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

Housing Market Conditions



Gauge showing South Miami is a seller'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



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

# BEDSSep 2022Sep 2023CHANGE
1 $241.2K$309K
2 $480K$591K
3 $845K$945K
4 $997.5K$1.1M
5+ $2.7M$2.3M

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
Kendall-Palmetto Bay
South Miami

Housing Supply

How many homes are available in South Miami, FL?

Number of Homes For Sale

Aug 2023Sep 2023CHANGE

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
2 34
3 1614
4 1010
5+ 76

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

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?