Home Values in Miami: Current Market Overview
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Alexandra Lee Junior Associate EditorClose
Alexandra Lee Junior Associate EditorAlexandra is a junior associate editor of HomeLight.com. Previously, she served as a writer and social media manager at Santa Barbara Life & Style Magazine, in addition to interning at the nonprofit honors society Phi Beta Kappa. Alexandra holds a bachelor's degree in communication and global studies from UC Santa Barbara, and she has three years of experience reporting on topics including international travel, luxury properties, celebrity interviews, fine dining, and more.
Wondering how much your home is worth in the Miami market? Whether you’re hoping to sell your house soon, looking to get rid of PMI, or just curious about current home values in Miami, understanding the local market can help you plan your next steps.
In this article, we’ll explore recent home price trends in The Magic City, offer insights on how to accurately estimate your home’s value, and provide practical tips and tricks for boosting it. We’ll also share handy resources to help you lock in the best selling price for your Miami home when the time is right.
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Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Miami
Since 2020, the median home value in the Miami metro area has jumped by almost 70%, a significant increase in prices. Halfway through 2020, the typical home was selling for $388,500, compared to $657,000 in June of this year, according to data from Miami Realtors.
However, the share of condos in Miami continues to increase, which is expected to drive the price of single-family homes lower. “Condos tend to be priced significantly lower than single-family homes in Miami, which means that overall median listing price will move lower as condo share increases,” Hannah Jones, senior economic analyst at Realtor.com, told Newsweek. “Condos have also seen more severe price decreases over the last year-plus.”
“There’s a lot more condo inventory available and those are going to inherently be more affordable, which is going to bring that median listing price down even if a single-family home buyer might be facing the same or higher prices.”
The table below illustrates just how much home prices have increased in the Miami metro area over the last five years:
| Year | Median home price | Percent change year-over-year |
| 2024 (June) | $657,000 | +5.5% |
| 2023 | $622,500 | +7.5% |
| 2022 | $579,000 | +15.8% |
| 2021 | $500,000 | +28.7% |
| 2020 | $388,500 | +5.0% |
Source: Miami Realtors
This phenomenon isn’t exclusive to The Magic City; it reflects a broader pattern across the United States. Since early 2020, U.S. home prices have surged by 47%, according to the S&P CoreLogic Case-Shiller National Home Price Index.
As a result, homeowners nationwide have witnessed significant gains in their equity, which can be used to invest in new properties, make home renovations, pay off debt, or save for retirement. As of February 2024, the average mortgage-holding homeowner boasts approximately $299,000 in equity, according to ICE’s Mortgage Monitor report.
For comparison, the table below shows median home prices in cities near Miami:
| City | Median home price | Distance from Miami |
|---|---|---|
| Sunny Isles Beach | $680,300 | 30-55 min (21.5 miles) |
| North Bay Village | $525,000 | 20-35 min (11.4 miles) |
| Surfside | $1,275,000 | 28-45 min (15.2 miles) |
| Miami Lakes | $647,600 | 26-45 min (21.1 miles) |
| Bay Harbor Islands | $712,500 | 26-50 min (14.8 miles) |
| Coral Gables | $1,165,900 | 12-35 min (4.8 miles) |
| Key Biscayne | $1,580,800 | 14-24 min (7.5 miles) |
| Palmetto Bay | $1,057,700 | 30-50 min (22.6 miles) |
| Pinecrest | $2,238,300 | 28-40 min (20.8 miles) |
| Richmond West | $625,000 | 35-55 min (27.7 miles) |
Home value averages of multiple public transaction sites
Typical travel times 8 a.m. midweek
Next up, we’ll walk you through multiple tools to evaluate the current value of your Miami home.
How to get a home value estimate
To estimate how much your Miami home might be worth — whether you’re hoping to determine your net proceeds or need help setting an accurate listing price — we’ve suggested several handy tools below.
