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 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

# BEDSJun 2021Jun 2022%
1 $280K$223K
-20.4%
2 $400K$475K
+18.8%
3 $610K$785K
+28.7%
4 $875K$960K
+9.7%
5+ $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 2022Jun 2022%
5458+7.4%

Homes For Sale By Bedroom Count

# BEDSMay 2022Jun 2022%
1 35
+66.7%
2 76
-14.3%
3 2318
-21.7%
4 1414
0.0%
5+ 715
+114.3%

Number of Homes Sold

May 2022Jun 2022%
1117+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

Asking vs Sold - buyer

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 2021Jun 2022%
40 Days14 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in South Miami are selling fast, if you're buying plan to act quickly.

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

About South Miami, FL

Number of homes for sale in South Miami, FL real estate market have reached 58. The inventory of homes for sale in South Miami, FL between May 2022 and June 2022 increased by 7.4%. While the average time on the market in June 2022 was 14 days, the median list price was $792,500. Real estate listing prices changed between May 2022 and June 2022: 1 bedroom properties became 20.4% more cheaper, the cost of 2 bedrooms properties went up by 18.8%, prices of 3 bedrooms properties increased by 28.7%, 4 bedrooms properties prices increased by 9.7%, the cost of 5 bedrooms properties went up by 40.7%. The following changes in the number of homes for sale were observed in this housing market: 1 bedroom homes inventory increased by 66.7%, volume of 2 bedrooms homes went down by 14.3%, 3 bedrooms homes inventory decreased by 21.7%, 4 bedrooms homes inventory did not change, the quantity of 5 bedrooms homes went up by 114.3%. South Miami, FL housing market in June 2022 saw over 10 listings sold above listed price, more than 0 sold at listed price and over 7 sold below.

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