Top Small Teams in Miami, Florida – Ranked By Sides

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2023 Miami, Florida Housing Market Summary

Miami, Florida started 2023 with a total of 1,550 single-family homes on the market, with a median home price of $730,000 and an average price per square foot of $484. By the end of the year, inventory had increased to 1,786 homes on the market (+15%), with a median home price of $850,000 (+16%) and an average price per square foot of $637 (+31%).

At the start of 2023, the median days on market (DOM) was 84 days – by the end of the year, median DOM had decreased to 70 days.

Miami started the year with 36% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 34% of Miami homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Miami started 2023 as a strong seller’s market, with an MAI score of 58; by the end of the year, the MAI had dropped to 31 – a balanced buyer and seller’s market.

This market summary is powered by Altos Research – click here to run a free report for your area.

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