Miami, FL Single Family Homes for Sale | realtor.com® (2024)

FAQs

Are homes selling fast in Florida? ›

Selling a house in Florida

Home values have increased by 2.4% since last year, and the number of days it takes to sell a home has increased from 41 days in June 2023 to 57 days in June 2024. The best time to sell your home in Florida is in July, when homes sell fastest and for the most money.

“Amidst political shifts in countries like Argentina, Brazil, Colombia, and Guatemala, an increasing number of investors are turning their focus to Miami's real estate market,” 2023 MIAMI Chairman of the Board Ines Hegedus-Garcia said.

Miami, FL housing market

The median listing home price in Miami, FL was $655K in June 2024, trending down -3% year-over-year. The median listing home price per square foot was $506. The median home sold price was $559.5K.

Miami has become a leading investment destination thanks to its growing economy, favorable tax climate, investment-friendly laws, and rising real estate prices. PWC's 2023 Emerging Real Estate Trends report ranked Miami as the 7^th leading real estate market in the country.

Currently, there are very few buyers in the market compared to the supply of homes in Florida. The soaring interest rates has kept buyers at bay, so you can avoid bidding wars. As the mortgage rate stabilizes in 2024, more buyers will return, so we'd recommend you to buy a house now.

Listing anytime from April to July offers the best chance of success. Market data shows that homes sold during this time sold for more than the median and average sales price of all homes sold in Florida in 2022. They also sold faster, with fewer days than the median to sale and to contract.

South Florida & Miami's housing market is strong.

Despite challenges such as inventory shortages and rising mortgage rates impacting the market, Miami's housing market continues to attract buyers, especially those from high-density, high-taxed regions.

Miami Housing Market Trends

In June 2024, Miami home prices were up 1.7% compared to last year, selling for a median price of $600K. On average, homes in Miami sell after 83 days on the market compared to 75 days last year. There were 452 homes sold in June this year, down from 597 last year.

The Sunshine State is home to nine of the 15 most overvalued markets in the United States, led by Tampa, Jacksonville, Orlando, and Miami. Currently, buyers are paying an almost 39% premium for the typical home in Miami, placing the area as the 11th most overvalued area in the entire country.

Will home prices drop in Miami in 2024? ›

Overall… NOT LIKELY! Will prices comes down in 2024? To be clear we do not expect prices to come down across most markets, but we do expect and are already seeing 'overpriced' listings starting to show big reductions to come in line with the true market prices.

The Miami housing market ranks as one of the best real estate markets in the U.S. However, properties are selling fast, thanks to mortgage rates as low as 2.875%. This means demand is high, inventory is low, and home prices are starting to increase—so now could be a good time to start house hunting in Miami!

According to MIT's Living Wage Calculator last updated on Feb. 14, 2024, a living wage for a single adult with no children in Miami-Dade County is $24.26 an hour. That means you should be making $50,460 a year. With a child, that amounts jumps to $39.58 an hour, or about $82,326 annually.

It is important to stay updated on the changing South Florida home sales market. Despite strong job growth and increased migration, there has been an unexpected decrease in home sales. This presents a unique opportunity for both buyers and sellers to make the most of the situation.

Housing inventory levels in Florida are up the most in the nation on a year-over-year basis (34%), but the bulk of the increase is really concentrated in sections of Southwest Florida. In particular, in markets like Cape Coral and Fort Myers, which were hard-hit by Hurricane Ian in September 2022.

Is it a Good Time to Buy or Sell in Florida? The Florida real estate market continues to appreciate; therefore, even with higher mortgage rates, buying now could prove to be a worthwhile investment. The median sale price is predicted to continue rising between the strong demand and low inventory.

Winter is Peak Selling Season

Depending on the type of home you are selling, Florida's prime season for selling homes is often believed to be during the winter months, specifically from December to February. Mild temperatures and the influx of snowbirds make this an ideal time to list your property.