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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Miami Beach is a buyer's market

Buyer's
Market

Difference Since January 2023

At the same time last year, Miami Beach was a Neutral Market.

Key Takeaway

Miami Beach is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Miami Beach, FL

How much do homes in Miami Beach, FL cost?

Median Sold Price

$558,284

$571/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$30,278(+5.7%)

Key Takeaway

Homes in Miami Beach have sold for 5.7% more than they did a year ago.

Summary: The median home sold price in Miami Beach was $558,284 in January 2024, up 5.7% from last year, and the median price per square foot was $571.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $315.2K$331.9K
+5.3%
2 $700K$698K
-0.3%
3 $2.2M$2.2M
+0.9%
4 $3.5M$2.6M
-25.0%
5+ $6.4M$6.0M
-5.9%

Summary: Miami Beach housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.3%, 2 bedroom homes decreased by 0.3%, 3 bedroom homes increased by 0.9%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes decreased by 5.9%.

Median Sold Price Compared To Nearby Cities

North Bay Village
+7.3%
Miami
+6.8%
Miami Beach
+5.7%
Surfside
-11.8%

Housing Supply in Miami Beach, FL

How many homes are available in Miami Beach, FL?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
1,6881,944+15.2%

Summary: The Miami Beach real estate market had 1,944 homes for sale in January 2024, a 15.2% increase compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 611722
+18.2%
2 579649
+12.1%
3 213247
+16.0%
4 121140
+15.7%
5+ 164186
+13.4%

Summary: The Miami Beach housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 18.2%, 2 bedroom homes increased by 12.1%, 3 bedroom homes increased by 16%, 4 bedroom homes increased by 15.7%, and 5+ bedroom homes increased by 13.4%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
129121-6.2%

Asking Price vs. Sold Price

114 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Miami Beach, you may be able to get a good deal. 94.2% of homes here sold below asking price last month.

Summary: A total of 121 homes were sold or pending in Miami Beach in January 2024, down by 6.2% month-over-month. Of the 121 sold homes, 94% were sold under asking, 4% 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

Jan 2023Jan 2024CHANGE
67 Days92 Days+37.6%

Summary: Homes in Miami Beach had an average of 92 days on market in Jan 2024, up by 37.6% compared to last year.

Breakdown of Home Sale Times

31 Homes Were Sold
Under 30 Days

40 Homes Were Sold
In 30 - 90 Days

50 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Miami Beach are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During January 2024, 121 homes were sold in Miami Beach; 26% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 41% 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 21 Days Ago

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