Is Miami-Dade County a Buyer’s or Seller’s Market?

The housing market conditions in Miami-Dade County, FL, are currently indicating a Buyer’s Market. This is a shift from the Seller’s Market it was at the same time last year. In a Buyer’s Market, home prices tend to be lower, and properties stay on the market for a longer duration, giving buyers more opportunities.

 

 

Housing Prices

Median Sold Price: $500,292

The median home sold price in Miami-Dade County for September 2023 was $500,292, which represents an 8.8% increase compared to the previous year. Additionally, the median price per square foot was $358.

Median Sold Price by Bedroom Count

• 1 Bedroom: $311.6K (+9.3%)
• 2 Bedrooms: $419.7K (+8.6%)
• 3 Bedrooms: $500K (+7.3%)
• 4 Bedrooms: $649.9K (+7.5%)
• 5+ Bedrooms: $1.0M (-9.3%)

Summary: In September 2023, housing prices in Miami-Dade County increased significantly compared to the previous year, with 1, 2, and 3-bedroom homes experiencing notable price gains.

Median Sold Price Compared to Nearby Counties

• Miami-Dade County: $500.2K (+8.8%)
• Broward County: $408K (+6.8%)
• Monroe County: $927.5K (+3.4%)

Miami-Dade County outpaced nearby counties with an 8.8% increase in median sold prices.

Housing Supply

Number of Homes For Sale: 12,451

In September 2023, the Miami-Dade County real estate market had 12,451 homes for sale, indicating a 4.4% increase compared to the previous month.

Homes For Sale by Bedroom Count

• 1 Bedroom: 2,029 (+7.6%)
• 2 Bedrooms: 3,771 (+4.8%)
• 3 Bedrooms: 3,361 (+0.8%)
• 4 Bedrooms: 2,025 (+4.4%)
• 5+ Bedrooms: 1,265 (+8.1%)

Summary: The inventory of homes for sale in September 2023 increased across all bedroom types, with 1 and 5+ bedroom homes experiencing the most significant growth.

Number of Homes Sold

Total Homes Sold: 1,551 (September 2023)

Compared to August 2023, there was a 23.3% decrease in the number of homes sold.

Asking Price vs. Sold Price:

• 62.6% of homes sold below asking price.
• 18% of homes sold at asking price.
• 19% of homes sold over asking price.

Summary: While the number of homes sold decreased, a significant percentage of homes sold below asking price, providing opportunities for buyers to secure good deals.

Days on Market

Average Sale Time: 50 Days

In September 2023, the average number of days a home spent on the market in Miami-Dade County was 50 days, representing a 14.3% increase from the previous year.

Breakdown of Home Sale Times

• 56% of homes were sold within 30 days.
• 26% of homes were sold within 30 to 90 days.
• 17% of homes were sold over 90 days.

Summary: While the average sale time increased, a significant percentage of homes are still selling rapidly, with more than half being sold within 30 days.

In conclusion, Miami-Dade County is currently in a Buyer’s Market with increased housing prices and a growing inventory of homes for sale. Buyers may find opportunities to purchase homes below asking prices, but they should also be prepared for a market with homes selling quickly. As always, it’s essential to stay updated with the latest market trends and consult with a real estate professional for the most accurate and up-to-date information.