:

  • Miami +0.8%
  • Baltimore +0.5%
  • New York -0.3%
  • Chicago -1.8%
  • Las Vegas -11.1%
  • Tampa -11.2%
  • Seattle -11.2%
  • Denver -11.4%
  • Phoenix -12.9%
  • San Diego -13.4%
  • San Francisco -13.7%
  • Austin -15.6%
63 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Miami Business Class
20 days ago

Miami’s influx of out-of-state and out-of-city professionals relocating to Miami for better career-focused quality of life is astonishing! There is no end in sight to what the City can become and we need to take steps to prepare and ensure it smoothly grows with quality of life in mind.

I Am.
19 days ago

The affected ones are the lower salary workers in Miami metro areas: those who work in cafeterias, cleaning, landscaping, off price stores like TJMaxx, Marshall’s, etc. Their salary cannot afford the $2,500 studio rentals in Downtown or Miami Beach.

Agree
19 days ago

New affordable housing is being built in Overtown with access to Brickell and Downtown on metros…

Miami Beach is it’s own separate distinct municipality and should create its own affordable housing, perhaps in South of 5th or along the bay.

Anonymous
19 days ago

Is there any major city in the world where lower salary workers like those you described can afford to live in the most desirable area of the city?

Anon
18 days ago

Since other cities experience it, does that mean it’s a non-issue?

Anonymous
17 days ago

Low wage workers not being able to live in the most desirable area of a city is an issue?

Anonymous
20 days ago

We know there is high demand to live in Miami but do we retain all these people? With jobs!!! We need more office buildings and more companies and different industries to move here like now!

Anonymous
20 days ago

Seems like the heavy lifting has already been done and new migrations will trickle in but at a much slower pace although swires new office tower should add another chunk of business migration in 5 years…

Miami Office Life
20 days ago

Every time there is a snowfall in New York, people will move down here. People do NOT like living in NYC, and that will never change. They try it out, and then they move to Miami. The demand will continue at least through our lifetimes, barring unforeseen changes in climate.

Are U from another planet?
20 days ago

“People do NOT like living in NYC”

Really?.. is that why over 7 million people like there?

Chris
19 days ago

Agreed. What a spectacularly dimwitted comment. People need to stop drinking the koolaid so much.

Anonymous
20 days ago

What about the ones that have been foreseen: sea level rise, salt water incursion, fouling of the bay from septic tanks?

Anonymous
20 days ago

Those problems are already foreseen in NYC and happening but are more irreversible there.

John
19 days ago

More irreversible?

SouthEastFloridaRocks
18 days ago

Blah blah blah

MMN
20 days ago

People who do not get why this is need to update how they view what is happening down here and how this is 100000x different than 2008.

Up 1% or preferably flat to down 1% is perfect. Market needs a pause. Miami is not these other markets and baring WW3 or a tactical nukes being used there is a secular change in how/where people live.

Office building are nice, but not needed and certainly not an indicator of forecasting. Remote work is the main driver of people still choosing to live here. Sure 15% may try it for a year or two and decide it’s not for them down here, but the rest aint going nowhere.

Also Miami has the International cash buyers and thats also not going anywhere as the USD is a store of value.

Miami has enough 1.5M+ places, but the market that is 700k-1.3M is so underserved soon anything in this range will all be 1.3M, while the 20M trophy turns into the 17.5M trophy.

Miami Office Life
20 days ago

I think remote workers would GLADLY work in an office in Miami if there were more office jobs and headquarters. I know a lot of people who recently made the switch to make Miami permanent home and go into an office. This will happen in a few years when the new office buildings opena nd HQs relocate here. Can’t wait to see this!

MMN
20 days ago

Remote work just means can choose to work in the city you want. Then if your company so happens to have an office there, great, show your face 2x a week for something to do.

Anonymous
20 days ago

Tired of calling professionals and hear them watching the news or out walking the dog. Some remote workers are going off the rails and it’s obvious. People need a base.

Anon
20 days ago

Ok boomer

Love Boomers But…
20 days ago

I’m a gen z or millennial depending how you look at it, just have a strong work ethic and want shi* to get done.

Miami Property Owner
20 days ago

We love to see it!

anonlatino
19 days ago

leave

Concerned Floridian
20 days ago

I feel you are all out of touch. Do you think about the teachers, police officers, firefighters, hospitality sector employees, county and citi employees, etc.? How will they afford to live in Miami? What goes around comes around. The same housing affordability issues San Francisco and New York are dealing with right now will be experienced by Miami down the road. People will leave San Francisco and New York, which will decrease demand for housing thus making housing more affordable. But since everyone is coming to South Florida, home prices and rentals will keep increasing and we will find ourselves in a difficult situation.

