Is Homestead, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Homestead was a Seller's Market.
Key Takeaway
Homestead is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Homestead, FL
How much do homes in Homestead, FL cost?
Median Sold Price
$449,993
$263/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Homestead have sold for 11.8% more than they did a year ago.
Summary: The median home sold price in Homestead was $449,993 in March 2024, up 11.8% from last year, and the median price per square foot was $263.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $163.3K | $255K | +56.1% |
| 2 Bedrooms | $229.5K | $261.5K | +13.9% |
| 3 Bedrooms | $379.9K | $420.9K | +10.8% |
| 4 Bedrooms | $475.8K | $529.8K | +11.3% |
| 5+ Bedrooms | $565K | $600K | +6.2% |
Summary: Homestead housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 56.1%, 2 bedroom homes increased by 13.9%, 3 bedroom homes increased by 10.8%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes increased by 6.2%.
Median Sold Price Compared To Nearby Cities
| Florida City | $345K | $394.5K | +14.3% |
| Homestead | $402.6K | $449.9K | +11.8% |
| Princeton-Goulds | $459.5K | $500.3K | +8.9% |
| Everglades | $799.4K | $812.5K | +1.6% |
Housing Supply in Homestead, FL
How many homes are available in Homestead, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,115 | 1,217 | +9.1% |
Summary: The Homestead real estate market had 1,217 homes for sale in March 2024, a 9.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 2 | -60.0% |
| 2 Bedrooms | 98 | 98 | 0.0% |
| 3 Bedrooms | 534 | 588 | +10.1% |
| 4 Bedrooms | 346 | 388 | +12.1% |
| 5+ Bedrooms | 132 | 141 | +6.8% |
Summary: The Homestead housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 60%, 2 bedroom homes remained the same, 3 bedroom homes increased by 10.1%, 4 bedroom homes increased by 12.1%, and 5+ bedroom homes increased by 6.8%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 168 | 160 | -4.8% |
Asking Price vs. Sold Price
87 Homes Were Sold
Under Asking
42 Homes Were Sold
At Asking
31 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Homestead, you may be able to get a good deal. 54.4% of homes here sold below asking price last month.
Summary: A total of 160 homes were sold or pending in Homestead in March 2024, down by 4.8% month-over-month. Of the 160 sold homes, 54% were sold under asking, 26% were sold at asking, and 19% were sold over asking.
Days on Market for Homestead, FL
How long does it take to sell a home in Homestead, FL?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 51 Days | 53 Days | +4.7% |
Summary: Homes in Homestead had an average of 53 days on market in Mar 2024, up by 4.7% compared to last year.
Breakdown of Home Sale Times
86 Homes Were Sold
Under 30 Days
39 Homes Were Sold
In 30 - 90 Days
35 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Homestead are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 160 homes were sold in Homestead; 54% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
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