Is Miami, FL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Miami is a neutral's market

Buyer's
Market

Difference Since June 2021

At the same time last year, Miami was a Seller's Market.

Key Takeaway

Miami is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

How much do homes in Miami, FL cost?

Median Sold Price

$522,280

$473/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2021

+$100,891(+23.9%)

Key Takeaway

Homes in Miami have sold for 23.9% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJun 2021Jun 2022%
1 $274.9K$359.4K
+30.8%
2 $408.7K$540.4K
+32.2%
3 $655.4K$840.5K
+28.2%
4 $795K$997.1K
+25.4%
5+ $1.7M$2.3M
+29.6%

Median Sold Price Compared To Nearby Cities

El Portal
+36.7%
Miami Springs
+27.9%
Miami
+23.9%
North Westside
+21.5%
West Miami
+6.9%

How many homes are available in Miami, FL?

Number of Homes For Sale

May 2022Jun 2022%
2,6092,626+0.7%

Homes For Sale By Bedroom Count

# BEDSMay 2022Jun 2022%
1 657661
+0.6%
2 985974
-1.1%
3 585562
-3.9%
4 239266
+11.3%
5+ 143163
+14.0%

Number of Homes Sold

May 2022Jun 2022%
556428-23.0%

Asking Price vs. Sold Price

235 Homes Were Sold
Under Asking

80 Homes Were Sold
At Asking

113 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Miami, you may be able to get a good deal. 54.9% of homes here sold below asking price last month.

Average Sale Time

Jun 2021Jun 2022%
102 Days66 Days-35.5%

Breakdown of Home Sale Times

246 Homes Were Sold
Under 30 Days

119 Homes Were Sold
In 30 - 90 Days

62 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Miami are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Miami, FL

There are 2,626 homes are for sale in Miami, FL real estate market. The number of homes for sale in Miami, FL increased by 0.7% between May 2022 and June 2022. While the average time on the market in June 2022 was 66 days, the median list price was $522,280. Real estate listing prices changed between May 2022 and June 2022: prices of 1 bedroom properties increased by 30.8%, 2 bedrooms properties became 32.2% more expensive, prices of 3 bedrooms properties increased by 28.2%, prices of 4 bedrooms properties increased by 25.4%, the cost of 5 bedrooms properties went up by 29.6%. This housing market inventory have changed: number of 1 bedroom homes increased by 0.6%, the quantity of 2 bedrooms homes went down by 1.1%, 3 bedrooms homes inventory decreased by 3.9%, the quantity of 4 bedrooms homes went up by 11.3%, 5 bedrooms homes inventory increased by 14%. In June 2022, from all listings sold in Miami, FL there were more than 113 sold above asking price, over 235 sold below and more than 80 were sold right at the asked price.

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