Goldman
19 days ago

touch my sac

Anonymous
19 days ago

Many teachers, police officers, etc made the wise decision to buy their homes! Those people are unaffected by the recent trend. Those who did will be subject to the whims of the rental market, just as they are in any other city.

Drac
19 days ago

You’re making too much sense. Plus, you’re replying to someone who thinks he’s or she is owed something.

Anonymous
19 days ago

Can’t have a job like that and be able to buy a home in S FL….not unless you’re willing to stretch and sacrifice having any savings. Yes many are however.

Anonymous
19 days ago

That’s not true at all. Most families are double income families. Let’s say two teachers are married, to use your example. That family is probably brining in around $100k together. Of course that won’t allow them to purchase a sparkling new condo in Brickell, but they will definitely be able to find a home to purchase in other parts of Miami-Dade.

SouthEastFloridaRocks
18 days ago

Agreed. Not everyone can live on brickell or Coral Gables etc, we must have social classes as it is the economic food chain. We are all not equal in that way, sorry but not sorry. Dual income households should have no problem, as it should be, we are not in the 50’s Leave it to beaver era where wife stays home and plays mom. Get to work

Anonymous
20 days ago

Lots of rental supply coming online over the next year which hopefully balance out the demand and gets price growth to moderate…

anonymous
20 days ago

i could see rents tapering off in certain areas. But if you want to live near the Brickell/Downtown area i only see those prices continuing to slowly go up

Anon
20 days ago

Slowly, and then rapidly in Brickell/Downtown area when new office towers (already fully leased) open and more companies like Citadel transition HQs to Miami.

Anonymous
19 days ago

The minimum cost to live in the urban core should be about 5K/month to help weed out the riffraff

Jrivera
20 days ago

Austin Ouch lol in Texas too.

Anonymous
20 days ago

Austin is basically an enclave colony of California in the middle of Texas.

Anonymous
19 days ago

It’s thanks to those hippies with their annual music festival

I'll just assume
19 days ago

I guess you’d rather see wild boars there then?

youknowit
20 days ago

I guess Goldman is getting short right now through some vehicle LOL

Celia Cruz Junior
20 days ago

Ñoooo!! San Francisco is -13.7 ..Go Woke get Broke Azúcar!

Anonymous
19 days ago

I’d also add, Miami could use more core-function departments like legal, risk, compliance, etc, as they are not so predominant vs NY. And flat out pay raise across the state as cost of living is/will rise.

Anonymous
20 days ago

Why is Tampa forecasted to perform so poorly?

Pete
19 days ago

Tampa prices are way overvalued, this is about price declines.

Anonymous
19 days ago

Goldman Nutsacs

Anonymous
18 days ago

how is baltimore a plus anything?!

Anon
18 days ago

Because they’re not building enough units to house all the people that live there.

Duke
11 days ago

Miami, the next overpriced dump riddled with overpriced crap, homelessness, and dog shit.

Lord Humongous
20 days ago

working a minimum wage job doesn’t make you a real resident. And being angry won’t reverse the first true secular growth urban property market to emerge since SF. Political rejection of the social trends in all other major US cities and telecommuting are driving this. Those two things are not going away

Chris
19 days ago

I’m not even part of that category, but wtf are you talking about? Someone’s income doesn’t determine where they were born/raised. The irony in your thinking is that it indicates the ones making big money ARE residents? As in, the people who just moved down here? Get real.

Anon
18 days ago

The oddest comment of them all. A minimum wage worker isn’t a real resident?! Miami-dade county has over 200,000 food preparation workers. Are you telling me they’re not a part of the local economy?

nah
20 days ago

Bro this shit is unaffordable as-is

anonlatino
19 days ago

stop moving to miami jesus

Miami Property Owner
19 days ago

Despite some bad apples, most of us Miamians are friendly people! To those interested in joining us, please come down and help us make Miami even better!

Pajuo
19 days ago

They are noooot friendly

Pinga de perro
19 days ago

Great… more unaffordable housing!

Anonymous
17 days ago

Cry about it more! Maybe you should consider buying.

Duke
11 days ago

You’re so smart !!! Buying with these rates? Don’t you think people want to buy? Such a primitive mindset!