Home Values in Miami: Current Market Overview

Wondering how much your home is worth in the Miami market? Whether you’re hoping to sell your house soon, looking to get rid of PMI, or just curious about current home values in Miami, understanding the local market can help you plan your next steps.

In this article, we’ll explore recent home price trends in The Magic City, offer insights on how to accurately estimate your home’s value, and provide practical tips and tricks for boosting it. We’ll also share handy resources to help you lock in the best selling price for your Miami home when the time is right.

Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.

Current home values in Miami

Since 2020, the median home value in the Miami metro area has jumped by almost 70%, a significant increase in prices. Halfway through 2020, the typical home was selling for $388,500, compared to $657,000 in June of this year, according to data from Miami Realtors.

However, the share of condos in Miami continues to increase, which is expected to drive the price of single-family homes lower. “Condos tend to be priced significantly lower than single-family homes in Miami, which means that overall median listing price will move lower as condo share increases,” Hannah Jones, senior economic analyst at Realtor.com, told Newsweek. “Condos have also seen more severe price decreases over the last year-plus.”

“There’s a lot more condo inventory available and those are going to inherently be more affordable, which is going to bring that median listing price down even if a single-family home buyer might be facing the same or higher prices.”

The table below illustrates just how much home prices have increased in the Miami metro area over the last five years:

Year
Median home price
Percent change year-over-year

2024 (June)
$657,000
+5.5%

2023
$622,500
+7.5%

2022
$579,000
+15.8%

2021
$500,000
+28.7%

2020
$388,500
+5.0%

Source: Miami Realtors

This phenomenon isn’t exclusive to The Magic City; it reflects a broader pattern across the United States. Since early 2020, U.S. home prices have surged by 47%, according to the S&P CoreLogic Case-Shiller National Home Price Index.

As a result, homeowners nationwide have witnessed significant gains in their equity, which can be used to invest in new properties, make home renovations, pay off debt, or save for retirement. As of February 2024, the average mortgage-holding homeowner boasts approximately $299,000 in equity, according to ICE’s Mortgage Monitor report.

For comparison, the table below shows median home prices in cities near Miami:

City
Median home price
Distance from Miami

Sunny Isles Beach
$680,300
30-55 min (21.5 miles)

North Bay Village
$525,000
20-35 min (11.4 miles)

Surfside
$1,275,000
28-45 min (15.2 miles)

Miami Lakes
$647,600
26-45 min (21.1 miles)

Bay Harbor Islands
$712,500
26-50 min (14.8 miles)

Coral Gables
$1,165,900
12-35 min (4.8 miles)

Key Biscayne
$1,580,800
14-24 min (7.5 miles)

Palmetto Bay
$1,057,700
30-50 min (22.6 miles)

Pinecrest
$2,238,300
28-40 min (20.8 miles)

Richmond West
$625,000
35-55 min (27.7 miles)

Home value averages of multiple public transaction sites 

Typical travel times 8 a.m. midweek

Next up, we’ll walk you through multiple tools to evaluate the current value of your Miami home.