Is South Miami Heights, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, South Miami Heights was a Seller's Market.
Key Takeaway
South Miami Heights 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 Heights, FL
How much do homes in South Miami Heights, FL cost?
Median Sold Price
$519,500
$334/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in South Miami Heights have sold for 14.2% more than they did a year ago.
Summary: The median home sold price in South Miami Heights was $519,500 in April 2024, up 14.2% from last year, and the median price per square foot was $334.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $100K | $155K | +55.0% |
| 2 Bedrooms | $205K | $170K | -17.1% |
| 3 Bedrooms | $450K | $505K | +12.2% |
| 4 Bedrooms | $487.5K | $559.5K | +14.8% |
| 5+ Bedrooms | $553K | $650K | +17.5% |
Summary: South Miami Heights housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 55%, 2 bedroom homes decreased by 17.1%, 3 bedroom homes increased by 12.2%, 4 bedroom homes increased by 14.8%, and 5+ bedroom homes increased by 17.5%.
Housing Supply in South Miami Heights, FL
How many homes are available in South Miami Heights, FL?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 99 | 96 | -3.0% |
Summary: The South Miami Heights real estate market had 96 homes for sale in April 2024, a 3.0% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 9 | 9 | 0.0% |
| 3 Bedrooms | 43 | 40 | -7.0% |
| 4 Bedrooms | 35 | 32 | -8.6% |
| 5+ Bedrooms | 12 | 15 | +25.0% |
Summary: The South Miami Heights housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 7%, 4 bedroom homes decreased by 8.6%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 21 | 16 | -23.8% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Miami Heights, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in South Miami Heights in April 2024, down by 23.8% month-over-month. Of the 16 sold homes, 50% were sold under asking, 19% were sold at asking, and 31% were sold over asking.
Days on Market for South Miami Heights, FL
How long does it take to sell a home in South Miami Heights, FL?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 53 Days | 37 Days | -29.8% |
Summary: Homes in South Miami Heights had an average of 37 days on market in Apr 2024, down by 29.8% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Miami Heights are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 16 homes were sold in South Miami Heights; 50% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
© 2024 Miami Association of REALTORS®. All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®. All information is deemed reliable but not guaranteed by the MLS and should be independently verified. The MLS, this broker and their affiliates provide all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This property is offered without respect to any protected classes in accordance with the law.
The data relating to real estate for sale on this website comes in part from the Southwest Florida Multiple Listing Service. The information being provided is for consumers` personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information has not been verified, is not guaranteed, and is subject to change. Real estate listings held by other brokerage firms other are marked with the IDX logo and detailed information about them includes the name of the listing brokers.