Average House Price in Miami | Miami Housing Market and Prices
Our We Buy Houses Miami FL team determined the average sold home values in the Miami housing market based on market data is $451,436.44 for a home. We used publicly accessible market data services from Zillow home value for the average price from 2000 to 2023 in every available major municipality within Miami. Then we used AI and machine learning technology services to analyze this Miami market data to determine the most accurate price in Miami as of June 2023.
Miami Housing Market Table of Contents
Top 10 Most Expensive Areas to Purchase Listings in Miami Based on the Data
Top 10 Least Expensive Neighborhoods to Purchase Miami Homes in this Market Based on the Data
The Median Percentage Increases Places Sold Cost from 2000 to 2023 in Miami Based on the Data
The Adjusted for Inflation Percentage Increase in Home Sales Cost from 2000 to 2023 Based on the Data
Frequently Asked Questions on Miami and Home Prices in the State Based on the Data
Top 10 Most Expensive Areas to Purchase Listings in the Miami Real Estate Market Based on Trends
1. Star Island Miami
Median Home Price in the Star Island Miami Market:
For Sale at $30,000,000 for a home.
Star Island is a prestigious neighborhood in the Miami Beach housing market, situated on a man-made island in Biscayne Bay. Known for its star-studded reputation, it’s home to many high-profile individuals and celebrities that own property in this housing market. The island, accessible via the MacArthur Causeway, offers an exclusive lifestyle with breathtaking waterfront views from the home of the Miami-Miami housing market. However, this home luxury comes with a hefty price tag in this housing market. The average home price on Star Island is a staggering $30,000,000 for housing, significantly higher than the average Miami home price of $451,436.44 for housing in this housing market.
2. Indian Creek Island Miami
Median Home Value in the Indian Creek Miami Market:
For Sale at $49,500,000 for a home
Indian Creek Island, located in Miami-Dade County, Florida, is an epitome of luxury and exclusivity for housing. This village occupies an island bordered by Biscayne Bay and Indian Creek, offering residents unparalleled waterfront views from their housing. With only 41 residential home sites and the Indian Creek Country Club, it’s a haven for the affluent in this housing. The average home price on Indian Creek Island is a staggering $49,500,000 for housing, reflecting its status as one of Miami’s most prestigious addresses for housing.
3. Gables Estates Miami
Median Price in the Gables Estates Miami Market:
For Sale at $29,750,000.
Gables Estates, a luxurious home enclave in Miami, Florida, is renowned for its opulence, with an average home price of $29,750,000 for housing. Nestled amidst the city’s tropical beauty, this exclusive community offers waterfront views and proximity to landmarks like the historic Biltmore Hotel and Venetian Pool. Its residents enjoy unparalleled privacy, lush landscapes, and easy access to Miami’s vibrant cultural scene, making Gables Estates a pinnacle of South Florida living for a home.
4. Coconut Grove Miami
Mean Home Price in the Coconut Grove Miami Market:
For Sale at $1,381,000
Coconut Grove, a vibrant Miami neighborhood, is known for its lush greenery, marinas, and the historic Vizcaya Museum. With an average home price of $1,381,000 for a home, it’s a premium locale, significantly above Miami’s average of $451,436.44 for a home. The Grove’s charm lies in its bohemian atmosphere, sidewalk cafes, and the famous CocoWalk shopping plaza. Its bayfront parks and marinas offer stunning views, making it a sought-after residential home area.
5. Brickell Miami Florida Homes
Median Cost and Price for a Place in the Brickell Miami Market:
For Sale at $644,500
Brickell, often referred to as the “Manhattan of the South,” is a bustling home neighborhood in Miami, Florida. Known for its high-rise residential towers and skyscrapers, it’s the city’s main financial district. With an average home price of $644,500 for a home, it’s more affordable than some of Miami’s luxury enclaves, yet offers a vibrant lifestyle for a home. Landmarks include the futuristic Brickell City Centre and the lively Mary Brickell Village, making it a desirable place to live in a home.
6. Edgewater Miami Florida Homes
Median Cost and Price for a Place in the Edgewater Miami Market:
For Sale at $640,000
Edgewater, a neighborhood in Miami, Florida, is a growing home community known for its scenic views of Biscayne Bay from a home. Located between Downtown Miami and the Design District, it offers an urban, walkable lifestyle with a diverse mix of home residences. The average home price in Edgewater is $640,000 for a home, slightly above the Miami average for a home. Landmarks include the eight-acre Margaret Pace Park, adding to the area’s appeal. Its bayfront location and proximity to downtown make it a desirable place to live for the prices.
7. Fisher Island Miami Florida Homes
Median Cost and Price for a Place in the Fisher Island Miami Market:
For Sale at $5,875,000
Fisher Island, Miami, is a haven of exclusivity, boasting an average home price of $5,875,000. This barrier island, once owned by automotive parts pioneer Carl G. Fisher, is only accessible by private boat, helicopter, or ferry. It’s a retreat for the affluent, with architecture echoing 1920s Spanish style mansions. The island features a private marina, a hotel, and an observatory. Its residents, including celebrities like Oprah Winfrey, enjoy the tranquility and privacy that this island offers, making it a unique and desirable location for the housing prices in Miami.
