Is West Miami, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, West Miami was a Seller's Market.
Key Takeaway
West Miami is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in West Miami, FL
How much do homes in West Miami, FL cost?
Median Sold Price
$707,500
$498/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in West Miami have sold for 23.6% more than they did a year ago.
Summary: The median home sold price in West Miami was $707,500 in May 2024, up 23.6% from last year, and the median price per square foot was $498.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $548.5K | $562.5K | +2.6% |
| 3 Bedrooms | $570K | $725K | +27.2% |
| 4 Bedrooms | $700K | $735K | +5.0% |
| 5+ Bedrooms | - | $1.1M | N/A |
Summary: West Miami housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.6%, 3 bedroom homes increased by 27.2%, 4 bedroom homes increased by 5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| West Miami | $572.5K | $707.5K | +23.6% |
| Miami | $501K | $549.9K | +9.8% |
| Coral Gables | $1.1M | $1.0M | -4.5% |
Housing Supply in West Miami, FL
How many homes are available in West Miami, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 9 | 11 | +22.2% |
Summary: The West Miami real estate market had 11 homes for sale in May 2024, a 22.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 5 | 6 | +20.0% |
| 4 Bedrooms | 2 | 3 | +50.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The West Miami housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 2 | -50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in West Miami, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in West Miami in May 2024, down by 50.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for West Miami, FL
How long does it take to sell a home in West Miami, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 46 Days | 24 Days | -47.5% |
Summary: Homes in West Miami had an average of 24 days on market in May 2024, down by 47.5% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in West Miami are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in West Miami; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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