333 new real estate properties in Miami, Florida have been added to Ofirio in the last 7 days.
Of those new properties:
Miami, Florida has a low demand for real estate. This is determined by the difference between the list price and the closed price, which on average is 3% lower than than the list price. The demand for luxury real estate is lower than the demand for “Under $200k” real estate by 4%. Homes in Miami, Florida are on the market for 102 days, on average among all of our listings.
This week the following real estate properties became available for sale:
The biggest change in price is in the 5 Beds segment and it is 65% ($678,802) more than the week prior.
The average closing price for real estate in Miami Florida has fallen by 4% from the last week, which amounted to $1,180,542.
As of January 2023 Miami, FL is a seller market which means homes sell faster at a higher price. In January 2023, 95 homes (22.2%) sold at asking price, 306 homes (71.7%) sold below asking price, and 26 homes (6.1%) were sold above asking price. If purchasing a home there is little room to negotiate the price.
The median home price increased by 7.4% from $426,250 in January 2022 to $457,750 in January 2023. The number of homes sold in Miami, FL has decreased by 62.5% over the last year from 1,046 in January 2022 to 392 homes in January 2023.
Homes in Miami, FL have sold for 9.5% more per ft² than they did a year ago. As of January 2023 the average price per square foot is $334.
Miami is a beautiful and opportune place to live. Homes for sale in Miami, Florida, can vary greatly in cost depending on the neighborhood and home type. However, the typical home cost in Miami is around $563,000.
Luxury houses along the coast can range in the millions whereas houses more inland can be as low as $250,000.
But, knowing the cost of real estate in Miami is not enough, the average cost of living, investment opportunities, and more will all inform whether living in Miami is right for you.
Buying Miami real estate can be a good investment for many reasons such as:
Ultimately, Miami is a prime place to buy a house on paper, but it's really up to you whether Miami is best for you.
The value of homes for sale in Miami, Florida has only grown over the years. In fact, Florida’s real estate market in general is on fire with it being the fastest-growing state in the US.
While housing prices are not coming down in Miami, they are likely to continue to increase over the coming years. Because of that, buying Miami real estate can bring a good ROI (return on investment).
With more and more individuals and businesses moving to Florida for its ideal weather and low taxes, real estate will only increase in demand—which in turn means that Miami houses will likely become more and more valuable.
Typically, the cheapest places to live in Miami are located more inland. Five of the cheapest places to live in Miami include:
It's worth noting that the cost of living regularly changes. For example, the cost of living in a developing neighborhood may end up rising over the years.
So, it is best to evaluate the location you want to live in so that you can have an idea of how the cost of living will change over time.
Like all cities, Miami has its pros and cons. However, it is safe to say that Miami has more pros than it does cons.
The salary you need to live in Miami can vary depending on your lifestyle and the area of the city in which you choose to live.
If you want to live comfortably in Miami, then a salary of around $65,000 to $70,000 should do the trick. This would cover expenses such as housing, food, transportation, and entertainment.
However, if you want to live in more expensive areas of Miami, then you’ll likely need a salary of 100 thousand or more to afford the cost of living.
Additionally, if you have a family or dependents, your expenses will be higher, and you will need a higher salary to cover those costs.
Ultimately, the cost of living in Miami is higher than the national average; so, you’ll likely need more than whatever you’re making now to maintain the same style of living.
Living in Miami Beach can be more expensive than living in Miami if you’re looking to buy a luxury home.
Miami Beach is actually located on a barrier island that is connected to Miami via a series of roads and bridges.
It is not only known for its beach but also for its luxury hotels and housing options. Because of its location, the cost of living in Miami Beach is usually a bit higher than in Miami.
On the other hand, Miami is composed of multiple neighborhoods that vary greatly in cost of living. There are some neighborhoods that have a lower cost of living than Miami Beach and others with a higher cost of living.
As always, the cost of living does vary depending on the neighborhood and the type of home you’re looking for. Because of that, you may find that Miami Beach has a more affordable home type than Miami.