Is North 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, North Miami was a Neutral Market.
Key Takeaway
North Miami is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in North Miami, FL
How much do homes in North Miami, FL cost?
Median Sold Price
$390,000
$304/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in North Miami have sold for 11.7% more than they did a year ago.
Summary: The median home sold price in North Miami was $390,000 in March 2024, up 11.7% from last year, and the median price per square foot was $304.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $169.5K | $180K | +6.2% |
| 2 Bedrooms | $300K | $325.5K | +8.5% |
| 3 Bedrooms | $453K | $488K | +7.7% |
| 4 Bedrooms | $677.5K | $632.5K | -6.6% |
| 5+ Bedrooms | $1.1M | $2.9M | +170.5% |
Summary: North Miami housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.2%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 7.7%, 4 bedroom homes decreased by 6.6%, and 5+ bedroom homes increased by 170.5%.
Median Sold Price Compared To Nearby Cities
| Sunny Isles Beach | $778.3K | $900K | +15.6% |
| North Miami Beach | $423.5K | $486.5K | +14.9% |
| North Miami | $349.1K | $390K | +11.7% |
Housing Supply in North Miami, FL
How many homes are available in North Miami, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 267 | 312 | +16.9% |
Summary: The North Miami real estate market had 312 homes for sale in March 2024, a 16.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 56 | 67 | +19.6% |
| 2 Bedrooms | 100 | 113 | +13.0% |
| 3 Bedrooms | 57 | 72 | +26.3% |
| 4 Bedrooms | 34 | 37 | +8.8% |
| 5+ Bedrooms | 20 | 23 | +15.0% |
Summary: The North Miami housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 19.6%, 2 bedroom homes increased by 13%, 3 bedroom homes increased by 26.3%, 4 bedroom homes increased by 8.8%, and 5+ bedroom homes increased by 15%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 16 | 29 | +81.3% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in North Miami, you may be able to get a good deal. 79.3% of homes here sold below asking price last month.
Summary: A total of 29 homes were sold or pending in North Miami in March 2024, up by 81.3% month-over-month. Of the 29 sold homes, 79% were sold under asking, 3% were sold at asking, and 17% were sold over asking.
Days on Market for North Miami, FL
How long does it take to sell a home in North Miami, FL?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 88 Days | 41 Days | -53.3% |
Summary: Homes in North Miami had an average of 41 days on market in Mar 2024, down by 53.3% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in North Miami are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 29 homes were sold in North Miami; 55% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
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