Miami, FL
Housing Market
Miami's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Miami's supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellMiami Housing Market Overview
The housing market in Miami is a mix of luxury high-rise condos, single-family homes, and historic properties, with options across budgets and lifestyles. The Miami real estate market has cooled in recent months. February 2025 saw the median home price rise by a modest 3.3% YoY to $620,000. Properties typically remain on the market for 109 days, a significant increase from 90 days last year. Over the years, Miami has experienced steady property value appreciation, with demand fueled by population growth, favorable tax conditions, and strong rental yields.
On the other hand, home sales are on the decline. In February 2025, 305 homes were sold, a 19.1% decrease from the same time last year. This downturn suggests less competition and reduced housing activity. However, Miami’s real estate market remains a key driver of Florida's economy. Known for its beachfront properties and year-round warm weather, Miami attracts both domestic and international buyers. To capitalize on this demand, sellers can price their home realistically and offer concessions to speed up the sale.
On the other hand, home sales are on the decline. In February 2025, 305 homes were sold, a 19.1% decrease from the same time last year. This downturn suggests less competition and reduced housing activity. However, Miami’s real estate market remains a key driver of Florida's economy. Known for its beachfront properties and year-round warm weather, Miami attracts both domestic and international buyers. To capitalize on this demand, sellers can price their home realistically and offer concessions to speed up the sale.
Median Sale Price
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Miami Housing Supply
Miami is an attractive market for real estate investors due to its high demand and strong tourism industry. Homes for sale in Miami have grown significantly to 4,353 properties—a near 20% YoY rise. This uptick includes 928 new listings entering the market. The Miami housing supply currently stands at 14.5 months citywide, up 4.3 months from the previous year. This indicates a rather sluggish market.
Miami's housing supply levels depend on seasonal trends. During spring and summer, the market sees a surge in home listings. Both sellers and buyers are active, as they want to close before the school year starts, or the season shifts toward winter. Miami offers a distinctly appealing lifestyle with a mix of urban convenience and tropical charm, which drive demand and in-bound migration to the city. Popular neighborhoods like Brickell, Wynwood, and Coconut Grove provide a variety of inventory options, from luxury condos to single-family homes. Miami’s strong infrastructure, robust public transport, and access to major airports further enhance its allure.
Miami's housing supply levels depend on seasonal trends. During spring and summer, the market sees a surge in home listings. Both sellers and buyers are active, as they want to close before the school year starts, or the season shifts toward winter. Miami offers a distinctly appealing lifestyle with a mix of urban convenience and tropical charm, which drive demand and in-bound migration to the city. Popular neighborhoods like Brickell, Wynwood, and Coconut Grove provide a variety of inventory options, from luxury condos to single-family homes. Miami’s strong infrastructure, robust public transport, and access to major airports further enhance its allure.
# of Homes for Sale
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Miami
Miami Housing Demand
Miami’s real estate market has shown decreased competition recently. Only 4.6% of Miami homes sold above their list price, a significant 3.3 percentage point drop from last year. On the other hand, price reductions increased to 18.9% of all Miami housing listings, a 2.1 percentage point rise from last February. Moreover, the sale-to-list price ratio fell to 94.7% in recent months. This means that sellers now get 6% below the asking price for homes.
Under these circumstances, strategic pricing and the prevailing sale-to-list price ratio decide who will have better negotiation power in the market. As a home seller, if you initially price your house accurately, you can avoid the need for price reductions. You could also offer concessions to buyers rather than reduce their headline price first. If the sale-to-list price ratio is less than 100%, expect buyers to offer a much lower price on your home. If you’re a buyer, you should focus on houses with extended listing periods. Also, consider homes with previous price reductions so you have more room for negotiation.
Under these circumstances, strategic pricing and the prevailing sale-to-list price ratio decide who will have better negotiation power in the market. As a home seller, if you initially price your house accurately, you can avoid the need for price reductions. You could also offer concessions to buyers rather than reduce their headline price first. If the sale-to-list price ratio is less than 100%, expect buyers to offer a much lower price on your home. If you’re a buyer, you should focus on houses with extended listing periods. Also, consider homes with previous price reductions so you have more room for negotiation.
Homes Sold Above List Price
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Strong
Buyer
Buyer
Balanced
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Strong
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Miami Housing Market: When to Buy or Sell?
Miami’s housing market has historically cycled between buyer-friendly and seller-friendly conditions. Like the Florida real estate market, the Miami housing market can favor both buyers and sellers as per seasonal trends. When competition is low with increased inventory, buyers have more negotiation opportunities. Contrarily, sellers can benefit from higher prices and quicker sales when demand outpaces supply.
Moreover, if the months of Miami’s housing supply rise above the balanced conditions of the US real estate market (5 to 6 months), it may give buyers more time to consider their options. Understanding these market forces can help you time your purchase or sale strategically.
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Frequently Asked Questions
How have Miami house prices changed over the past year?
Over the past year, median home prices in Miami have experienced modest growth. As of February 2025, the average home value reached $620,000, reflecting a 3.3% increase from the previous year. However, the market has cooled, leading sellers to adjust their pricing strategies to attract buyers. Consider using our free home value estimator to assess your property's current market value and compare it with nearby sales.
What are Miami real estate market predictions for 2025?
House prices in Miami, Florida, will drop in 2025. Statewide, prices rose only 0.8% YoY in January, signaling slowed growth. Demand has fallen across the Florida housing market, allowing buyers to negotiate better deals. However, affordability is a challenge due to high home prices and rising mortgage rates.
What's the average home price in Miami?
The average house price in Miami depends on factors like home type, size, and local market conditions. Condo prices typically start around $515,000, while single-family homes average $710,000. If you're looking to buy, there are cheap homes for sale in Miami that can fit your budget.
Is this a good time to buy a home in Miami, FL?
You must check for the current trends in housing prices and inventory in your city. Sellers can benefit from high demand and rising prices. However, if the mortgage rates are stable and there are more than 6 months of supply, that's the best time to buy a house. You can also check current housing market trends in Miami to decide the best time for investment.
How is the housing market right now in Miami?
The housing market in Miami is in a state of stasis. Demand is dormant, and competition is low. Limited demand causes properties to stay on the market for longer than average.
When will the Miami housing market crash?
According to housing market forecasts, the market is unlikely to crash. Home prices and demand may increase during the summer. However, the market will remain steady, with sustained growth projected through 2025.
How to buy a home in Miami?
The steps to purchasing a house in Miami must start with a clear budget and mortgage pre-approval. Buyers should then search for homes for sale in Miami, submit offers, secure loans, and complete the closing process.
How can I list my home for sale in Miami, FL?
You can list your home for sale with a Flat Fee MLS Florida listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in Miami?
The average mortgage rate for buyers fluctuates between 6.80% and 7%. It depends on the market and the borrower's credit score. Always check current rates with lenders.
What is the cost of living in Miami, Florida?
The cost of living in Miami is not as low as other cities. It's 18% higher than the national average and 20% higher than the state average. Housing alone is 52% higher than the national average. The typical single-family home in Miami costs $710,000, with regional price variations. Necessities such as food, clothing, and groceries are around 4% higher than the national average.
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