Is South Miami, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2021
Since last year, South Miami has remained a Seller's Market.
Key Takeaway
South Miami is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
How much do homes in South Miami, FL cost?
Median Sold Price
$792,500
$438/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2021
+$121,562(+18.1%)
Key Takeaway
Homes in South Miami have sold for 18.1% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS | Jun 2021 | Jun 2022 | % |
|---|---|---|---|
| 1 Bedroom | $280K | $223K | -20.4%  |
| 2 Bedrooms | $400K | $475K | +18.8% |
| 3 Bedrooms | $610K | $785K | +28.7% |
| 4 Bedrooms | $875K | $960K | +9.7% |
| 5+ Bedrooms | $1.6M | $2.3M | +40.7% |
Median Sold Price Compared To Nearby Cities
| % | |
|---|---|
| Coral Gables | +18.5% |
| South Miami | +18.1% |
| Pinecrest | +8.9% |
| Kendall-Palmetto Bay | +6.8% |
How many homes are available in South Miami, FL?
Number of Homes For Sale
| May 2022 | Jun 2022 | % |
|---|---|---|
| 54 | 58 | +7.4% |
Homes For Sale By Bedroom Count
| # BEDS | May 2022 | Jun 2022 | % |
|---|---|---|---|
| 1 Bedroom | 3 | 5 | +66.7% |
| 2 Bedrooms | 7 | 6 | -14.3%  |
| 3 Bedrooms | 23 | 18 | -21.7% |
| 4 Bedrooms | 14 | 14 | 0.0% |
| 5+ Bedrooms | 7 | 15 | +114.3% |
Number of Homes Sold
| May 2022 | Jun 2022 | % |
|---|---|---|
| 11 | 17 | +54.5% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Miami, you could pay more than the asking price. 58.8% of homes here sold above asking price last month.
Average Sale Time
| Jun 2021 | Jun 2022 | % |
|---|---|---|
| 40 Days | 14 Days | -64.8% |
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Miami are selling fast, if you're buying plan to act quickly.
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