Miami House Prices Soar to a Six-Year High While Condo Prices Take a Nosedive

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Miami home prices rose 8.7 percent in March from a year ago to a median $250,000, retreating from their double-digit growth earlier this year. While single-family houses continued to fetch a premium, condominium prices plunged.

Sales of both condo and single-family homes slowed, sending total transactions down nearly 16 percent.

Miami House Prices

Buyers had 3 percent fewer properties to choose from in March compared to last year, resulting in a 6.3-month supply of homes for sale, down from February’s 7.8-month supply. Six months typically signals a balanced market between buyers and sellers.

The number of new homes hitting the market rose less than 1 percent, a far cry from February’s 14 percent year-over-year increase.

Miami Home Sales (5)

Single Family Still In Demand

Single-family home prices rose 15.6 percent in March to $299,900, the highest they’ve been in more than six years.

Sales dropped 5.7 percent in March, the sixth consecutive month of year-over-year declines.

The total number of single-family homes for sale dropped by 11 percent in March, resulting in just a 4.4-month supply of homes for sale, the lowest since July 2015.

“Growing prices in the single-family home market hit first-time homebuyers especially hard, as most do not have the down payment to compete in multiple-offer situations,” Redfin real estate agent Aaron Drucker said. “However, if you already own a home in Miami and have equity, you’re in a much better position to take advantage of the hot single-family home market by selling and then using the proceeds to trade up.”

Condo Glut Weighs on Prices

Miami condo prices fell to a median $169,000 in March, down 19.5 percent from a year ago, as sales plummeted 26 percent.

More condos sat on the market, leading to a 10-month supply. Fewer new units came up for sale, a sign that beachfront and luxury builders might be holding units off the market until demand picks up.

“With the strengthened U.S. dollar, international buyers are reluctant to keep purchasing luxury condos at 50 percent down, so some developers are holding off on new projects,” Drucker said.

“That said, other developers were able to sell the majority of their units at the beginning of the cycle, giving them access to credit if necessary,” he said. “That means they’re not desperate yet and can continue to demand 50 percent deposits.”

Hot Neighborhoods

Prices in Little Haiti rose 33.3 percent to a median $180,000. In Hialeah, they were up 26.7 percent, to $190,000. Northeast Coconut Grove saw a 25.3 percent increase, to $620,000.

South Point had some of the most expensive transactions in March, reaching a median sale price of $990,000. South Point also had 44.8 percent more homes on the market in March than a year ago.

Home sales in Brickell, a community heavy with luxury condos, plunged 31.3 percent in March. A typical home in Brickell sold for $365,000, 6.4 percent less than a year ago.

The number of homes for sale in the Upper Eastside more than doubled, driven by properties newly listed for sale.  

Homes in Wynwood-Edgewater spent 38 fewer days on the market than they did a year ago. The median home sold for $325,000.

Here’s what’s happening in your neighborhood:

