Is South Miami, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, South Miami has remained a Seller's Market.
Key Takeaway
South Miami is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South Miami, FL
How much do homes in South Miami, FL cost?
Median Sold Price
$985,000
$613/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in South Miami have sold for 8.2% more than they did a year ago.
Summary: The median home sold price in South Miami was $985,000 in May 2024, up 8.2% from last year, and the median price per square foot was $613.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $259.9K | $312K | +20.0% |
| 2 Bedrooms | $580K | $665K | +14.7% |
| 3 Bedrooms | $883.5K | $987K | +11.7% |
| 4 Bedrooms | $1.1M | $1.4M | +24.1% |
| 5+ Bedrooms | $2.9M | $3.3M | +15.6% |
Summary: South Miami housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 14.7%, 3 bedroom homes increased by 11.7%, 4 bedroom homes increased by 24.1%, and 5+ bedroom homes increased by 15.6%.
Median Sold Price Compared To Nearby Cities
| Kendall-Palmetto Bay | $697.9K | $791.2K | +13.4% |
| South Miami | $910K | $985K | +8.2% |
| Coral Gables | $1.1M | $1.0M | -4.5% |
Housing Supply in South Miami, FL
How many homes are available in South Miami, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 61 | 63 | +3.3% |
Summary: The South Miami real estate market had 63 homes for sale in May 2024, a 3.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 10 | 10 | 0.0% |
| 3 Bedrooms | 21 | 20 | -4.8% |
| 4 Bedrooms | 14 | 20 | +42.9% |
| 5+ Bedrooms | 14 | 11 | -21.4% |
Summary: The South Miami housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 4.8%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes decreased by 21.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 12 | 12 | 0.0% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
2 Homes Were 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. 75% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in South Miami in May 2024, the same as the previous month. Of the 12 sold homes, 75% were sold under asking, 17% were sold at asking, and 8% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 38 Days | 27 Days | -27.4% |
Summary: Homes in South Miami had an average of 27 days on market in May 2024, down by 27.4% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
0 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 May 2024, 12 homes were sold in South Miami; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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