Use an online home value estimator
One of the fastest and easiest ways to get a general estimate for your home is to use an online home value estimator, like HomeLight’s. These tools analyze data from a variety of sources, including tax assessor and county auditor records, MLS sales and listings, and user-submitted data. What sets HomeLight’s tool apart is its personalized approach: by asking seven simple questions about your property and its unique features, it can provide a more refined value than other online estimators. In under two minutes, anyone looking to assess their home’s worth can obtain a helpful starting point for their selling journey.
Request a comparative market analysis
While online estimates are a good starting place, requesting a comparative market analysis (CMA) from a local real estate agent can offer a more precise valuation for your Miami home. A CMA digs deeper than an online estimate by comparing your home to similar, recently sold properties in your neighborhood. It also takes into account specific factors like the number of bedrooms and bathrooms, square footage, age, recent renovations, and proximity to local amenities.
Agents compile this data into a detailed report complete with charts, graphs, and photos, providing an accurate depiction of your home’s market value. Many agents will include a CMA for free if you plan to list your home with them, another perk of working with a real estate professional.
If you’re looking to sell your Miami home, HomeLight can connect you with multiple top-performing real estate agents in your area in under two minutes. HomeLight’s agent matching service is completely free and unbiased, recommending professionals based solely on their qualifications, specialized skills, and past sales. According to HomeLight’s internal data, the top 5% of listing agents can sell homes for as much as 10% more than the average agent, making them a key component in maximizing your home sale.
Get a pre-listing appraisal
While a CMA provides a very thorough analysis of your home’s value, there are some special cases in which obtaining a pre-listing appraisal would be a wise idea. This is particularly true if your home has unique characteristics that are hard to compare with other properties, is located in a rural area with few nearby comps, or sits on a large plot of land. A professional appraisal can help ensure that your asking price reflects your home’s true market value.
Pre-listing appraisals typically cost between $450 and $550, though especially complex properties may incur higher fees. Even with a pre-listing appraisal, remember that if your buyer is financing their purchase, their lender will require an additional appraisal during the transaction process to determine the loan amount they’re willing to provide.
How to increase the value of your Miami home
If you’re preparing to sell your Miami home soon, there are a few key improvements that can significantly enhance its value and attract more buyers.
Curb appeal: First impressions are important! According to the National Association of Realtors, 92% of real estate agents recommend that sellers enhance their curb appeal before listing on the market. Easy tasks like power washing the exterior, mowing the lawn, adding mulch, painting the front door, and installing outdoor lighting can boost your home’s appeal to potential buyers.
Strategic updates: To maximize your return on investment, focus on strategic value-adding upgrades such as refinishing or replacing floors, repainting walls, and updating fixtures (such as hardware, vanities, and lighting) in high-impact areas like kitchens and bathrooms. Keep in mind that not all home improvement projects are created equal. For example, according to Zonda’s 2023 Cost vs. Value Report, replacing a garage door can recoup 103% of the cost, making it a strategic improvement.
Necessary fixes: Before listing your home, ensure that all major systems, including the roof, plumbing, electric, HVAC, and safety features are all in good working condition. Talk to your real estate agent before investing in any large or costly upgrades, but in general, it’s wise to address these issues before the home inspection to avoid delays or deal-breakers during the sale process.
Decluttering and depersonalizing: Decluttering and depersonalizing your home can better help buyers envision themselves living in your space. In specific, remove any personal memorabilia, religious symbols, collectibles, or photos from view. Additionally, clearing any excess furniture out of the way will make the space appear larger and more inviting. One HomeLight survey found that decluttering could increase your sale price by $8,000 or more.
Deep cleaning: A comprehensive, top-to-bottom deep cleaning can greatly improve the overall appeal of your home by making it feel fresh and well-maintained. Specifically, focus on washing windows, scrubbing grout, cleaning carpets, and don’t forget to dust overlooked baseboards, vents, and ceiling fans. According to a HomeLight survey of top real estate agents, investing in deep cleaning can add an average of $3,700 to your home’s value. Plus, buyers are typically more willing to overlook minor imperfections when a home is sparkling clean.
