State of the Market: South Miami

The South Miami housing market remains fairly competitive, with plenty of homes on the market but fewer homes sold compared to the past six months. Inventory is up by nearly 40% in South Miami, a stronger sign of a buyer’s market that we haven’t seen since before COVID. From a seller’s perspective, this suggests you should make sure your home doesn’t stay on the market for too long.

South Miami Home Prices

In September of 2024, the median listing home price in South Miami was $557 per square foot, putting it in the same range as nearby Coral Gables. That’s also 6.1% increase since August 2024, but within the same general ballpark as the summer and spring.

How Quickly are Homes Selling

The average home for sale in South Miami spends 49 days on the market. That’s an 8.9% increase compared to the same time last year, when South Miami was more of a seller’s market and there was significantly less inventory. 

Long term South Miami forecast

With inventory climbing to its highest point of 2024, buyers will continue to have a relative upper hand moving forward. For a buyer, now might be a time where you could get your dream home under its asking price. For sellers, you’ll have more competition in attracting interest from potential buyers. That means you’ll have to go to greater lengths to make your home stand out and impress potential buyers when they step inside. 

If you want to sell your home in South Miami, the Kern Team is here to help. We can make sure you do everything in your power to pique the interest of high-quality buyers while carefully walking you through each step of the selling process. In any market, you can get a good price for your home if you can prove that your home is worth it. 

Get in touch today so we can put a plan into action to getting your home sold!