$3,147 Closing Credit*
$265,000
970 SqFt
3 Beds
•1 Full Bath, 1 Partial
Juan Malouf, Listing Office: Malouf Int'l Realty, Inc.
Is South Miami, 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, South Miami was a Seller'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
$999,500
$622/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$49,500(+5.2%)
Key Takeaway
Homes in South Miami have sold for 5.2% more than they did a year ago.
Summary: The median home sold price in South Miami was $999,500 in October 2024, up 5.2% from last year, and the median price per square foot was $622.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $309K | $325K | +5.2% |
| 2 Bedrooms | $625K | $612.5K | -2.0% |
| 3 Bedrooms | $957.5K | $999K | +4.3% |
| 4 Bedrooms | $1.1M | $1.4M | +25.0% |
| 5+ Bedrooms | $2.6M | $3.2M | +23.1% |
Summary: South Miami housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.2%, 2 bedroom homes decreased by 2%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 23.1%.
Median Sold Price Compared To Nearby Cities
| Coral Gables | $1.1M | $1.2M | +16.4% |
| South Miami | $950K | $999.5K | +5.2% |
| Kendall-Palmetto Bay | $744.6K | $779.6K | +4.7% |
Housing Supply in South Miami, FL
How many homes are available in South Miami, FL?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 66 | 71 | +7.6% |
Summary: The South Miami real estate market had 71 homes for sale in October 2024, a 7.6% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 15 | 14 | -6.7% |
| 3 Bedrooms | 25 | 27 | +8.0% |
| 4 Bedrooms | 15 | 15 | 0.0% |
| 5+ Bedrooms | 8 | 12 | +50.0% |
Summary: The South Miami housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 6.7%, 3 bedroom homes increased by 8%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 5 | 9 | +80.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in South Miami, you may be able to get a good deal. 77.8% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in South Miami in October 2024, up by 80.0% month-over-month. Of the 9 sold homes, 78% were sold under asking, 11% were sold at asking, and 11% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 96 Days | 55 Days | -41.8% |
Summary: Homes in South Miami had an average of 55 days on market in Oct 2024, down by 41.8% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Miami are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 9 homes were sold in South Miami; 44% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
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