$950,000
37026.00 Acres
Land
Belmis Montesino, Listing Office: Iconic Miami Realty
Is Miami, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Miami was a Seller's Market.
Key Takeaway
Miami is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Miami, FL
How much do homes in Miami, FL cost?
Median Sold Price
$565,671
$391/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$40,122(+7.6%)
Key Takeaway
Homes in Miami have sold for 7.6% more than they did a year ago.
Summary: The median home sold price in Miami was $565,671 in November 2024, up 7.6% from last year, and the median price per square foot was $391.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $375K | $365.5K | -2.5% |
| 2 Bedrooms | $420.6K | $420.2K | -0.1% |
| 3 Bedrooms | $529.7K | $577.4K | +9.0% |
| 4 Bedrooms | $668.1K | $730K | +9.3% |
| 5+ Bedrooms | $926.7K | $1.0M | +14.2% |
Summary: Miami housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.5%, 2 bedroom homes decreased by 0.1%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes increased by 14.2%.
Median Sold Price Compared To Nearby Cities
| Miami Shores | $1.0M | $1.2M | +25.0% |
| Coral Gables | $1.1M | $1.2M | +15.7% |
| North Westside | $449.9K | $484.8K | +7.8% |
| Miami | $525.5K | $565.6K | +7.6% |
Housing Supply in Miami, FL
How many homes are available in Miami, FL?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 7,650 | 8,160 | +6.7% |
Summary: The Miami real estate market had 8,160 homes for sale in November 2024, a 6.7% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1,309 | 1,449 | +10.7% |
| 2 Bedrooms | 2,497 | 2,677 | +7.2% |
| 3 Bedrooms | 2,087 | 2,158 | +3.4% |
| 4 Bedrooms | 1,157 | 1,212 | +4.8% |
| 5+ Bedrooms | 600 | 664 | +10.7% |
Summary: The Miami housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.7%, 2 bedroom homes increased by 7.2%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 10.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 834 | 595 | -28.7% |
Asking Price vs. Sold Price
445 Homes Were Sold
Under Asking
112 Homes Were Sold
At Asking
38 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Miami, you may be able to get a good deal. 74.8% of homes here sold below asking price last month.
Summary: A total of 595 homes were sold or pending in Miami in November 2024, down by 28.7% month-over-month. Of the 595 sold homes, 75% were sold under asking, 19% were sold at asking, and 6% were sold over asking.
Days on Market for Miami, FL
How long does it take to sell a home in Miami, FL?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 49 Days | 60 Days | +23.7% |
Summary: Homes in Miami had an average of 60 days on market in Nov 2024, up by 23.7% compared to last year.
Breakdown of Home Sale Times
248 Homes Were Sold
Under 30 Days
207 Homes Were Sold
In 30 - 90 Days
140 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Miami are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 595 homes were sold in Miami; 42% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.
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