Is Miami-Dade County, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$530,922
$376/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Miami-Dade County have sold for 9.5% more than they did a year ago.
Summary: The median home sold price in Miami-Dade County was $530,922 in April 2024, up 9.5% from last year, and the median price per square foot was $376.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $301.9K | $327.8K | +8.6% |
| 2 Bedrooms | $403.5K | $430.4K | +6.6% |
| 3 Bedrooms | $483.9K | $532K | +9.9% |
| 4 Bedrooms | $630.9K | $677.3K | +7.4% |
| 5+ Bedrooms | $1.0M | $1.1M | +7.1% |
Summary: Miami-Dade County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.6%, 2 bedroom homes increased by 6.6%, 3 bedroom homes increased by 9.9%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 7.1%.
Median Sold Price Compared To Nearby Counties
| Monroe County | $856.2K | $1.0M | +25.3% |
| Miami-Dade County | $484.9K | $530.9K | +9.5% |
| Broward County | $398.9K | $429.3K | +7.6% |
Housing Supply in Miami-Dade County, FL
How many homes are available in Miami-Dade County, FL?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 15,076 | 16,215 | +7.6% |
Summary: The Miami-Dade County real estate market had 16,215 homes for sale in April 2024, a 7.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2,531 | 2,750 | +8.7% |
| 2 Bedrooms | 4,536 | 4,946 | +9.0% |
| 3 Bedrooms | 4,186 | 4,389 | +4.8% |
| 4 Bedrooms | 2,412 | 2,589 | +7.3% |
| 5+ Bedrooms | 1,411 | 1,541 | +9.2% |
Summary: The Miami-Dade County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.7%, 2 bedroom homes increased by 9%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 7.3%, and 5+ bedroom homes increased by 9.2%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2,002 | 1,873 | -6.4% |
Asking Price vs. Sold Price
1,335 Homes Were Sold
Under Asking
316 Homes Were Sold
At Asking
222 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Miami-Dade County, you may be able to get a good deal. 71.3% of homes here sold below asking price last month.
Summary: A total of 1,873 homes were sold or pending in Miami-Dade County in April 2024, down by 6.4% month-over-month. Of the 1,873 sold homes, 71% were sold under asking, 17% were sold at asking, and 12% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 61 Days | 61 Days | 0.4% |
Summary: Homes in Miami-Dade County had an average of 61 days on market in Apr 2024, up by 0.4% compared to last year.
Breakdown of Home Sale Times
852 Homes Were Sold
Under 30 Days
590 Homes Were Sold
In 30 - 90 Days
431 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Miami-Dade County are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 1873 homes were sold in Miami-Dade County; 45% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
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