$5,199,000
4,601 SqFt
5 Beds
•5 Full Baths, 2 Partial
Valaree Byrne, Listing Office: BHHS EWM Realty
Is South Miami, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, South Miami has remained a Buyer's Market.
Key Takeaway
South Miami is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in South Miami, FL
How much do homes in South Miami, FL cost?
Median Sold Price
$1,000,000
$613/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$50,000(+5.3%)
Key Takeaway
Homes in South Miami have sold for 5.3% more than they did a year ago.
Summary: The median home sold price in South Miami was $1,000,000 in November 2024, up 5.3% from last year, and the median price per square foot was $613.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $300K | $325K | +8.3% |
| 2 Bedrooms | $625K | $635K | +1.6% |
| 3 Bedrooms | $950K | $982K | +3.4% |
| 4 Bedrooms | $1.1M | $1.4M | +25.0% |
| 5+ Bedrooms | $2.6M | $2.7M | +5.8% |
Summary: South Miami housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.3%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 5.8%.
Median Sold Price Compared To Nearby Cities
| Coral Gables | $1.1M | $1.2M | +15.7% |
| South Miami | $950K | $1.0M | +5.3% |
| Kendall-Palmetto Bay | $748.4K | $772.2K | +3.2% |
Housing Supply in South Miami, FL
How many homes are available in South Miami, FL?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 74 | 71 | -4.1% |
Summary: The South Miami real estate market had 71 homes for sale in November 2024, a 4.1% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 17 | 15 | -11.8% |
| 3 Bedrooms | 25 | 23 | -8.0% |
| 4 Bedrooms | 16 | 14 | -12.5% |
| 5+ Bedrooms | 12 | 14 | +16.7% |
Summary: The South Miami housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 11.8%, 3 bedroom homes decreased by 8%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 9 | 7 | -22.2% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Miami, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in South Miami in November 2024, down by 22.2% month-over-month. Of the 7 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for South Miami, FL
How long does it take to sell a home in South Miami, FL?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 8 Days | 95 Days | +1046.9% |
Summary: Homes in South Miami had an average of 95 days on market in Nov 2024, up by 1046.9% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in South Miami are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During November 2024, 7 homes were sold in South Miami; 14% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 57% of homes were sold over 90 days.
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