Is Miami-Dade County, FL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Miami-Dade County is a buyer's market

Buyer's
Market

Difference Since November 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

$550,063

$384/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$39,479(+7.7%)

Key Takeaway

Homes in Miami-Dade County have sold for 7.7% more than they did a year ago.

Summary: The median home sold price in Miami-Dade County was $550,063 in November 2024, up 7.7% from last year, and the median price per square foot was $384.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $318.6K$327.7K
+2.8%
2 $420.5K$427.7K
+1.7%
3 $510.1K$550K
+7.8%
4 $650K$691.8K
+6.4%
5+ $1.1M$1.1M
+4.7%

Summary: Miami-Dade County housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.8%, 2 bedroom homes increased by 1.7%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes increased by 4.7%.

Median Sold Price Compared To Nearby Counties

Broward County
+8.4%
Miami-Dade County
+7.7%

Housing Supply in Miami-Dade County, FL

How many homes are available in Miami-Dade County, FL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
16,44717,579+6.9%

Summary: The Miami-Dade County real estate market had 17,579 homes for sale in November 2024, a 6.9% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 2,7983,118
+11.4%
2 5,0155,424
+8.2%
3 4,5554,750
+4.3%
4 2,6522,717
+2.5%
5+ 1,4271,570
+10.0%

Summary: The Miami-Dade County housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.4%, 2 bedroom homes increased by 8.2%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 2.5%, and 5+ bedroom homes increased by 10%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1,6721,199-28.3%

Asking Price vs. Sold Price

897 Homes Were Sold
Under Asking

225 Homes Were Sold
At Asking

77 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Miami-Dade County, you may be able to get a good deal. 74.8% of homes here sold below asking price last month.

Summary: A total of 1,199 homes were sold or pending in Miami-Dade County in November 2024, down by 28.3% month-over-month. Of the 1,199 sold homes, 75% were sold under asking, 19% were sold at asking, and 6% 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

Nov 2023Nov 2024CHANGE
50 Days64 Days+27.5%

Summary: Homes in Miami-Dade County had an average of 64 days on market in Nov 2024, up by 27.5% compared to last year.

Breakdown of Home Sale Times

481 Homes Were Sold
Under 30 Days

411 Homes Were Sold
In 30 - 90 Days

307 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Miami-Dade County are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 1199 homes were sold in Miami-Dade County; 40% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 26% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 17 Days Ago

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