Is Homestead, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Homestead was a Seller's Market.
Key Takeaway
Homestead 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 Homestead, FL
How much do homes in Homestead, FL cost?
Median Sold Price
$458,662
$268/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Homestead have sold for 11.2% more than they did a year ago.
Summary: The median home sold price in Homestead was $458,662 in May 2024, up 11.2% from last year, and the median price per square foot was $268.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $180K | $255K | +41.7% |
| 2 Bedrooms | $233K | $264K | +13.3% |
| 3 Bedrooms | $388.6K | $429.3K | +10.5% |
| 4 Bedrooms | $480K | $534.8K | +11.4% |
| 5+ Bedrooms | $567K | $605K | +6.7% |
Summary: Homestead housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 41.7%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes increased by 6.7%.
Median Sold Price Compared To Nearby Cities
| Florida City | $350K | $411.9K | +17.7% |
| Homestead | $412.5K | $458.6K | +11.2% |
| Princeton-Goulds | $464.8K | $515K | +10.8% |
| Everglades | $799.4K | $865K | +8.2% |
Housing Supply in Homestead, FL
How many homes are available in Homestead, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,229 | 1,294 | +5.3% |
Summary: The Homestead real estate market had 1,294 homes for sale in May 2024, a 5.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 115 | 125 | +8.7% |
| 3 Bedrooms | 563 | 603 | +7.1% |
| 4 Bedrooms | 419 | 423 | +1.0% |
| 5+ Bedrooms | 128 | 138 | +7.8% |
Summary: The Homestead housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 8.7%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 1%, and 5+ bedroom homes increased by 7.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 214 | 190 | -11.2% |
Asking Price vs. Sold Price
94 Homes Were Sold
Under Asking
71 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Homestead, you may be able to get a good deal. 49.5% of homes here sold below asking price last month.
Summary: A total of 190 homes were sold or pending in Homestead in May 2024, down by 11.2% month-over-month. Of the 190 sold homes, 49% were sold under asking, 37% were sold at asking, and 13% were sold over asking.
Days on Market for Homestead, FL
How long does it take to sell a home in Homestead, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 39 Days | 47 Days | +21.2% |
Summary: Homes in Homestead had an average of 47 days on market in May 2024, up by 21.2% compared to last year.
Breakdown of Home Sale Times
87 Homes Were Sold
Under 30 Days
72 Homes Were Sold
In 30 - 90 Days
31 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Homestead are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 190 homes were sold in Homestead; 46% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
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