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

FAQs

Is Miami real estate overpriced? ›

Miami tops the list of overvalued housing markets in the U.S., ranking third globally in the 2023 Real Estate Bubble Index by UBS..

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 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.…

As you wonder, “Is it worth getting a real estate license in Florida?” allow us to remind you of the advantages of becoming a real estate agent in the Sunshine State: Potential for high earnings, especially in the luxury market. Flexible schedules. Working in an exciting industry.

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.

High Demand Across Property Types

With its growing population and urban development, Miami sees a continuous demand surge for both residential properties and commercial properties. This broad demand spectrum signifies that investing in Miami real estate can yield lucrative rental income and capital appreciation.

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.

The housing market is expected to lean more in favor of the buyers in the latter half of 2024. Home prices are rising slowly, and the number of homes for sale has increased by 39.8% YoY. Buyers now have more choices. With mortgage rates around 6.34%, buyers also have more purchasing power.

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 6.3%, making the average house payment $2,582, which is $285 lower than a year before.

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.

Is Miami real estate cooling off? ›

Is Miami Real Estate Cooling Off? 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.

“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.

According to the end of March data from the Top 100 U.S. Housing Markets, the typical home in South Florida is 34.7 percent overvalued compared to its long-term pricing trend, up 15-basis points from the month before.