Place Median Sale Price Year-Over-Year Homes Sold Year-Over-Year Inventory Year-Over-Year New Listings Median Days on Market Avg Sale-to-List
Andover $185,912 56.0% 2 0.0% 3 50.0% 2 44 85.0%
Aventura $347,500 12.5% 64 -32.6% 398 17.8% 220 95 94.2%
Bal Harbour $545,000 -41.4% 15 -11.8% 176 20.5% 33 124 91.2%
Bay Harbor Islands $275,000 -15.7% 9 -43.8% 140 44.3% 28 116 95.7%
Bay Point $770,000 -58.4% 7 75.0% 30 76.5% 17 119 94.3%
Bayshore $1,155,000 56.1% 18 -41.9% 144 54.8% 73 156 92.6%
Biscayne Park $390,000 -24.8% 5 -16.7% 28 47.4% 12 54 95.3%
Biscayne Point $810,000 107.7% 15 -31.8% 46 15.0% 24 115 94.4%
Brentwood $180,000 49.4% 3 0.0% 2 -66.7% 3 35 94.9%
Brickell $365,000 -6.4% 169 -31.3% 1,373 21.9% 687 161 95.5%
Coral Gables $529,750 -10.0% 82 13.9% 568 7.0% 165 101 94.6%
Coral Way $350,000 11.1% 145 -13.2% 370 -9.1% 302 67 95.9%
Cutler Bay $226,000 20.9% 81 -22.9% 225 -40.8% 103 59 98.1%
Doral $254,000 -12.4% 70 -17.6% 807 18.0% 194 99 96.3%
Downtown $380,000 -8.4% 109 -18.7% 784 18.4% 374 167 93.8%
Eastern Shores $150,500 -5.5% 19 -26.9% 112 6.7% 70 123 93.3%
El Portal $537,500 66.7% 2 0.0% 23 27.8% 9 78 95.8%
Fisher Island $6,175,000 87.1% 2 -33.3% 71 44.9% 8 252 84.5%
Flamingo-Lummus $225,000 15.4% 113 8.6% 445 5.0% 271 118 94.6%
Hialeah $190,000 26.7% 108 -17.6% 125 -25.6% 188 42 98.3%
Highland Village $92,877.5 33.6% 2 -33.3% 2 100.0% 2 9.5 105.0%
Homestead $171,500 31.9% 211 6.0% 688 -30.9% 302 45 97.5%
Kendall $235,000 0.0% 93 -8.8% 348 -24.8% 136 49 95.3%
Key Biscayne $1,225,000 -23.4% 20 -42.9% 290 27.8% 64 83 92.2%
Keystone Point $1,155,000 62.2% 12 -14.3% 45 45.2% 28 122 93.0%
La Gorce $1,700,000 -17.1% 15 -11.8% 97 47.0% 50 221 89.0%
Lakewood Estates $196,000 88.5% 4 300.0% NA NA 1 70 98.5%
Little Haiti $180,000 33.3% 43 -17.3% 117 24.5% 108 44 91.1%
Little Havana $147,499.5 -7.8% 40 -16.7% 95 -10.4% 94 32.5 96.0%
Miami Lakes $312,500 7.0% 38 -7.3% 73 -28.4% 94 59 96.6%
Miami Shores $372,250 1.4% 4 -42.9% 17 21.4% 13 60 97.8%
Miami Springs $333,000 5.7% 10 -16.7% 48 14.3% 12 140 90.1%
New Belle Meade $320,000 -39.3% 17 -10.5% 51 50.0% 42 72 93.7%
Normandy Isle $200,000 -20.0% 22 -37.1% 78 4.0% 65 73 95.5%
North Bay Village $230,000 -23.1% 19 26.7% 210 17.3% 45 123 93.8%
North Shore $280,500 -11.6% 65 -32.3% 322 24.3% 200 91 96.7%
Northeast Coconut Grove $620,000 25.2% 80 -10.1% 221 18.2% 180 71.5 94.6%
Overtown $176,000 125.5% 5 -58.3% 15 -42.3% 14 116 92.6%
Palm Island $5,580,000 13.9% 1 -50.0% 23 64.3% 8 56 86.5%
Palmetto Bay $515,000 14.6% 27 -35.7% 147 2.8% 37 79 96.6%
Pinecrest $1,050,000 39.6% 17 -34.6% 194 15.5% 48 66 97.0%
South Miami $1,260,000 89.1% 11 -15.4% 36 56.5% 30 101 97.1%
South Point $990,000 11.9% 68 1.5% 317 44.8% 175 113 93.6%
Southwest Coconut Grove $870,000 8.8% 28 -9.7% 118 5.4% 75 79 93.8%
Sunny Isles Beach $382,500 6.2% 58 -34.8% 1,208 40.6% 211 113 93.7%
Sweetwater $152,000 -4.1% 5 -37.5% 12 20.0% 12 161 89.0%
The Roads $411,250 -2.1% 18 38.5% 44 -24.1% 46 45 94.6%
Upper Eastside $370,000 8.8% 48 -23.8% 231 104.4% 169 72 94.5%
Venetian Islands $592,000 -31.2% 15 -53.1% 98 27.3% 36 65 92.8%
West Avenue $315,000 -14.9% 71 -12.3% 300 13.2% 172 109.5 94.1%
West Flagler $254,000 16.1% 61 5.2% 103 -19.5% 116 48 96.1%
West Miami $377,500 NA 4 NA 17 NA 8 130 95.3%
Wynwood-Edgewater $325,000 -9.7% 86 -26.5% 598 48.0% 339 92.5 94.6%
Miami, FL $250,000 8.7% 1,254 -15.9% 7,933 -3.0% 2,362 62 97.0%

NOTE: Not all neighborhoods are listed, but totals for Miami encompass the entire city.  Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood-specific data is measured over a three-month span that ended March 31. City-specific data is measured over a one-month span that also ended March 31.

For more information, contact Redfin journalist services:
Phone: 206-588-6863
Email: press@redfin.com

See Redfin’s data center to find out what’s happening in other cities.

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keenabean

Keena spreads the word about Redfin and its agents by writing about a variety of housing market topics and sharing those stories with journalists across the country. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our "Why Redfin?," page.

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