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:

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:

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