Miami Housing Market: Trends & Prices (2025)
Miami Real Estate Market Overview
(Last Updated – 4/2025)
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 both tourists and residents.
According to recent data from the U.S. Census Bureau, the population of Miami-Dade County is roughly 2,838,000, a slight increase from the year prior. Miami also has the second largest population in Florida (after Jacksonville), 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 more than 240 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 2025 and beyond.
Overall Miami Market Trends
According to Redfin, the Miami housing market is not very competitive, and typically homes sell in around 105 days for 5% below their list price.
Hot properties can sell for 1% below list price and go pending in 50 days.
$632,000
Median Sale Price
$553
Median Price Per Square Foot
105 days
Median 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 3.3% since last year. Prices have generally been on the rise over the past decade.
*Graph taken from Zillow as of 4/2025
How Hot Is the Miami Housing Market?
The Miami housing market is typically considered a hot market, but with inventory increasing and homes selling for below list price, it’s slowly becoming more of a buyer’s market.
And while there are many reasons to live in Miami (year-round sunshine, beautiful beaches, and a vibrant nightlife), the cost of living is 20% higher than the state average and 18% higher than the national average.
Between the cost of living and rising home prices, Miami has been named the third most expensive city to live in by U.S. News & World Report.
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 Household Income: $68,694
Median Age: 39
College Educated: 33.2%
Homeowners: 52.2%
Married: 40.35%
Popular Miami Neighborhoods
From upscale coastal enclaves to artsy urban hubs, each Miami neighborhood offers its own lifestyle, architecture, and atmosphere. Whether you’re looking for luxury high-rises, family-friendly streets, or nightlife hot spots, exploring Miami’s most popular neighborhoods can help you find the perfect place to call home.
Here are some fast facts about five of the most popular neighborhoods in Miami.
Brickell
Voted by Niche as the best neighborhood in Miami, Brickell is Miami’s bustling financial district and one of its most upscale urban neighborhoods. Skyscrapers housing luxury condos, corporate offices, and high-end hotels define its skyline. It’s a walkable, cosmopolitan hub with trendy rooftop bars, award-winning restaurants, and stylish boutiques.
Despite its urban vibe, it’s near the waterfront, with scenic views of Biscayne Bay. Young professionals, international residents, and those seeking a lively city lifestyle are especially drawn to this vibrant, fast-paced part of Miami.
Quick Facts
Population:
13,894
Median Age:
37
Housing Units:
9,395
Bike Score:
83/100
Walk Score:
94/100
Transit Score:
82/100
Median Household Income:
$137,778
Brickell Housing Market
The Brickell housing market is not very competitive, according to Redfin. The median sale price is down 8.9% since February of last year, and the average home takes about 99 days to go under contract. Homes typically sell for 5% below list price.
Highly desirable homes in Brickell sell for 2% under list price, on average, in about 59 days.
Median Sale Price
$640,000
Median Price Per Sq. Foot
$627
Northeast Coconut Grove
Northeast Coconut Grove, often referred to simply as “The Grove,” is one of Miami’s oldest and most picturesque neighborhoods, celebrated for its lush greenery and waterfront charm.
Residents enjoy easy access to a variety of parks, marinas, and waterfront activities, making it a haven for outdoors enthusiasts. The community is also known for its eclectic dining scene, boutique shopping, and cultural events.
Quick Facts
Population:
11,024
Median Age:
41
Housing Units:
5,563
Bike Score:
85/100
Walk Score:
92/100
Transit Score:
51/100
Average Household Income:
$161,304
Northeast Coconut Grove Housing Market
Considered not very competitive, Northeast Coconut Grove saw prices decrease 15.7% in February 2025 compared to last year. The average current home sells for about 7% below list price and sits on the market for about 100 days.
Popular homes can sell an average of 2% below list price and get scooped up in around 44 days. Multiple offers on all homes in Northeast Coconut Grove are rare.
