The South Miami Real Estate Report | Q1 & Q2 2022 with Forecast and Predictions for Q3 and Q4

South Miami Real Estate Report and Forecast

The South Miami Real Estate Report | Q1 & Q2 2022 with Forecast and Projections for Q3 and Q4

The Rise of luxury real estate in South Miami

In this South Miami Real Estate Report we will discuss the fast growing South Miami real estate market. We have seen South Miami in the last year mature into a major market. The area experienced a boom of luxury new construction homes coming into the area and relocating families choose South Miami over Coral Gables and Coconut Grove. South Miami has been a hub for locals for a long time and is the main town center for some of the most expensive real estate in all of Florida. Areas like Gables Estates, Old Cutler Bay, Ponce Davis all correspond to the small town that is South Miami. Of course the boundaries of these cities/ neighborhoods are obscure, but it’s all the same ecosystem and South Miami is very much the center for this main residential area of Miami.

The South Miami Real Estate Market in Numbers

The South Miami housing market has made some jumps in the last year. Our average days on market have gone from 120 days to only 55 days with homes selling at 95% of asking in first half of 2021 to selling at an average of 99% of asking price in 2022. In the first half of 2021 the highest sale in this market was $4.5M and in the first half of 2022 the highest recorded sale was a whopping $7.5m. A 3 million dollar price jump.

There were 10 sales at 3M or above in 1st half 2021 vs. 12 sales over 3m in the first half of 2022 so a 20% hike in the amount of luxury homes being sold. However the amount of total closed sales went down drastically from 106 closed sales to only 67 sales, down about 40%.

Examples of South Miami Sales

South Miami New Construction Homes

Let’s compare newer construction homes that have been built in 2016 or later. There were 17 homes sold in the first half of 2021 and they sold for an average price of $3M or $620 a foot. Then in the first half of 2022 there were only 8 homes sold, but they sold for an average of $4.5M or $892 a foot, so much less sales however much higher prices for these newer built homes.

Examples of Sales

In the price per square foot category we also saw significant changes. Averaging all closed sales it went from an average of $465 to an average of $645 however in the “top 25 sales” the average price per foot went from $618 a foot to well over $800 a foot in the first half of 2022, with the maximum price per foot reaching over $1,165 a foot.

The South Miami Real Estate Report | Q1 & Q2 2022 with Forecast and Projections for Q3 and Q4

Examples of Sales around $1,000 per SF

What to expect of the South Miami Real Estate Market in the second half of 2022?

In the last month or we have seen the market slow down a bit as we are in the middle of summer. It is normal to see things slow down this time of year however coupled with increases in interest rates and high inflation we have seen homes take a bit longer to go under contract.

Instead of multiple offers within 48 hours like we have become used to seeing, some listings are starting to take a couple weeks or more to go under contract. Furthermore, we are now seeing price decreases on some listings that came to market too high.

Prices reached record prices in the first half of 2022 and this might have been “the peak” of the market before several outside forces have relaxed the state of the market now. Inventory is still very low and prices have not come down, but the rush has subsided a bit and signs of returning to a more normal market is on the horizon. There is however a new benchmark for the South Miami market and we don’t foresee it coming down. Anticipate a healthy, but more normal market for the remaining part of 2022.


These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!


For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.

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    Over $2 billion in real estate sales

David Siddons

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