Miami, FL Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Is Miami real estate overpriced? ›

Nine Florida housing markets, including Miami, are among the most overpriced in the U.S., data from two state universities show.

The Miami housing market is not very competitive. Homes in Miami receive 2 offers on average and sell in. The median sale price of a home in Miami was $600K last month, up 1.7% since last year. The median sale price per square foot in Miami is ¤537, up 6.5% since last year.…

Spring (March to May)

Spring is traditionally one of the best times to sell a house in Florida. The housing market experiences a boom with high buyer activity, particularly from Northerners looking to escape harsher weather conditions. Homes listed in spring tend to sell more quickly and often command higher prices.

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.

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.

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.

Sale-to-list price ratio: 96.69% Miami, FL is a buyer's market in June 2024, which means that the supply of homes is greater than the demand for homes.

With steady demand and prices poised to increase slightly, Miami's luxury housing market is showing no signs of any strong cool-off in 2024. We expect the luxury condo market to continue as a balanced market, offering buyers and sellers equal value and opportunity in a global city poised for growth.

Typically, winter time is the slowest of the year to sell a property, specifically November, December, and January. However, there are some exceptions because there are several conditions that affect the housing market.

What is the best month to sell a house? ›

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

Is it a buyer's or seller's market in Florida? It is considered a seller's market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.8%, making the average house payment $2,746, which is $87 lower than a year before.

The average starting salary for real estate agents in Florida is $76,667, according to the 2023-2024 Florida Real Estate Salary Guide.

“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 is a very competitive and expensive housing market, as it has very few homes and apartments to fill the high demand of the city. Migration to the city on the account of a good location, appealing lifestyle, and strong job market is taking its cost with a high cost of living and rent.

According to Creditnews Research, the percentage of Miami neighborhoods considered unaffordable for average families grew by 34.7% during the COVID-19 pandemic.

The two components scoring highest for Miami — and the main drivers behind its high real-estate valuations — were price-to-income ratio and city-to-country home price ratio. According to UBS, the city's price-to-income ratio is high due to high out-of-state and foreign demand for properties in the city.

Yes, investing in Miami real estate in 2024 is a wise decision. The market is buoyed by the city's strategic global position, robust economy, favorable tax environment, and its vibrant lifestyle and cultural diversity.