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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Miami-Dade County is a buyer's market

Buyer's
Market

Difference Since January 2023

At the same time last year, Miami-Dade County was a Neutral 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

$519,811

$367/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$44,317(+9.3%)

Key Takeaway

Homes in Miami-Dade County have sold for 9.3% more than they did a year ago.

Summary: The median home sold price in Miami-Dade County was $519,811 in January 2024, up 9.3% from last year, and the median price per square foot was $367.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $299.9K$321.6K
+7.2%
2 $400.1K$425.3K
+6.3%
3 $479.8K$519.8K
+8.3%
4 $625K$655.4K
+4.9%
5+ $1.1M$1.1M
+1.0%

Summary: Miami-Dade County housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.2%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes increased by 1%.

Median Sold Price Compared To Nearby Counties

Miami-Dade County
+9.3%
Broward County
+7.6%

Housing Supply in Miami-Dade County, FL

How many homes are available in Miami-Dade County, FL?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
12,62814,445+14.4%

Summary: The Miami-Dade County real estate market had 14,445 homes for sale in January 2024, a 14.4% increase compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 2,0662,464
+19.3%
2 3,8034,330
+13.9%
3 3,4603,907
+12.9%
4 2,0052,277
+13.6%
5+ 1,2941,467
+13.4%

Summary: The Miami-Dade County housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 19.3%, 2 bedroom homes increased by 13.9%, 3 bedroom homes increased by 12.9%, 4 bedroom homes increased by 13.6%, and 5+ bedroom homes increased by 13.4%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
1,6261,164-28.4%

Asking Price vs. Sold Price

847 Homes Were Sold
Under Asking

195 Homes Were Sold
At Asking

122 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Miami-Dade County, you may be able to get a good deal. 72.8% of homes here sold below asking price last month.

Summary: A total of 1,164 homes were sold or pending in Miami-Dade County in January 2024, down by 28.4% month-over-month. Of the 1,164 sold homes, 73% were sold under asking, 17% were sold at asking, and 10% 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

Jan 2023Jan 2024CHANGE
60 Days60 Days0.5%

Summary: Homes in Miami-Dade County had an average of 60 days on market in Jan 2024, up by 0.5% compared to last year.

Breakdown of Home Sale Times

505 Homes Were Sold
Under 30 Days

411 Homes Were Sold
In 30 - 90 Days

248 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Miami-Dade County are selling fast, if you're buying plan to act quickly.

Summary: During January 2024, 1164 homes were sold in Miami-Dade County; 43% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 21% 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 23 Days Ago

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