Is Miami Beach, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
At the same time last year, Miami Beach was a Seller's Market.
Housing Prices in Miami Beach, FL
How much do homes in Miami Beach, FL cost?
Median Sold Price
$616,232
$601/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Miami Beach was $616,232 in June 2024, up 20.2% from last year, and the median price per square foot was $601.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $316.8K | $343.3K | +8.3% |
2 Bedrooms | $699.2K | $736.2K | +5.3% |
3 Bedrooms | $2.1M | $2.5M | +15.1% |
4 Bedrooms | $2.7M | $3.0M | +13.9% |
5+ Bedrooms | $6.1M | $7.0M | +14.8% |
Summary: Miami Beach housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.3%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 15.1%, 4 bedroom homes increased by 13.9%, and 5+ bedroom homes increased by 14.8%.
Median Sold Price Compared To Nearby Cities
Miami Beach | $512.7K | $616.2K | +20.2% |
North Bay Village | $432.6K | $480K | +11.0% |
Miami | $506.7K | $550K | +8.5% |
Surfside | $1.2M | $1.2M | +6.3% |
Housing Supply in Miami Beach, FL
How many homes are available in Miami Beach, FL?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
1,839 | 1,882 | +2.3% |
Summary: The Miami Beach real estate market had 1,882 homes for sale in June 2024, a 2.3% increase compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 710 | 735 | +3.5% |
2 Bedrooms | 623 | 646 | +3.7% |
3 Bedrooms | 213 | 218 | +2.3% |
4 Bedrooms | 149 | 140 | -6.0% |
5+ Bedrooms | 144 | 143 | -0.7% |
Summary: The Miami Beach housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 3.5%, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 2.3%, 4 bedroom homes decreased by 6%, and 5+ bedroom homes decreased by 0.7%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
200 | 126 | -37.0% |
Asking Price vs. Sold Price
111 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 126 homes were sold or pending in Miami Beach in June 2024, down by 37.0% month-over-month. Of the 126 sold homes, 88% were sold under asking, 10% were sold at asking, and 2% were sold over asking.
Days on Market for Miami Beach, FL
How long does it take to sell a home in Miami Beach, FL?
Average Sale Time
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
86 Days | 113 Days | +31.1% |
Summary: Homes in Miami Beach had an average of 113 days on market in Jun 2024, up by 31.1% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
37 Homes Were Sold
In 30 - 90 Days
60 Homes Were Sold
Over 90 Days
Summary: During June 2024, 126 homes were sold in Miami Beach; 23% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 48% of homes were sold over 90 days.