The Miami housing market is not very competitive. Homes in Miami receive 2 offers on average and sell in around 79 days. The median sale price of a home in Miami was $608K last month, up 8.6% since last year. The median sale price per square foot in Miami is $542, up 9.6% since last year.
In May 2024, Miami home prices were up 8.6% compared to last year, selling for a median price of $608K. On average, homes in Miami sell after 79 days on the market compared to 70 days last year. There were 533 homes sold in May this year, down from 601 last year.
All Home Types
Median Sale PriceAll Home Types
Median Sale Price
(All Home Types)
$608,000
+8.6% YoY | May 2024
Based on Redfin calculations of home data from MLS and/or public records.
Location
Data
May 2024
Growth
% YoY
Miami, FL
$608,000
+8.6%
United States
To compare other locations to the Miami and U.S. housing market, enter a city, neighborhood, state, or zip code into the search bar. Miami's median sale price is 38% higher than the national average. Overall cost of living in Miami is 18% higher than the national average. Learn which home features in Miami add value to a home.
How much is your home worth? Track your home’s value and compare it to nearby sales.
How hot is the Miami housing market?
Miami is not very competitive. Homes sell in 75 days.
0
100
20
Not Very Competitive
Redfin Compete Score™
The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
Calculated over the last 3 months
Multiple offers are rare.
The average homes sell for about 4% below list price and go pending in around 75 days.
Hot homes
can sell for around list price and go pending in around 40 days.
This data does not reflect actual moves. The latest migration analysis is based on a sample of about two
million Redfin.com users who searched for homes across more than 100 metro areas. To be included in this dataset, a Redfin.com user
must have viewed at least 10 homes in a three month period. This dataset excludes all rentals data.
Home offer insights for Miami
Explore recent offers and recently sold homes in Miami
School data provided by GreatSchools. School service boundaries are intended to be used as reference only. To verify enrollment eligibility for a property, contact the school directly.
Climate's impact on Miami housing
Learn about natural hazards and environmental risks, such as floods, fires, wind, and heat that
could impact homes in Miami.
Risk Factor
Flood Factor - Major
54% of properties are at risk of severe flooding over the next 30 years
Flood Factor
Miami has a major risk of flooding. 10,083 properties in Miami are likely to be
severely affected
by flooding over the next 30 years. This represents 54% of all properties in Miami. Flood risk is increasing faster than the national average.
<1% of properties are at risk of wildfire over the next 30 years
Wind Factor - Extreme
100% of properties are at extreme
risk of a severe wind event over the next 30 years
Wind Factor
Miami has an Extreme Wind Factor® risk based on the projected likelihood and speed of hurricane, tornado, or severe storm winds impacting it. Miami is most at risk from hurricanes. 67,494 properties in Miami have some risk of being in a severe wind event within the next 30 years.
Wind likelihood over time
If an exceedingly rare windstorm
(a 1-in-3,000 year storm event)
occurred today, it could cause wind gusts of up to 228 mph. In 30 years, an event of this same likelihood would show increased wind gusts of up to 246 mph.