Is Miami, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
At the same time last year, Miami was a Seller's Market.
Key Takeaway
Miami is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Miami, FL
How much do homes in Miami, FL cost?
Median Sold Price
$526,466
$371/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Miami have sold for 6.5% more than they did a year ago.
Summary: The median home sold price in Miami was $526,466 in November 2023, up 6.5% from last year, and the median price per square foot was $371.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $359.9K | $376.3K | +4.5% |
| 2 Bedrooms | $429.7K | $422.7K | -1.6% |
| 3 Bedrooms | $509.4K | $530.8K | +4.2% |
| 4 Bedrooms | $638.4K | $669.7K | +4.9% |
| 5+ Bedrooms | $895K | $920.6K | +2.9% |
Summary: Miami housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 4.5%, 2 bedroom homes decreased by 1.6%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes increased by 2.9%.
Median Sold Price Compared To Nearby Cities
| Coral Gables | $983.8K | $1.1M | +14.7% |
| Miami Shores | $900K | $1.0M | +11.1% |
| North Westside | $407.5K | $449.9K | +10.4% |
| Miami | $494.5K | $526.4K | +6.5% |
Housing Supply in Miami, FL
How many homes are available in Miami, FL?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 5,963 | 6,290 | +5.5% |
Summary: The Miami real estate market had 6,290 homes for sale in November 2023, a 5.5% increase compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 918 | 1,008 | +9.8% |
| 2 Bedrooms | 1,883 | 1,998 | +6.1% |
| 3 Bedrooms | 1,635 | 1,690 | +3.4% |
| 4 Bedrooms | 981 | 995 | +1.4% |
| 5+ Bedrooms | 546 | 599 | +9.7% |
Summary: The Miami housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 9.8%, 2 bedroom homes increased by 6.1%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes increased by 9.7%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 861 | 655 | -23.9% |
Asking Price vs. Sold Price
453 Homes Were Sold
Under Asking
108 Homes Were Sold
At Asking
94 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Miami, you may be able to get a good deal. 69.2% of homes here sold below asking price last month.
Summary: A total of 655 homes were sold or pending in Miami in November 2023, down by 23.9% month-over-month. Of the 655 sold homes, 69% were sold under asking, 16% were sold at asking, and 14% were sold over asking.
Days on Market for Miami, FL
How long does it take to sell a home in Miami, FL?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 49 Days | 48 Days | -1.4% |
Summary: Homes in Miami had an average of 48 days on market in Nov 2023, down by 1.4% compared to last year.
Breakdown of Home Sale Times
365 Homes Were Sold
Under 30 Days
188 Homes Were Sold
In 30 - 90 Days
101 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Miami are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 655 homes were sold in Miami; 56% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
© 2023 Miami Association of REALTORS®. All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®. All information is deemed reliable but not guaranteed by the MLS and should be independently verified. The MLS, this broker and their affiliates provide all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This property is offered without respect to any protected classes in accordance with the law.
All listings featuring the BMLS logo are provided by BeachesMLS, Inc. Copyright 2023 BeachesMLS, Inc. 
Listings courtesy of Stellar MLS as distributed by MLS GRID.
Copyright 2023 My Florida Regional Multiple Listing Service DBA Stellar MLS. The real estate listing data marked with this icon comes from the IDX program of the Stellar MLS system. All information provided is deemed reliable but is not guaranteed and should be independently verified. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided exclusively for consumers’ personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Properties displayed may be listed or sold by various participants in the MLS.
The data relating to real estate for sale on this website comes in part from the Southwest Florida Multiple Listing Service. The information being provided is for consumers` personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information has not been verified, is not guaranteed, and is subject to change. Real estate listings held by other brokerage firms other are marked with the IDX logo and detailed information about them includes the name of the listing brokers.