This briefing about the Miami housing market is important because the Miami-Dade County is an exciting and vibrant market that offers plenty of opportunity for Miami investors, buyers, and sellers alike. With an active listing count of around 10,500, down from the last 5-year high in 2019 of over 20,000 listings, there is a limited supply of homes available to choose from.
Miami Housing Market Chart |
|
|---|---|
| Active Listing Count | ~10,500 |
| Median Listing Price per Square Feet | $505 |
| Median Listing Price | $670,000 |
| Median Listing Price Month-Over-Month | +1.51% |
| Listing Views per Property | -6.85% |
| Average Listing Price | $1,650,000 |
Knowing that listing views per property are negative 6.85% from the normal baseline, is a great buyer signal of the market cooling off a bit. Despite this, the average listing price in the Miami housing market is still a healthy $1,650,000. This is much higher than the median price due to the vast amount of mansions in the area driving up the average. This is still a great price for a luxury home in the area and it is indicative of the strong demand for homes in the Miami area.
The median listing price per square foot is currently down to $505 from the May 2022 price of $537, while the median listing price is $670,000. This median listing price is up 1.51% from the previous month, which is a great sign for the Miami housing market.
The clear observation is that the Miami housing market is highly competitive and it can be hard to find the perfect home if not knowledgeable about the area. Buyers should be prepared to act quickly when they find the right property while browsing a search website like Airdeed, as there is a good chance that someone else is interested in the same property if it’s new on the market. It is also important to research the area thoroughly and make sure that the home is located in an area desirable for you or your family.
When searching for a home in the Miami-Dade housing market, buyers should also consider their budget and the type of home they are looking for. There are many different types of homes available in the Miami area, ranging from luxurious beachfront condos to more affordable single-family homes. Buyers should also understand the location of the property, including being informed about the amenities and features that are available in the area.
Overall, the Miami housing market is a great place to find a home and live. As the graphic above shows, with an active listing count of around 10,500 homes, there is a to of competition still. However, with rising interest rates you can also see that demand is down, which is perfect for buyers.
Miami Housing FAQs
How Much Is A House In Miami?
A House in Miami, FL has a median price of $670,000 and an average price of $1,650,000 which is recently updated information. The difference between the two is a result of the luxurious homes along the water that drives up the average price. Remember median means half of the homes are above this level and half are below.
How To Buy A House In Miami?
- Search for homes in Miami
- Get a home mortgage preapproval
- Connect with a Realtor or real estate agent through a contact form on a property page
- Write an offer on a property
- Negotiate
- Get an inspection and ask for repairs as needed
- Don’t buy anything big on credit before closing
How To Buy An Apartment In Miami?
- Search for Apartments or Condos in Miami
- Get a mortgage preapproval
- Connect with a Realtor or real estate agent through Airdeed contact form on a property page
- Write an offer with an agent for the property
- Negotiate if needed
- Get an inspection and ask for repairs as needed
- Don’t purchase anything big on credit before closing