Home staging: Home staging is a powerful tool that allows buyers to better envision how they would live in your home by presenting it in its best possible light. According to HomeLight’s most recent Top Agent Insights report, professionally staged homes can sell for up to 13% more than unstaged homes, leading to higher offers and a faster sale. 67% of the agents surveyed reported that staging helps to sell homes in the current market, while 31% remarked that staging is “essential for a sale.”
Unlock Your Equity and Buy Before You Sell
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
How to buy before you sell in Miami
If you are researching home values in Miami because you’ve found your next home, HomeLight’s Buy Before You Sell (BBYS) program may be an ideal solution for you.
BBYS enables you to unlock a portion of your home’s equity and use it to make a strong, non-contingent offer on a new house before selling your current one. If your home qualifies, you could access your equity within 24 hours, and not have to worry about any upfront fees or obligations. With the BBYS program, you can buy your new home, move in, and sell your old home while it’s empty, eliminating the need for multiple moves.
HomeLight charges a 2.4% flat fee of your current home’s sale price through. If your old house doesn’t sell within 90 days of closing on your new property, HomeLight will purchase the home and continue working to sell it. Any profits from the eventual sale, after subtracting costs incurred by HomeLight, will be passed directly on to you.
See the video below to learn more about HomeLight’s Buy Before You Sell program:
How to find a top agent in Miami
Working with a reputable real estate agent is a key component in maximizing the sale price of your Miami home. HomeLight’s agent matching service can help you connect with top agents in your area. It’s a free and unbiased tool that takes less than two minutes to match you with up to three top-performing agents in your area based on their specialties, past sales, and local market knowledge.
When selecting an agent, be sure to look for one with a high sale-to-list ratio. This metric compares the final sale price of a home to its original list price, shown as a percentage. A high sale-to-list ratio indicates that the agent consistently prices homes accurately and negotiates effectively to secure top dollar for their clients.
Before signing with an agent for good, it’s recommended to interview at least three candidates. Here are examples of some key questions you should ask:
- How long have you been in business?
- How well do you know this neighborhood?
- What types of homes and price ranges do you specialize in?
- What’s your average number of days on market?
- What is your commission rate?
- What would your marketing plan look like for this property?
- Could you provide me with a few client referrals?
By using HomeLight’s agent match tool and asking the right interview questions, you will be well-equipped to find a qualified real estate agent who understands the Miami market and can deliver the best results for your home sale.
Get a free preliminary home estimate today
Understanding your home’s value is key to making informed decisions regarding your biggest financial asset, whether you’re preparing to sell soon or are exploring options like a home equity loan. Using HomeLight’s free home value estimator, you can quickly and easily obtain an initial estimate of your home’s worth, providing a solid foundation for your next steps.
HomeLight can also connect you with top real estate agents who will sell your home for its best price, or assist you in unlocking your equity to buy a new house before selling your current one. Staying up to date on market trends in Miami and taking advantage of the tools outlined in this article will ensure you start off on the right foot to maximize the value of your home.
Header Image Source: (Luciana Lambert / Unsplash)
- "S&P CoreLogic Case-Shiller U.S. National Home Price Index," Federal Reserve Bank of St. Louis (June 2024)
- "Most REALTORS® Recommend Improving Curb Appeal, and Homeowners Can Benefit Financially and Emotionally by Remodeling Outdoor Features, NAR-NALP Report Finds," National Association of Realtors (March 2023)
- "Top Agent Insights for End of Year 2023," HomeLight (December 2023)
- "Top Agent Insights for Fall 2022," HomeLight (September 2022)
- "Top Agent Insights for Summer 2023," HomeLight (July 2023)
- "2023 Cost vs. Value Report," Zonda (March 2023)
- "February 2024 Mortgage Monitor," ICE Mortgage Technology (February 2024)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.