Is Miami-Dade County, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Miami-Dade County was a Seller's Market.
Key Takeaway
Miami-Dade County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Miami-Dade County, FL
How much do homes in Miami-Dade County, FL cost?
Median Sold Price
$528,144
$373/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Miami-Dade County have sold for 9.4% more than they did a year ago.
Summary: The median home sold price in Miami-Dade County was $528,144 in March 2024, up 9.4% from last year, and the median price per square foot was $373.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $299.8K | $326K | +8.7% |
| 2 Bedrooms | $400.5K | $429.1K | +7.2% |
| 3 Bedrooms | $483K | $526.3K | +9.0% |
| 4 Bedrooms | $630K | $670.4K | +6.4% |
| 5+ Bedrooms | $1.0M | $1.1M | +4.5% |
Summary: Miami-Dade County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.7%, 2 bedroom homes increased by 7.2%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes increased by 4.5%.
Median Sold Price Compared To Nearby Counties
| Monroe County | $828K | $1.0M | +29.2% |
| Miami-Dade County | $482.6K | $528.1K | +9.4% |
| Broward County | $395.1K | $427.4K | +8.2% |
Housing Supply in Miami-Dade County, FL
How many homes are available in Miami-Dade County, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14,627 | 16,042 | +9.7% |
Summary: The Miami-Dade County real estate market had 16,042 homes for sale in March 2024, a 9.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2,482 | 2,742 | +10.5% |
| 2 Bedrooms | 4,372 | 4,843 | +10.8% |
| 3 Bedrooms | 4,050 | 4,392 | +8.4% |
| 4 Bedrooms | 2,309 | 2,516 | +9.0% |
| 5+ Bedrooms | 1,414 | 1,549 | +9.5% |
Summary: The Miami-Dade County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.5%, 2 bedroom homes increased by 10.8%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 9%, and 5+ bedroom homes increased by 9.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,584 | 1,704 | +7.6% |
Asking Price vs. Sold Price
1,213 Homes Were Sold
Under Asking
285 Homes Were Sold
At Asking
206 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Miami-Dade County, you may be able to get a good deal. 71.2% of homes here sold below asking price last month.
Summary: A total of 1,704 homes were sold or pending in Miami-Dade County in March 2024, up by 7.6% month-over-month. Of the 1,704 sold homes, 71% were sold under asking, 17% were sold at asking, and 12% were sold over asking.
Days on Market for Miami-Dade County, FL
How long does it take to sell a home in Miami-Dade County, FL?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 64 Days | 64 Days | -0.4% |
Summary: Homes in Miami-Dade County had an average of 64 days on market in Mar 2024, down by 0.4% compared to last year.
Breakdown of Home Sale Times
763 Homes Were Sold
Under 30 Days
494 Homes Were Sold
In 30 - 90 Days
447 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Miami-Dade County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 1704 homes were sold in Miami-Dade County; 45% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 26% of homes were sold over 90 days.
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