Is Miami Beach, 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, Miami Beach was a Neutral Market.
Key Takeaway
Miami Beach is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Miami Beach, FL
How much do homes in Miami Beach, FL cost?
Median Sold Price
$590,290
$580/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Miami Beach have sold for 12.4% more than they did a year ago.
Summary: The median home sold price in Miami Beach was $590,290 in April 2024, up 12.4% from last year, and the median price per square foot was $580.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $320.5K | $340K | +6.1% |
| 2 Bedrooms | $712.8K | $720K | +1.0% |
| 3 Bedrooms | $2.2M | $2.2M | -1.7% |
| 4 Bedrooms | $3.4M | $2.7M | -20.6% |
| 5+ Bedrooms | $6.0M | $7.0M | +16.7% |
Summary: Miami Beach housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.1%, 2 bedroom homes increased by 1%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes decreased by 20.6%, and 5+ bedroom homes increased by 16.7%.
Median Sold Price Compared To Nearby Cities
| Miami Beach | $525K | $590.2K | +12.4% |
| Miami | $506.2K | $546.1K | +7.9% |
| North Bay Village | $430K | $442.5K | +2.9% |
| Surfside | $1.2M | $1.2M | +2.9% |
Housing Supply in Miami Beach, FL
How many homes are available in Miami Beach, FL?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 1,922 | 2,034 | +5.8% |
Summary: The Miami Beach real estate market had 2,034 homes for sale in April 2024, a 5.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 708 | 762 | +7.6% |
| 2 Bedrooms | 666 | 695 | +4.4% |
| 3 Bedrooms | 250 | 251 | 0.4% |
| 4 Bedrooms | 135 | 152 | +12.6% |
| 5+ Bedrooms | 163 | 174 | +6.7% |
Summary: The Miami Beach housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.6%, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 0.4%, 4 bedroom homes increased by 12.6%, and 5+ bedroom homes increased by 6.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 155 | 163 | +5.2% |
Asking Price vs. Sold Price
140 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Miami Beach, you may be able to get a good deal. 85.9% of homes here sold below asking price last month.
Summary: A total of 163 homes were sold or pending in Miami Beach in April 2024, up by 5.2% month-over-month. Of the 163 sold homes, 86% were sold under asking, 9% were sold at asking, and 5% were sold over asking.
Days on Market for Miami Beach, FL
How long does it take to sell a home in Miami Beach, FL?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 90 Days | 89 Days | -1.9% |
Summary: Homes in Miami Beach had an average of 89 days on market in Apr 2024, down by 1.9% compared to last year.
Breakdown of Home Sale Times
42 Homes Were Sold
Under 30 Days
67 Homes Were Sold
In 30 - 90 Days
54 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Miami Beach has remained consistent over time.
Summary: During April 2024, 163 homes were sold in Miami Beach; 26% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
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