Median Sale Price
$1,522,500
Median Price Per Sq. Foot
$910
Edgewater
Edgewater is a vibrant neighborhood located between Downtown Miami to the south and the Upper Eastside to the north.
Historically a residential area with early 20th-century homes, Edgewater has undergone significant transformation since the early 2000s. The neighborhood now features numerous high-rise residential towers along Biscayne Bay, offering residents stunning waterfront views. Its proximity to cultural hubs like the Design District, Wynwood, and Midtown has further enhanced its appeal, making it a sought-after location for young professionals and families.
Quick Facts
Population:
3,742
Median Age:
34
Housing Units:
2,189
Bike Score:
78/100
Walk Score:
87/100
Transit Score:
64/100
Median Household Income:
$122,896
Edgewater Housing Market
Home prices in Edgewater have not changed at all within the past year, with the median home selling for $680,000. The market is not very competitive, with homes typically taking 114 days to go under contract.
It’s uncommon for a home in this neighborhood to receive multiple offers, and most sell for around 5% less than list price.
Median Sale Price
$680,000
Median Price Per Sq. Foot
$650
Coral Gables
Coral Gables, often called “The City Beautiful,” is located southwest of downtown Miami. Known for its Mediterranean Revival architecture, tree-lined boulevards, and charming ambiance, Coral Gables is one of Miami’s most elegant and well-preserved communities. It was master-planned in the 1920s by George Merrick and continues to exude old-world charm mixed with modern sophistication.
Coral Gables offers a blend of luxury living and timeless beauty, attracting professionals, families, and retirees. With top-rated schools, low crime rates, and proximity to downtown Miami and Miami International Airport, it remains a highly desirable place to live.
Quick Facts
Population:
49,243
Median Age:
39
Housing Units:
21,906
Bike Score:
65/100
Walk Score:
98/100
Transit Score:
40/100
Median Household Income:
$209,687
Coral Gables Housing Market
The Coral Gables housing market isn’t a super competitive one, though home prices were up 39.6% in February 2025 compared to last year. Homes for sale rarely receive multiple offers, and they typically sell 6% below list price in roughly 110 days.
Median Sale Price
$1,437,500
Median Price Per Square Ft.
$789
Downtown
Downtown Miami blends business, entertainment, and residential living. It’s home to major financial institutions, luxury high-rises, and cultural landmarks like the Pérez Art Museum Miami (PAMM) and the Adrienne Arsht Center for the Performing Arts.
Downtown Miami appeals to young professionals, investors, and urban dwellers who thrive in fast-paced, energetic environments. With ongoing development and an influx of businesses and residents, it’s becoming one of the most exciting places to live and work in South Florida.
Quick Facts
Population:
12,579
Median Age:
36
Housing Units:
7,936
Bike Score:
75/100
Walk Score:
91/100
Transit Score:
94/100
Median Household Income:
$117,623
Downtown Housing Market
If you’re dreaming of buying a home in Downtown Miami, now could be a great time. According to Redfin, the market is not very competitive and multiple offers are rare.
Most homes in Downtown Miami sell for around 4% below list, and it takes as long as 118 days for homes in this neighborhood to go under contract.
Median Home Price
$605,000
Median Price Per Sq. Foot
$601
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.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What is the average home price in Miami?
According to Zillow, the average Miami home value in 2025 is $585,611, up 3.3% over the past year. The median sale price during the same period was $632,000, up 5.3% year-over-year.
Is Miami a buyer’s market or a seller’s market?
As of 2025, Miami is considered a buyer’s market because of home supply exceeding demand, homes staying on the market for longer, and homes selling for under list price.
What are the best neighborhoods in Miami?
There are dozens of neighborhoods in Miami, each one offering pros and cons depending on your lifestyle. According to Niche, the best neighborhoods in Miami are Brickell, Coconut Grove, Downtown, Omni, and Edgewater.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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