$7,125 Closing Credit*
$600,000
480 SqFt
Studio
•1 Full Bath
Ombretta Mancini, Listing Office: The Keyes Company
Is Miami Beach, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$604,583
$600/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$74,017(+14.0%)
Key Takeaway
Homes in Miami Beach have sold for 14% more than they did a year ago.
Summary: The median home sold price in Miami Beach was $604,583 in October 2024, up 14% from last year, and the median price per square foot was $600.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $326.8K | $345K | +5.6% |
| 2 Bedrooms | $678.8K | $737.2K | +8.6% |
| 3 Bedrooms | $2.2M | $2.5M | +12.6% |
| 4 Bedrooms | $2.8M | $3.2M | +10.8% |
| 5+ Bedrooms | $6.9M | $8.8M | +27.5% |
Summary: Miami Beach housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.6%, 2 bedroom homes increased by 8.6%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes increased by 27.5%.
Median Sold Price Compared To Nearby Cities
| North Bay Village | $439.5K | $549K | +24.9% |
| Miami Beach | $530.5K | $604.5K | +14.0% |
| Miami | $522.8K | $560.4K | +7.2% |
| Surfside | $1.2M | $1.3M | +6.7% |
Housing Supply in Miami Beach, FL
How many homes are available in Miami Beach, FL?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,681 | 1,935 | +15.1% |
Summary: The Miami Beach real estate market had 1,935 homes for sale in October 2024, a 15.1% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 662 | 756 | +14.2% |
| 2 Bedrooms | 606 | 693 | +14.4% |
| 3 Bedrooms | 176 | 210 | +19.3% |
| 4 Bedrooms | 108 | 131 | +21.3% |
| 5+ Bedrooms | 129 | 145 | +12.4% |
Summary: The Miami Beach housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.2%, 2 bedroom homes increased by 14.4%, 3 bedroom homes increased by 19.3%, 4 bedroom homes increased by 21.3%, and 5+ bedroom homes increased by 12.4%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 86 | 92 | +7.0% |
Asking Price vs. Sold Price
77 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
6 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. 83.7% of homes here sold below asking price last month.
Summary: A total of 92 homes were sold or pending in Miami Beach in October 2024, up by 7.0% month-over-month. Of the 92 sold homes, 84% were sold under asking, 10% were sold at asking, and 7% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 86 Days | 101 Days | +17.7% |
Summary: Homes in Miami Beach had an average of 101 days on market in Oct 2024, up by 17.7% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
24 Homes Were Sold
In 30 - 90 Days
36 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Miami Beach are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During October 2024, 92 homes were sold in Miami Beach; 35% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 39% of homes were sold over 90 days.
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