$10,000 Closing Credit*
$1,899,000
2,070 SqFt
3 Beds
•2 Full Baths, 1 Partial
Rene Rodriguez, Listing Office: Ocean Palm Realty, Inc.
Is South Miami, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2023
At the same time last year, South Miami was a Seller's Market.
Key Takeaway
South Miami is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in South Miami, FL
How much do homes in South Miami, FL cost?
Median Sold Price
$1,070,000
$631/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2023
+$207,500(+24.1%)
Key Takeaway
Homes in South Miami have sold for 24.1% more than they did a year ago.
Summary: The median home sold price in South Miami was $1,070,000 in August 2024, up 24.1% from last year, and the median price per square foot was $631.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $280.5K | $325K | +15.9% |
| 2 Bedrooms | $591K | $612.5K | +3.6% |
| 3 Bedrooms | $883.5K | $1.0M | +20.0% |
| 4 Bedrooms | $1.0M | $1.4M | +40.4% |
| 5+ Bedrooms | $2.3M | $3.4M | +46.2% |
Summary: South Miami housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.9%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 40.4%, and 5+ bedroom homes increased by 46.2%.
Median Sold Price Compared To Nearby Cities
| South Miami | $862.5K | $1.0M | +24.1% |
| Kendall-Palmetto Bay | $719.4K | $818.8K | +13.8% |
| Coral Gables | $1.1M | $1.2M | +11.5% |
Housing Supply in South Miami, FL
How many homes are available in South Miami, FL?
Number of Homes For Sale
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 61 | 64 | +4.9% |
Summary: The South Miami real estate market had 64 homes for sale in August 2024, a 4.9% increase compared to July 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 12 | 14 | +16.7% |
| 3 Bedrooms | 25 | 27 | +8.0% |
| 4 Bedrooms | 16 | 14 | -12.5% |
| 5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The South Miami housing inventory by bedroom type for August 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 8%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 12 | 10 | -16.7% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Miami, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in South Miami in August 2024, down by 16.7% month-over-month. Of the 10 sold homes, 60% were sold under asking, 10% were sold at asking, and 30% were sold over asking.
Days on Market for South Miami, FL
How long does it take to sell a home in South Miami, FL?
Average Sale Time
| Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|
| 46 Days | 37 Days | -19.6% |
Summary: Homes in South Miami had an average of 37 days on market in Aug 2024, down by 19.6% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 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 August 2024, 10 homes were sold in South Miami; 50% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
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