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

Housing Market Conditions



Gauge showing Miami is a 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



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

# BEDSNov 2022Nov 2023CHANGE
1 $359.9K$376.3K
2 $429.7K$422.7K
3 $509.4K$530.8K
4 $638.4K$669.7K
5+ $895K$920.6K

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
Miami Shores
North Westside

Housing Supply in Miami, FL

How many homes are available in Miami, FL?

Number of Homes For Sale

Oct 2023Nov 2023CHANGE

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

# BEDSOct 2023Nov 2023CHANGE
1 9181,008
2 1,8831,998
3 1,6351,690
4 981995
5+ 546599

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 2023Nov 2023CHANGE

Asking Price vs. Sold Price

453 Homes Were Sold
Under Asking

108 Homes Were Sold
At Asking

94 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. 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 2022Nov 2023CHANGE
49 Days48 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

Breakdown of Home Sale Times

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.

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

Report Updated 8 Days Ago

Newest Listings in Miami, FL

Nearby Markets to Miami, FL

What housing markets are near Miami, FL?