Is Miami, 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 was a Seller's Market.
Key Takeaway
Miami is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Miami, FL
How much do homes in Miami, FL cost?
Median Sold Price
$540,091
$380/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Miami have sold for 6.9% more than they did a year ago.
Summary: The median home sold price in Miami was $540,091 in March 2024, up 6.9% from last year, and the median price per square foot was $380.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $375K | $380K | +1.3% |
| 2 Bedrooms | $430.9K | $425.2K | -1.3% |
| 3 Bedrooms | $511.1K | $549.6K | +7.5% |
| 4 Bedrooms | $650K | $699.5K | +7.6% |
| 5+ Bedrooms | $858.9K | $1.0M | +16.4% |
Summary: Miami housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.3%, 2 bedroom homes decreased by 1.3%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 7.6%, and 5+ bedroom homes increased by 16.4%.
Median Sold Price Compared To Nearby Cities
| North Westside | $424.2K | $466.7K | +10.0% |
| Miami | $505.1K | $540K | +6.9% |
| Miami Shores | $1.0M | $1.0M | +3.8% |
| Coral Gables | $1.0M | $1.0M | -2.7% |
Housing Supply in Miami, FL
How many homes are available in Miami, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6,766 | 7,379 | +9.1% |
Summary: The Miami real estate market had 7,379 homes for sale in March 2024, a 9.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1,151 | 1,268 | +10.2% |
| 2 Bedrooms | 2,146 | 2,346 | +9.3% |
| 3 Bedrooms | 1,821 | 1,955 | +7.4% |
| 4 Bedrooms | 1,065 | 1,143 | +7.3% |
| 5+ Bedrooms | 583 | 667 | +14.4% |
Summary: The Miami housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.2%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 7.3%, and 5+ bedroom homes increased by 14.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 778 | 883 | +13.5% |
Asking Price vs. Sold Price
619 Homes Were Sold
Under Asking
149 Homes Were Sold
At Asking
115 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Miami, you may be able to get a good deal. 70.1% of homes here sold below asking price last month.
Summary: A total of 883 homes were sold or pending in Miami in March 2024, up by 13.5% month-over-month. Of the 883 sold homes, 70% were sold under asking, 17% were sold at asking, and 13% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 60 Days | 59 Days | -2.2% |
Summary: Homes in Miami had an average of 59 days on market in Mar 2024, down by 2.2% compared to last year.
Breakdown of Home Sale Times
404 Homes Were Sold
Under 30 Days
274 Homes Were Sold
In 30 - 90 Days
205 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Miami are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 883 homes were sold in Miami; 46% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
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