Is 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, South Miami has remained a Seller's Market.
Housing Prices in South Miami, FL
How much do homes in South Miami, FL cost?
Median Sold Price
$965,000
$584/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in South Miami was $965,000 in April 2024, up 7.2% from last year, and the median price per square foot was $584.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $255.9K | $310K | +21.1% |
2 Bedrooms | $524.9K | $650K | +23.8% |
3 Bedrooms | $877.5K | $987K | +12.5% |
4 Bedrooms | $1.1M | $1.4M | +21.7% |
5+ Bedrooms | $3.0M | $3.2M | +5.4% |
Summary: South Miami housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.1%, 2 bedroom homes increased by 23.8%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 21.7%, and 5+ bedroom homes increased by 5.4%.
Median Sold Price Compared To Nearby Cities
Kendall-Palmetto Bay | $703.6K | $773.9K | +10.0% |
South Miami | $900K | $965K | +7.2% |
Coral Gables | $1.1M | $1.0M | -7.7% |
Housing Supply in South Miami, FL
How many homes are available in South Miami, FL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
56 | 61 | +8.9% |
Summary: The South Miami real estate market had 61 homes for sale in April 2024, a 8.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 3 | +50.0% |
2 Bedrooms | 9 | 10 | +11.1% |
3 Bedrooms | 19 | 20 | +5.3% |
4 Bedrooms | 13 | 15 | +15.4% |
5+ Bedrooms | 13 | 13 | 0.0% |
Summary: The South Miami housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
10 | 11 | +10.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 11 homes were sold or pending in South Miami in April 2024, up by 10.0% month-over-month. Of the 11 sold homes, 45% were sold under asking, 9% were sold at asking, and 45% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
52 Days | 46 Days | -10.4% |
Summary: Homes in South Miami had an average of 46 days on market in Apr 2024, down by 10.4% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During April 2024, 11 homes were sold in South Miami; 55% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 27% of homes were sold over 90 days.