Is North Miami Beach, 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, North Miami Beach was a Seller's Market.
Key Takeaway
North Miami Beach is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in North Miami Beach, FL
How much do homes in North Miami Beach, FL cost?
Median Sold Price
$485,000
$376/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in North Miami Beach have sold for 14.7% more than they did a year ago.
Summary: The median home sold price in North Miami Beach was $485,000 in May 2024, up 14.7% from last year, and the median price per square foot was $376.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $200K | $190K | -5.0% |
| 2 Bedrooms | $385K | $410K | +6.5% |
| 3 Bedrooms | $548.5K | $581K | +5.9% |
| 4 Bedrooms | $715K | $572.5K | -19.9% |
| 5+ Bedrooms | $2.8M | $3.2M | +12.3% |
Summary: North Miami Beach housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5%, 2 bedroom homes increased by 6.5%, 3 bedroom homes increased by 5.9%, 4 bedroom homes decreased by 19.9%, and 5+ bedroom homes increased by 12.3%.
Median Sold Price Compared To Nearby Cities
| Sunny Isles Beach | $782.6K | $902.5K | +15.3% |
| North Miami Beach | $423K | $485K | +14.7% |
| North Miami | $360K | $400K | +11.1% |
| Miami Gardens | $419.1K | $455.2K | +8.6% |
| Aventura | $497.2K | $491.7K | -1.1% |
Housing Supply in North Miami Beach, FL
How many homes are available in North Miami Beach, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 389 | 424 | +9.0% |
Summary: The North Miami Beach real estate market had 424 homes for sale in May 2024, a 9.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 74 | 77 | +4.1% |
| 2 Bedrooms | 142 | 150 | +5.6% |
| 3 Bedrooms | 107 | 128 | +19.6% |
| 4 Bedrooms | 48 | 49 | +2.1% |
| 5+ Bedrooms | 18 | 20 | +11.1% |
Summary: The North Miami Beach housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 4.1%, 2 bedroom homes increased by 5.6%, 3 bedroom homes increased by 19.6%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 42 | 19 | -54.8% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in North Miami Beach, you may be able to get a good deal. 89.5% of homes here sold below asking price last month.
Summary: A total of 19 homes were sold or pending in North Miami Beach in May 2024, down by 54.8% month-over-month. Of the 19 sold homes, 89% were sold under asking, 11% were sold at asking, and 0% were sold over asking.
Days on Market for North Miami Beach, FL
How long does it take to sell a home in North Miami Beach, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 80 Days | 111 Days | +39.2% |
Summary: Homes in North Miami Beach had an average of 111 days on market in May 2024, up by 39.2% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in North Miami Beach are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 19 homes were sold in North Miami Beach; 37% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 37% of homes were sold over 90 days.
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