Is West South Miami, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, West South Miami has remained a Seller's Market.
Key Takeaway
West South Miami is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in West South Miami, FL
How much do homes in West South Miami, FL cost?
Median Sold Price
$837,500
$491/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in West South Miami have sold for 6.1% more than they did a year ago.
Summary: The median home sold price in West South Miami was $837,500 in April 2024, up 6.1% from last year, and the median price per square foot was $491.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $187K | $215K | +15.0% |
| 2 Bedrooms | $395K | $466.5K | +18.1% |
| 3 Bedrooms | $830K | $965K | +16.3% |
| 4 Bedrooms | $1.0M | $1.4M | +32.9% |
| 5+ Bedrooms | $1.3M | $1.9M | +44.3% |
Summary: West South Miami housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15%, 2 bedroom homes increased by 18.1%, 3 bedroom homes increased by 16.3%, 4 bedroom homes increased by 32.9%, and 5+ bedroom homes increased by 44.3%.
Median Sold Price Compared To Nearby Neighborhoods
| South Miami City West | $970K | $1.2M | +31.2% |
| East South Miami | $619.9K | $805.2K | +29.9% |
| South Coral Terrace | $620K | $700K | +12.9% |
| West South Miami | $789.5K | $837.5K | +6.1% |
Housing Supply in West South Miami, FL
How many homes are available in West South Miami, FL?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 44 | 49 | +11.4% |
Summary: The West South Miami real estate market had 49 homes for sale in April 2024, a 11.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 15 | 16 | +6.7% |
| 3 Bedrooms | 13 | 17 | +30.8% |
| 4 Bedrooms | 7 | 8 | +14.3% |
| 5+ Bedrooms | 6 | 6 | 0.0% |
Summary: The West South Miami housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 30.8%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 12 | 10 | -16.7% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West South Miami, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in West South Miami in April 2024, down by 16.7% month-over-month. Of the 10 sold homes, 20% were sold under asking, 20% were sold at asking, and 60% were sold over asking.
Days on Market for West South Miami, FL
How long does it take to sell a home in West South Miami, FL?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 56 Days | 31 Days | -45.0% |
Summary: Homes in West South Miami had an average of 31 days on market in Apr 2024, down by 45% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in West South Miami are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 10 homes were sold in West South Miami; 80% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 10% 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.