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.

Closing costs in Florida are among the highest in the country. Buyers and sellers have to pay many fees at closing. To avoid high closing costs on closing day, you could pay in cash, negotiate for the seller to pay all or some of the costs, or see if you can roll the costs into your mortgage.

“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.

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.

Spring and summer are the best times to sell your house fast - and the best time to get the highest price for your home. Specifically, houses sell for the most in June, followed by May.

A minimum credit score of 620 is usually the requirement for most mortgages (but varies by loan type).

According to BankRate's report, you do need to make a six-figure income (around $114,771 a year) to buy a home in Florida in 2024.

The real estate market in Florida is hot right now, making it an exciting but challenging time to buy a home. Prices are going up, and there are lots of bidding wars. But Florida is still a great place to live because of its tropical feel, no state income tax, and many things to do.

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

What's the most overpriced housing market in Florida? ›

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.

Buying now

Interest rates are unlikely to drop too much. When they do retreat, it's unlikely they'll reach the low levels seen during the coronavirus pandemic that emerged in March 2020. Typically, demand is stronger for homes at or below the median price in Miami-Dade and Broward.

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.

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.

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.