Is North Miami, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since September 2022
At the same time last year, North Miami was a Seller's 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
How much do homes in North Miami, FL cost?
Median Sold Price
$367,000
$289/sqft
Based on all homes sold in the last 12 months.
Difference Since September 2022
Key Takeaway
Homes in North Miami have sold for 13.9% more than they did a year ago.
Summary: The median home sold price in North Miami was $367,000 in September 2023, up 13.9% from last year, and the median price per square foot was $289.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2022 | Sep 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $155.2K | $176.5K | +13.7% |
| 2 Bedrooms | $270K | $309K | +14.4% |
| 3 Bedrooms | $430K | $465K | +8.1% |
| 4 Bedrooms | $730K | $669K | -8.4% |
| 5+ Bedrooms | $2.9M | $1.4M | -49.3% |
Summary: North Miami housing prices by bedroom type for September 2023 compared to the previous year: The home price of 1 bedroom homes increased by 13.7%, 2 bedroom homes increased by 14.4%, 3 bedroom homes increased by 8.1%, 4 bedroom homes decreased by 8.4%, and 5+ bedroom homes decreased by 49.3%.
Median Sold Price Compared To Nearby Cities
| North Miami Beach | $410K | $467.7K | +14.1% |
| North Miami | $322.1K | $367K | +13.9% |
| Sunny Isles Beach | $791.4K | $781.4K | -1.3% |
Housing Supply
How many homes are available in North Miami, FL?
Number of Homes For Sale
| Aug 2023 | Sep 2023 | CHANGE |
|---|---|---|
| 216 | 225 | +4.2% |
Summary: The North Miami real estate market had 225 homes for sale in September 2023, a 4.2% increase compared to August 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Aug 2023 | Sep 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 42 | 49 | +16.7% |
| 2 Bedrooms | 66 | 73 | +10.6% |
| 3 Bedrooms | 68 | 72 | +5.9% |
| 4 Bedrooms | 25 | 18 | -28.0% |
| 5+ Bedrooms | 15 | 13 | -13.3% |
Summary: The North Miami housing inventory by bedroom type for September 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 16.7%, 2 bedroom homes increased by 10.6%, 3 bedroom homes increased by 5.9%, 4 bedroom homes decreased by 28%, and 5+ bedroom homes decreased by 13.3%.
Number of Homes Sold
| Aug 2023 | Sep 2023 | CHANGE |
|---|---|---|
| 29 | 26 | -10.3% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 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. 88.5% of homes here sold below asking price last month.
Summary: A total of 26 homes were sold or pending in North Miami in September 2023, down by 10.3% month-over-month. Of the 26 sold homes, 88% were sold under asking, 4% were sold at asking, and 8% were sold over asking.
Days on Market
How long does it take to sell a home in North Miami, FL?
Average Sale Time
| Sep 2022 | Sep 2023 | CHANGE |
|---|---|---|
| 46 Days | 50 Days | +8.9% |
Summary: Homes in North Miami had an average of 50 days on market in Sep 2023, up by 8.9% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
5 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 September 2023, 26 homes were sold in North Miami; 46% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
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