Is South Miami, FL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Miami is a 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

+$55,500(+6.5%)

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

# BEDSSep 2022Sep 2023CHANGE
1 $241.2K$309K
+28.1%
2 $480K$591K
+23.1%
3 $845K$945K
+11.8%
4 $997.5K$1.1M
+10.8%
5+ $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
+10.9%
Kendall-Palmetto Bay
+7.5%
South Miami
+6.5%

Housing Supply

How many homes are available in South Miami, FL?

Number of Homes For Sale

Aug 2023Sep 2023CHANGE
4037-7.5%

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

# BEDSAug 2023Sep 2023CHANGE
1 43
-25.0%
2 34
+33.3%
3 1614
-12.5%
4 1010
0.0%
5+ 76
-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 2023Sep 2023CHANGE
97-22.2%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

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 2022Sep 2023CHANGE
33 Days25 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

Breakdown of Home Sale Times

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

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Nearby Markets

What housing markets are near South Miami, FL?