San Juan-Carolina-Caguas, PR

There is no doubt that the real estate market in the San Juan-Carolina-Caguas, PR metropolitan statistical area (MSA) is booming. The combination of a strong economy and low interest rates are fueling the demand for housing, and as a result, prices are on the rise.

According to data from the Puerto Rico Planning Board, the median sales price of homes in the MSA increased by 8.4% in 2017, to $142,000. This is up from $130,500 in 2016 and $121,000 in 2015. The trend is expected to continue in 2018 as well.

The increase in prices is being driven by a number of factors, including population growth and an influx of buyers from other parts of Puerto Rico and the mainland United States. The MSA is also benefiting from an uptick in tourism due to its close proximity to popular beaches and attractions.

Investors are taking note of the trends in the MSA and are increasingly buying properties as rental units or vacation homes. This is helping to drive up prices even further as they compete with traditional home buyers for limited inventory.

If you're thinking about buying a home in the MSA, now is a good time to do so before prices continue to climb. However, you'll need to be prepared to pay more than you would have just a few years ago. Work with a experienced real estate agent who can help you navigate the market and find a home that meets your needs and budget