What are the Median Home Prices (per SF) of Miami’s Main Residential Areas?
Many people are looking to move to Miami, but they don’t know in which areas to start looking mainly because of budget concerns. In order to give you more guidance we created this map with the median prices for each Miami area. The map shows Miami’s main residential markets that offer single family homes. For each area we indicated the median sales price and the median sales price per SF. As we do not like to generalize the market, we provide price ranges within each market. This map is also a good indicator for buyers to know what the prices are in their preferred area. Knowing these prices helps you to prevent overpaying for a property.
We also provide the reader with months of inventory. Months of inventory are an important indicator in real estate as they indicate whether the market is balanced or a sellers or buyers market.
- We speak of a sellers market when the inventory is less than 6 months (Or 12 in case of properties in the luxury market ⇒$1M+ range). In this market sellers have an advantage because there is more demand than supply, which will likely result in rising prices in the (near) future.
- A buyers market is a market in which the supply of homes is higher than the demand. With lots of properties for sale, buyers have the upper hand and prices will have to decrease in order to stabilize the market. A buyers market occurs when there are 9 months or more inventory. In the case of a luxury market this will be 18+ months of inventory.
- A neutral market or a balanced market is a market in which the demand and the supply are in perfect equilibrium and neither sellers nor buyers have an advantage. This happens if the months of inventory are between 6 and 9 months. Homes in the luxury ($1M+) segment experience a neutral market when there are 12-18 months of inventory.
The data is taken from the MLS and although we mention Q1 2017, data is taken until May 15, 2017.
Please click on any of the flags on the map to see the main data of that area or scroll down to see the data of the different area.