Is South Miami, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since September 2022
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.
Housing Prices
How much do homes in South Miami, FL cost?
Median Sold Price
$913,500
$531/sqft
Based on all homes sold in the last 12 months.
Difference Since September 2022
Key Takeaway
Homes in South Miami have sold for 6.5% more than they did a year ago.
Summary: The median home sold price in South Miami was $913,500 in September 2023, up 6.5% from last year, and the median price per square foot was $531.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2022 | Sep 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $241.2K | $309K | +28.1% |
| 2 Bedrooms | $480K | $591K | +23.1% |
| 3 Bedrooms | $845K | $945K | +11.8% |
| 4 Bedrooms | $997.5K | $1.1M | +10.8% |
| 5+ Bedrooms | $2.7M | $2.3M | -14.3% |
Summary: South Miami housing prices by bedroom type for September 2023 compared to the previous year: The home price of 1 bedroom homes increased by 28.1%, 2 bedroom homes increased by 23.1%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes decreased by 14.3%.
Median Sold Price Compared To Nearby Cities
| Coral Gables | $1.0M | $1.1M | +10.9% |
| Kendall-Palmetto Bay | $674.4K | $725K | +7.5% |
| South Miami | $858K | $913.5K | +6.5% |
Housing Supply
How many homes are available in South Miami, FL?
Number of Homes For Sale
| Aug 2023 | Sep 2023 | CHANGE |
|---|---|---|
| 40 | 37 | -7.5% |
Summary: The South Miami real estate market had 37 homes for sale in September 2023, a 7.5% decrease compared to August 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Aug 2023 | Sep 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 3 | 4 | +33.3% |
| 3 Bedrooms | 16 | 14 | -12.5% |
| 4 Bedrooms | 10 | 10 | 0.0% |
| 5+ Bedrooms | 7 | 6 | -14.3% |
Summary: The South Miami housing inventory by bedroom type for September 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 12.5%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 14.3%.
Number of Homes Sold
| Aug 2023 | Sep 2023 | CHANGE |
|---|---|---|
| 9 | 7 | -22.2% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in South Miami, you may be able to get a good deal. 85.7% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in South Miami in September 2023, down by 22.2% month-over-month. Of the 7 sold homes, 86% were sold under asking, 0% were sold at asking, and 14% were sold over asking.
Days on Market
How long does it take to sell a home in South Miami, FL?
Average Sale Time
| Sep 2022 | Sep 2023 | CHANGE |
|---|---|---|
| 33 Days | 25 Days | -24.4% |
Summary: Homes in South Miami had an average of 25 days on market in Sep 2023, down by 24.4% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
3 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.
Summary: During September 2023, 7 homes were sold in South Miami; 57% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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