Miami, Florida started 2024 with a total of 1,763 single-family homes on the market, with a median home price of $850,000 and an average price per square foot of $643.01. By the end of the year, inventory had increased to 2,232 homes on the market (+27%), with a median home price of $819,700 (-4%), and an average price per square foot of $600 (-7%).
At the start of 2024, the median days on market (DOM) was 70 days – by the end of the year, median DOM had increased to 77 days.
Miami, Florida started the year with 34.77% 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 36.02% of homes for sale had taken a price cut.
