Miami Housing Market: Trends & Prices
Miami Real Estate Market Overview
(Last Updated – 4/2023)
What can be said about Miami? For starters, the amazing beaches, the thrilling nightlife, or the art and culture the city has become known for. From authentic Cuban cuisine to outdoor adventures, Miami is a hot spot for tourists but also a popular city to live in.
According to the U.S. Census Bureau data, the population of Miami-Dade County in 2022 was roughly 2,674,000, a slight increase from the year prior. Miami also has the second largest population in Florida, a state that has seen overall population growth in recent years.
Miami’s popularity as a travel destination stems from the fact that it enjoys 248 sunny days a year and has been ranked as one of the most fun cities in America.
Keep reading to learn more about home prices, popular neighborhoods, and Miami real estate market predictions for 2023 and beyond.
Recommended: Home OwnershipOverall Miami Market Trends
The Miami housing market is not very competitive, and typically homes sell in around 70 days for 6.7% above their list price.
Hot properties can sell for about list price and go pending in 33 days.
$560,000
Avg. Sale Price
$469
Avg. Price Per Sq. Foot
76 days
Avg. Time on Market
Miami Housing Market Forecast
If you’re wondering what might be in store for the Miami real estate market, consider the below chart from Zillow.
The typical price for a Miami home went up 12.7% since last year. Prices have generally been on the rise over the past decade.
*Graph taken from Zillow as of 3/2023
How Hot Is the Miami Housing Market?
The Miami housing market is hotter than the area’s recent record-breaking summer temperatures. Inventory remains low as price trends hold at record or near-record levels.
Given Miami’s strong housing market, it’s not surprising that the area ranked No. 1 on Redfin’s 2023 list of the most popular migration destinations among metropolitan areas in the United States. Miami has traditionally made the top 10 since Redfin began tracking migration in 2017, and this is the second time the city topped the list.
Miami has long been a popular destination for visitors, tourists, and retirees. However, real estate experts think the recent surge in the housing market is due to several coexisting factors, including the pivot to remote work and a migration of residents and businesses from other states.
If you’re thinking of calling the “Gateway to the Americas” home, just be ready to shell out a little more for things like groceries, utilities, and gasoline. The cost of living can be high in Miami-Dade County, at roughly 20.6% above the national average, according to the Council for Community and Economic Research’s 2022 Cost of Living Index
Recommended: Cost of Living in Florida (2023)Demographics of the Miami Market
Miami is an extremely diverse city that can suit a variety of lifestyles. Each neighborhood has its own housing trends and attracts different types of residents.
It can be smart to brush up on the demographics of the overall Miami city real estate market before you take a closer look at specific neighborhoods.
Median Income: $47,860
Median Age: 39.9
College Educated: 33.1%
Homeowners: 30%
Married: 40.7%
Popular Miami Neighborhoods
From the glamor of South Beach to the excitement of Little Havana, Miami has it all. Each neighborhood has a unique identity and perks.
Here are some fast facts about five of the most popular neighborhoods in Miami.
Coral Way
The charming neighborhood of Coral Way attracts its almost 45,000 residents by having low crime rates and amazing amenities.
It’s relatively pricey, which explains why the average household income in this area is over $97,000.
Quick Facts
Population:
44,440
Median Age:
44
Housing Units:
15,720
Bike Score:
69
Walk Score:
77
Transit Score:
53
Average Household Income:
$97,576
Coral Way Housing Market
The Coral Way housing market isn’t a super competitive one, which means you’ll rarely be fighting for a home with multiple offers.
You may even be able to get a deal, as most homes in this area sell for around 5% below list price.
Average Sale Price
$635,000
Average Price Per Sq. Foot
$476
Northeast Coconut Grove
This area within the greater neighborhood of Coconut Grove offers amazing views of greenery and water and has a friendly, bohemian vibe.
Coconut Grove has attracted celebrity residents over the years, including Jimmy Buffett, Tennessee Williams, and Madonna.
Quick Facts
Population:
10,935
Median Age:
42
Housing Units:
5,483
Bike Score:
79
Walk Score:
74
Transit Score:
50
Average Household Income:
$141,532
Northeast Coconut Grove Housing Market
While considered not very competitive, Northeast Coconut Grove saw prices soar, up 26.9% in March 2023 compared to last year. The average current home sells for about 5% below list price and sits on the market for about 87 days.
It’s rare for a home here to receive multiple offers. Plus, popular homes can sell at 1% below list price and get scooped up in around 37 days.
Average Sale Price
$1,570,000
Average Price Per Sq. Foot
$718
Wynwood
This eclectic district is in the urban core of Miami, where you’ll find art galleries, shops, bars, and dining opportunities, not to mention one of the biggest open-air street art installations in the world.
Thanks to the renowned Art Basel festival taking place in this area every year, Wynwood is now a premier destination for creative enterprises.
Quick Facts
Population:
6,588
Median Age:
37
Housing Units:
2,658
Bike Score:
78
Walk Score:
87
Transit Score:
64
Average Household Income:
$47,536
Wynwood Housing Market
Prices have dropped about 9.3% in a year in Wynwood, which is considered to be a not very competitive market. Homes in this area take about 99 days to sell.
It’s uncommon for a home in this neighborhood to receive multiple offers, and most sell for around 6% less than list price.
Average Sale Price
$535,000
Average Price Per Sq. Foot
$585
Overtown
Overtown is one of the more historically rich neighborhoods of Miami. It’s a legendary district with a vibrant Black history that lives on in its culinary and cultural scene. Famous visitors during its heyday included Ella Fitzgerald and Billie Holiday.
Today, Folklife Fridays are one of the current highlights for locals. For the past 10 years, every Friday night there has been a live event featuring arts and crafts, international food, live music, and other fun offerings for locals and visitors alike.
Quick Facts
Population:
8,608
Median Age:
39
Housing Units:
3,979
Bike Score:
73
Walk Score:
80
Transit Score:
82
Average Household Income:
$38,912
Overtown Housing Market
The Overtown housing market isn’t a super competitive one, and homes for sale rarely receive multiple offers. The homes in this area typically sell for 4% below list price in roughly 95 days.
Average Sale Price
$453,000
Average Price Per Square Ft.
$431
Downtown
The urban city center of Miami, Downtown is home to the American Airlines Arena, where the Heat basketball team plays, as well as the Adrienne Arsht Center for the Performing Arts. In the adjoining Brickell area, Miami’s financial hub, you can shop, eat, and dine in the huge Brickell City Centre.
This area ranks high as a great place to live for young professionals, with the number of non-family households growing by 7.8% in 2021, according to the U.S. Census Bureau.
Quick Facts
Population:
11,995
Median Age:
36.7
Housing Units:
7,277
Bike Score:
75
Walk Score:
91
Transit Score:
94
Average Household Income:
$97,364
Downtown Housing Market
If you’re dreaming of buying a home in Downtown Miami, have no fear. You’re looking at a not very competitive real estate market at the moment.
It’s rare for Downtown homes to receive multiple offers. Most homes sell for around 4% below list, and it takes as long as 98 days for homes in this neighborhood to sell.
Average Home Price
$585,000
Average Price Per Sq. Foot
$609
SoFi Home Loans
Miami sizzles with beaches, diverse menus, nightlife, and interesting neighborhoods. And the Miami real estate market appears to be solid.
If you think Miami could be your home sweet home, then you may need to consider your mortgage financing options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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