Miami Housing Market: Trends & Prices

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    Miami Real Estate Market Overview

    (Last Updated – 11/2021)

    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.

    In recent years especially, more and more people are moving to Miami. Between 2010 and 2019, the population of Miami-Dade County increased by over 220,000 residents at a rate of 8.8%.

    The surge could stem from the fact that Miami enjoys 248 sunny days a year and from people realizing that they would rather work remotely from a warm beach instead of in a cubicle. Or it could be because Miami 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 2022 and beyond.

    Recommended: Home Ownership

    $420,000

    Avg. Sale Price

    $304

    Avg. Price Per Sq. Foot

    50 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 15.5% since last year. Prices have generally been on the rise over the past decade.

    Housing market forecast chart

    *Graph taken from Zillow as of 09/2021

    How Hot Is the Miami Housing Market?

    The Miami housing market is hotter than the area’s recent record-breaking summer temperatures. Even as real estate experts describe a slight cooling off, 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 recent 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, but this is the first time the city topped the list. Homebuyers have reportedly tripled since last year.

    Miami has long been a popular destination for visitors, tourists, and retirees; however, real estate experts think this latest surge is due to several coexisting factors, including low mortgage rates, the pivot to remote work, and a migration of residents and businesses from other states. If this relocation trend continues, the Miami metro area could very move up from its current ranking as the seventh-largest metropolitan area in the United 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, at roughly 16% above the national average, according to the Council for Community and Economic Research’s 2021 Q2 Cost of Living Index.

    Recommended: Cost of Living in Florida (2022)

    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.

    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: $39,049

    Median Age: 40.7

    College Educated: 29.6%

    Homeowners: 29.6%

    Married: 39.7%

    Coral Way

    The charming neighborhood of Coral Way attracts its almost 50,000 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 $95,000.

    Quick Facts

    Population:

    46,617

    Median Age:

    43.6

    Housing Units:

    15,398

    Bike Score:

    65

    Walk Score:

    82

    Transit Score:

    39

    Average Household Income:

    $96,696

    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 3% below list price.


    Average Sale Price

    $555,000

    Average Price Per Sq. Foot

    $375


    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:

    11,209

    Median Age:

    41

    Housing Units:

    5,527

    Bike Score:

    79

    Walk Score:

    74

    Transit Score:

    49

    Average Household Income:

    $132,654

    Northeast Coconut Grove Housing Market

    While considered not very competitive, Northeast Coconut Grove saw prices soar over 51% since last year. The average current home sells for about 3% below list price and sits on the market for about 55 days.

    While it’s rare for a home here to receive multiple offers, popular homes can sell at list price and get scooped up in around 30 days.


    Average Sale Price

    $1,050,000

    Average Price Per Sq. Foot

    $520


    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:

    7,111

    Median Age:

    36

    Housing Units:

    2,701

    Bike Score:

    76

    Walk Score:

    88

    Transit Score:

    63

    Average Household Income:

    $40,398

    Wynwood Housing Market

    Prices have risen about 22% in a year in Wynwood, which is considered to be a not very competitive market. Homes in this area take about 74 days to sell.

    It’s uncommon for a home in this neighborhood to receive multiple offers, and most sell for around 3% less than list price.


    Average Sale Price

    $450,000

    Average Price Per Sq. Foot

    $464


    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 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:

    8,333

    Median Age:

    41

    Housing Units:

    3,838

    Bike Score:

    73

    Walk Score:

    81

    Transit Score:

    82

    Average Household Income:

    $35,311

    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 5% below list price in roughly 66 days.


    Average Sale Price

    $430,000

    Average Price Per Square Ft.

    $373


    Downtown

    The residential population of Downtown Miami has been on the rise for years. The area saw an increase in population of over 7% since last year.

    This area ranks high as a great place to live for young professionals, but the number of family households grew by over 12% recently — so this exciting neighborhood isn’t only for young singles.

    Quick Facts

    Population:

    10,875

    Median Age:

    36.4

    Housing Units:

    6,594

    Bike Score:

    76

    Walk Score:

    91

    Transit Score:

    94

    Average Household Income:

    $87,592

    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 5% below list, and it takes about 66 days for homes in this neighborhood to sell.


    Average Home Price

    $430,000

    Average Price Per Sq. Foot

    $373



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    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.

    Learn more


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