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.
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
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
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
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.