Is Miami-Dade County, 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, Miami-Dade County was a Seller's Market.
Key Takeaway
Miami-Dade County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Miami-Dade County, FL
How much do homes in Miami-Dade County, FL cost?
Median Sold Price
$536,100
$378/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Miami-Dade County have sold for 10.3% more than they did a year ago.
Summary: The median home sold price in Miami-Dade County was $536,100 in May 2024, up 10.3% from last year, and the median price per square foot was $378.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $300K | $329.6K | +9.9% |
| 2 Bedrooms | $406.9K | $431.1K | +6.0% |
| 3 Bedrooms | $484.9K | $539.5K | +11.3% |
| 4 Bedrooms | $631.3K | $684.4K | +8.4% |
| 5+ Bedrooms | $1.0M | $1.1M | +11.2% |
Summary: Miami-Dade County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.9%, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 11.3%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes increased by 11.2%.
Median Sold Price Compared To Nearby Counties
| Miami-Dade County | $486K | $536.1K | +10.3% |
| Monroe County | $868.5K | $954K | +9.8% |
| Broward County | $399.8K | $432.1K | +8.1% |
Housing Supply in Miami-Dade County, FL
How many homes are available in Miami-Dade County, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15,393 | 16,307 | +5.9% |
Summary: The Miami-Dade County real estate market had 16,307 homes for sale in May 2024, a 5.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2,605 | 2,809 | +7.8% |
| 2 Bedrooms | 4,644 | 4,914 | +5.8% |
| 3 Bedrooms | 4,221 | 4,424 | +4.8% |
| 4 Bedrooms | 2,484 | 2,595 | +4.5% |
| 5+ Bedrooms | 1,439 | 1,565 | +8.8% |
Summary: The Miami-Dade County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.8%, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 8.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2,198 | 1,891 | -14.0% |
Asking Price vs. Sold Price
1,362 Homes Were Sold
Under Asking
322 Homes Were Sold
At Asking
207 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Miami-Dade County, you may be able to get a good deal. 72% of homes here sold below asking price last month.
Summary: A total of 1,891 homes were sold or pending in Miami-Dade County in May 2024, down by 14.0% month-over-month. Of the 1,891 sold homes, 72% were sold under asking, 17% were sold at asking, and 11% were sold over asking.
Days on Market for Miami-Dade County, FL
How long does it take to sell a home in Miami-Dade County, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 58 Days | 64 Days | +10.2% |
Summary: Homes in Miami-Dade County had an average of 64 days on market in May 2024, up by 10.2% compared to last year.
Breakdown of Home Sale Times
804 Homes Were Sold
Under 30 Days
650 Homes Were Sold
In 30 - 90 Days
437 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Miami-Dade County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 1891 homes were sold in Miami-Dade County; 43% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
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