$8,609 Closing Credit*
$725,000
1,480 SqFt
4 Beds
•2 Full Baths
Carole Merhige, Listing Office: Coldwell Banker Realty
Is West 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
Since last year, West South Miami has remained a Buyer's Market.
Key Takeaway
West South Miami is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in West South Miami, FL
How much do homes in West South Miami, FL cost?
Median Sold Price
$778,500
$488/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$46,500(-5.6%)
Key Takeaway
Homes in West South Miami have sold for 5.6% less than they did a year ago.
Summary: The median home sold price in West South Miami was $778,500 in October 2024, down 5.6% from last year, and the median price per square foot was $488.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $194.5K | $216K | +11.1% |
| 2 Bedrooms | $409K | $460K | +12.5% |
| 3 Bedrooms | $940K | $1.0M | +9.0% |
| 4 Bedrooms | $1.1M | $1.2M | +3.0% |
| 5+ Bedrooms | $1.8M | $2.0M | +7.3% |
Summary: West South Miami housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 3%, and 5+ bedroom homes increased by 7.3%.
Median Sold Price Compared To Nearby Neighborhoods
| South Coral Terrace | $645K | $737K | +14.3% |
| East South Miami | $737.5K | $817.5K | +10.8% |
| West South Miami | $825K | $778.5K | -5.6% |
Housing Supply in West South Miami, FL
How many homes are available in West South Miami, FL?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 49 | 43 | -12.2% |
Summary: The West South Miami real estate market had 43 homes for sale in October 2024, a 12.2% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 15 | 11 | -26.7% |
| 3 Bedrooms | 20 | 18 | -10.0% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The West 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 26.7%, 3 bedroom homes decreased by 10%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 9 | 5 | -44.4% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West South Miami, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in West South Miami in October 2024, down by 44.4% month-over-month. Of the 5 sold homes, 80% were sold under asking, 20% were sold at asking, and 0% were sold over asking.
Days on Market for West South Miami, FL
How long does it take to sell a home in West South Miami, FL?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 18 Days | 70 Days | +282.7% |
Summary: Homes in West South Miami had an average of 70 days on market in Oct 2024, up by 282.7% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in West South Miami are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 5 homes were sold in West South Miami; 40% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.
© 2024 Miami Association of REALTORS®. All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®. All information is deemed reliable but not guaranteed by the MLS and should be independently verified. The MLS, this broker and their affiliates provide all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This property is offered without respect to any protected classes in accordance with the law.