Is Miami Beach, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Miami Beach was a Seller's Market.
Housing Prices in Miami Beach, FL
How much do homes in Miami Beach, FL cost?
Median Sold Price
$602,840
$596/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Miami Beach was $602,840 in May 2024, up 14.8% from last year, and the median price per square foot was $596.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $319.4K | $342.6K | +7.2% |
2 Bedrooms | $709K | $737.5K | +4.0% |
3 Bedrooms | $2.1M | $2.2M | +4.7% |
4 Bedrooms | $3.1M | $3.0M | -3.3% |
5+ Bedrooms | $6.4M | $6.9M | +8.6% |
Summary: Miami Beach housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.2%, 2 bedroom homes increased by 4%, 3 bedroom homes increased by 4.7%, 4 bedroom homes decreased by 3.3%, and 5+ bedroom homes increased by 8.6%.
Median Sold Price Compared To Nearby Cities
Miami Beach | $524.9K | $602.8K | +14.8% |
Miami | $501K | $549.9K | +9.8% |
Surfside | $1.2M | $1.3M | +7.9% |
North Bay Village | $433.8K | $447.5K | +3.2% |
Housing Supply in Miami Beach, FL
How many homes are available in Miami Beach, FL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
1,893 | 1,998 | +5.5% |
Summary: The Miami Beach real estate market had 1,998 homes for sale in May 2024, a 5.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 719 | 770 | +7.1% |
2 Bedrooms | 651 | 672 | +3.2% |
3 Bedrooms | 226 | 241 | +6.6% |
4 Bedrooms | 145 | 155 | +6.9% |
5+ Bedrooms | 152 | 160 | +5.3% |
Summary: The Miami Beach housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.1%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 6.9%, and 5+ bedroom homes increased by 5.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
197 | 172 | -12.7% |
Asking Price vs. Sold Price
155 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 172 homes were sold or pending in Miami Beach in May 2024, down by 12.7% month-over-month. Of the 172 sold homes, 90% were sold under asking, 8% were sold at asking, and 2% were sold over asking.
Days on Market for Miami Beach, FL
How long does it take to sell a home in Miami Beach, FL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
87 Days | 92 Days | +4.9% |
Summary: Homes in Miami Beach had an average of 92 days on market in May 2024, up by 4.9% compared to last year.
Breakdown of Home Sale Times
47 Homes Were Sold
Under 30 Days
65 Homes Were Sold
In 30 - 90 Days
60 Homes Were Sold
Over 90 Days
Summary: During May 2024, 172 homes were sold in Miami Beach; 27% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 35% of homes were sold over 90 days.