Miami Real Estate Values Rise to $660K Amid Declining Sale Prices Through April 2024

Miami’s real estate market has consistently proven to be a bustling hub for property sales and investments – see our report from of December, 2023. The average value of properties in this cosmopolitan city has experienced a notable upward trajectory from May 2023 to April 2024, starting at an average property value of $643,478 and culminating at $660,000. This consistent growth reflects a solidifying confidence in the value of Miami’s real estate despite facing a minor dip in March 2024, where the average value momentarily decreased to $675,000.

Here is a current snapshot of house value trends, year over year

This increase in property values seemingly contrasts with the average sale price developments within the same timeframe. From December 2023, when an average sale price of $521,546 was recorded, there has been an overall downward trend, arriving at an average price of $573,361 by April 2024. This decline may suggest that while the valuation of Miami properties has increased, buyers have negotiated lower sale prices, perhaps indicating a more buyer-friendly market environment.

The average sale price per square foot mirrors this trend. A decrease from $356 per square foot in December 2023 to $387 by April 2024 suggests that buyers are obtaining more value per square foot than they did previously. Despite higher overall valuations, this could mean that the purchasing power of buyers has improved in terms of space acquired per dollar spent.

The volume of property sales peaked in October 2023, with 11,566 properties trading hands. However, by April 2024, the count had dwindled to 9,881, elucidating a period of cooling off following a particularly active sales season. This reduction could be attributed to various market factors, including seasonal trends, economic conditions, or alterations in inventory levels.

Comparative Insights Across Neighboring Cities

While Miami has its own unique real estate trends, each nearby city in Florida shows differing average values, sale prices, and per square foot costs, painting a picture of the individualized demand and economic activities specific to zip code and neighborhood.

To give a couple of examples: Hialeah shows a closer alignment between its average value of $496,000 and the average sale price of $491,444, indicating a robust market where properties fetch prices close to their listed values. The average sale price per square foot in Hialeah registers at $337, suggesting that it provides a slightly more cost-effective option for real estate compared to Miami’s $387 per square foot.

Opa Locka, with an average value at $450,000 and an average sale price of $384,465, highlights a more considerable gap between what properties are potentially worth versus what they are selling for. At $329 per square foot, Opa Locka presents itself as an alternative with lower per square foot costs than both Miami and Hialeah.

Similarly, Hollywood’s real estate market conditions offer an average property value of $499,000 closely followed by an average sale price of $473,109, accented with an average sale price per square foot of $351. This city’s market appears to have a balanced relationship between property values and sale prices.

In comparison, Pembroke Pines stands out with its lower average property value of $292,500, which does not align with its higher average sale price of $451,838 – a unique outlier wherein the sale price substantially exceeds the average value. With an average sale price per square foot of $300, the lower side by regional standards, Pembroke Pines offers properties with reasonable space for the price.

Lastly, Miami Gardens, showing an average value of $492,500 and a sale price of $489,950, indicates a near-equal standing between the two metrics. With an average sale price per square foot of $336, it compares closely with Hialeah and stands as a competitive alternative to Miami.