Is Miami, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Miami was a Seller's Market.
Housing Prices in Miami, FL
How much do homes in Miami, FL cost?
Median Sold Price
$546,178
$382/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Miami was $546,178 in April 2024, up 7.9% from last year, and the median price per square foot was $382.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $375K | $375K | 0.0% |
2 Bedrooms | $430.9K | $426.2K | -1.1% |
3 Bedrooms | $508.8K | $551K | +8.3% |
4 Bedrooms | $650K | $702.5K | +8.1% |
5+ Bedrooms | $855K | $1.0M | +19.7% |
Summary: Miami housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 1.1%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 19.7%.
Median Sold Price Compared To Nearby Cities
Miami Shores | $965K | $1.0M | +12.4% |
North Westside | $428K | $473.7K | +10.7% |
Miami | $506.2K | $546.1K | +7.9% |
El Portal | $950K | $957.2K | +0.8% |
Coral Gables | $1.1M | $1.0M | -7.7% |
Housing Supply in Miami, FL
How many homes are available in Miami, FL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
6,895 | 7,394 | +7.2% |
Summary: The Miami real estate market had 7,394 homes for sale in April 2024, a 7.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1,180 | 1,261 | +6.9% |
2 Bedrooms | 2,173 | 2,364 | +8.8% |
3 Bedrooms | 1,871 | 1,956 | +4.5% |
4 Bedrooms | 1,091 | 1,144 | +4.9% |
5+ Bedrooms | 580 | 669 | +15.3% |
Summary: The Miami housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.9%, 2 bedroom homes increased by 8.8%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes increased by 15.3%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
1,024 | 885 | -13.6% |
Asking Price vs. Sold Price
608 Homes Were Sold
Under Asking
157 Homes Were Sold
At Asking
120 Homes Were Sold
Over Asking
Summary: A total of 885 homes were sold or pending in Miami in April 2024, down by 13.6% month-over-month. Of the 885 sold homes, 69% were sold under asking, 18% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
59 Days | 56 Days | -4.6% |
Summary: Homes in Miami had an average of 56 days on market in Apr 2024, down by 4.6% compared to last year.
Breakdown of Home Sale Times
431 Homes Were Sold
Under 30 Days
273 Homes Were Sold
In 30 - 90 Days
181 Homes Were Sold
Over 90 Days
Summary: During April 2024, 885 homes were sold in Miami; 49% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.