Miami Housing Market: Trends & Prices

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    Miami Real Estate Market Overview

    (Last Updated – 06/2020)

    What can be said about Miami? Well, a lot of things! 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 for obvious reasons. We can also see why Miami is such a popular city to live in every day of the year.

    In recent years, more and more people are moving to Miami. Between the years 2010 and 2018, the population in the Miami-Dade region increased by over 260,000 residents at a rate of around 10.5%. That’s a lot of new neighbors for Miami residents to get to know.

    This surge in population could be due to the fact that Miami enjoys 248 sunny days every year. Or it could be because in 2019 Miami was found to be the fourth most fun city in America. Both of those reasons sound pretty good to us.

    Keep reading to learn more about the average home price in Miami and key neighborhood demographics. We’ll also take a look at Miami real estate market predictions for 2020 and beyond.

    $343,000

    Avg. Home Price

    $227

    Avg. Price Per Sq. Ft

    75 days

    Avg. Time on Market

    Miami Housing Market Forecast

    If you’re wondering what the Miami Florida real estate market will look like in the near future, consider the below chart from Zillow.

    They predict that Miami home prices will fall by 2.1% in the next year, even though prices rose by 1.7% in the past year.

    Housing market forecast chart

    *Graph taken from Zillow as of 06/2020

    Demographics of the Miami Market

    Miami is an extremely diverse city that can suit a variety of lifestyles. As far as real estate markets go, each neighborhood has its own housing trends and attracts different types of residents.

    Overall, it can be smart to brush up on the demographics of the overall Miami real estate market before you take a closer look at specific neighborhoods.

    Median Income: $41,818

    Median Age: 40.5

    College Educated: 29%

    Homeowners: 30.6%

    Married: 44%

    Coral Way

    The charming neighborhood of Coral Way attracts its almost 50,000 residents by having low crime rates and amazing amenities.

    One thing the residents don’t love about Coral Way though, is the high cost of living. Which explains why the average household income in this area is over $90,000.

    Quick Facts

    Population:

    47,450

    Median Age:

    42.7

    Housing Units:

    15,483

    Bike Score:

    70

    Walk Score:

    77

    Transit Score:

    52

    Average Household Income:

    $90,724

    Coral Way Housing Market

    The Coral Way housing market isn’t a super competitive one at the moment, which means you’ll rarely be fighting for a home with multiple offers.

    You may even be able to get a steal of a deal, as most homes in this area sell for around 6% below list price.


    Average Home Price

    $510,000

    Average Price Per Sqare Ft.

    $277


    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 plenty of celebrity residents over the years including Jimmy Buffett, Tennessee Williams, and Madonna.

    Quick Facts

    Population:

    10,838

    Median Age:

    42

    Housing Units:

    5,502

    Bike Score:

    79

    Walk Score:

    74

    Transit Score:

    49

    Average Household Income:

    $126,155

    Northeast Coconut Grove Housing Market

    Take your time finding the right home in Coconut Grove—most homes for sale in this neighborhood sit on the market for about 143 days after all.

    It’s rare for a home to receive multiple offers and many sell for 6% below list price, so feel free to try to strike a deal.


    Average Home Price

    $792,000

    Average Price Per Square Ft.

    $420


    Wynwood

    This eclectic district is located in the urban core of Miami, where you’ll find ample art galleries, shops, bars, and dining opportunities. Not to mention, you can check out one of the biggest open-air street art installations found worldwide.

    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:

    7,353

    Median Age:

    37

    Housing Units:

    2,620

    Bike Score:

    76

    Walk Score:

    88

    Transit Score:

    63

    Average Household Income:

    $39,564

    Wynwood Housing Market

    Wynwood is considered to be a not very competitive housing market due to the fact that homes in this area take about 204 days to sell.

    It’s uncommon for a home in this neighborhood to receive multiple offers and most sell for around 6% less than their list price.


    Average Home Price

    $350,000

    Average Price Per Square Ft.

    $307


    Overtown

    Overtown is one of the more historically rich neighborhoods of Miami but couldn’t be more modern today.

    Folklife Fridays is one of the current highlights for locals. For the past 10 years, every Friday night there is a live event featuring arts and crafts, international food, live music, and other fun offerings for locals and visitors alike.

    Quick Facts

    Population:

    7,822

    Median Age:

    41

    Housing Units:

    3,650

    Bike Score:

    73

    Walk Score:

    81

    Transit Score:

    82

    Average Household Income:

    $35,362

    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.


    Average Home Price

    $715,000

    Average Price Per Square Ft.

    $416


    Downtown

    The residential population of Downtown Miami has been on the rise for many years now and is expected to grow by another 19% by 2021.

    This area is mostly populated by young professionals, but the amount of family households grew by 42% recently—so this exciting neighborhood isn’t only for young singles.

    Quick Facts

    Population:

    10,146

    Median Age:

    37.7

    Housing Units:

    6,251

    Bike Score:

    76

    Walk Score:

    91

    Transit Score:

    94

    Average Household Income:

    $83,300

    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 and most homes sell for around 6% below list and it takes about 176 days for homes in this neighborhood to sell.


    Average Home Price

    $350,000

    Average Price Per Square Ft.

    $333



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    It’s easy to see why Miami has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.

    If you think Miami could be your home sweet home, then you may need to consider your home loan 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.

    Learn more


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