8. Golden Beach Miami Florida Homes
Median Cost and Price for a Place in the Golden Beach Miami Market:
For Sale at $8,240,000
Golden Beach, a town in Miami-Dade County, Florida, is a unique gem nestled between the Intracoastal Waterway and the Atlantic Ocean. Known for its exclusivity and affluence, it offers a serene lifestyle with stunning ocean views for the home prices. The average home price in Golden Beach is a substantial $8,240,000, reflecting its desirability. The town, which is only one mile from north to south and four blocks east to west, is a testament to luxury living in South Florida for the people.
9. Bal Harbour Miami Florida Homes
Median Cost and Price for a Place in the Bal Harbour Miami Market:
For Sale at the $1,518,000 number
Bal Harbour, a village in Miami-Dade County, Florida, is a gem of South Florida’s Miami metropolitan area. Known for its luxury and exclusivity, it’s no surprise that the average home price here is significantly higher than in Miami. The village is beautifully nestled between the bay and the Atlantic Ocean, offering breathtaking views and a serene environment. Its main artery, Collins Avenue, is lined with upscale boutiques and gourmet restaurants, making it a haven for affluent people. The Bal Harbour Shops, an open-air shopping mall known for its luxury stores, is a popular destination. The village’s beachfront listings and properties are highly sought after, reflecting its status as a premier residential area within the states.
10. Key Biscayne Miami Florida Homes
Median Cost and Price for a Place in the Key Biscayne Miami Market:
For Sale at the $1,450,000 number
Key Biscayne, an island village in Miami-Dade County, Florida, is a subtropical paradise known for its sandy beaches, nature preserves, and stunning views. Once a coconut plantation, it now boasts opulent neighborhoods and a chic, low-key vibe. With an average home price of $1,450,000, it’s a premium locale, offering a serene lifestyle and proximity to Miami’s vibrant scene. Landmarks include the Ritz-Carlton resort and Crandon Park, making it a desirable place to live.
Top 10 Least Expensive Neighborhoods to Purchase Miami Homes in this Housing Market
1. West Park Miami Florida Homes
Average Cost and Price of a House in this Market:
For Sale at the $388,000 number
West Park, officially the City of West Park, is a municipality in Broward County, Florida. It’s located in the southeastern part of the county and consists of the neighborhoods of Carver Ranches, Lake Forest, Miami Gardens (Broward County), and Utopia. With an average home price of $388,000, it’s slightly below the average home price in Miami, making it a more affordable option for homebuyers. Despite its affordability, it still offers the vibrant lifestyle and beautiful weather that South Florida is known for.
2. Lauderhill Miami Florida Homes
Average Cost and Price of a Place in this Market:
For Sale at $178,708 without home insurance at the listing office
Lauderhill, a city in Broward County, Florida, is a part of the Miami metropolitan area. Known for its diverse community and cultural richness, it offers a more affordable housing market compared to other parts of Miami, with an average home price of $178,708. Lauderhill is conveniently located near many of Florida’s most visited attractions and Miami’s vibrant nightlife. Its affordability and location make it one attractive option for those seeking a home in the Miami area.
3. Richmond West Miami
Average Cost and Price of a Place in this Market:
Homes Real Market Prices of $466,333 not including the average list days to be sold by an estate llc in the Miami Metro
Richmond West, a census-designated place in Miami-Dade County, Florida, is a residential community with an average home price of $466,333, slightly above the Miami average. Located about 20 miles southwest of Miami and 10 miles from the Atlantic Coast, it offers a blend of suburban tranquility and city convenience. It’s just south of the Miami Executive Airport and borders Larry and Penny Thompson Memorial Park, home to Zoo Miami, adding to its appeal for families and nature enthusiasts.
4. Edison Miami
Cost of a Place:
For Sale at $442,500
Edison, also known as Little Haiti, is a vibrant neighborhood in Miami, Florida, with a rich Haitian heritage. The average home price here is $442,500, slightly below the Miami average. The area is known for its French-Creole influence, bustling street life, art galleries, and cultural activities. A notable landmark is the 13-foot bronze statue of General Toussaint L’Ouverture, the father of the Haitian Revolution, located on N Miami Avenue and 62nd Street. Edison offers a unique blend of history and culture.
5. Civic Center Miami
Cost of a Place:
$595,000
Civic Center, also known as the Health District, is a vibrant neighborhood in Miami, Florida. It’s a hub for medical and research facilities, with the University of Miami Leonard M. Miller School of Medicine and the University of Miami’s Life Science and Technology Park located here. The average home price in this area is $595,000, significantly higher than Miami’s average. The district is well-connected with the Miami Metrorail, providing easy access to downtown Miami and other areas. The area offers an urban feel with numerous parks and above-average public schools.
6. Miami Central Business District
Cost of a Place:
$485,000
Miami Central Business District, the bustling heart of Miami, is known for its high-rise skyline, including the iconic Freedom Tower. With an average home price of $485,000, slightly above Miami’s overall average of $451,436.44, it’s a vibrant hub for commerce, culture, and residential living. Landmarks like Bayfront Park and Bayside Marketplace offer a blend of natural beauty and urban convenience, making the district a desirable place to live and work.
7. Wynwood Miami
Cost of a Place:
$674,000
Wynwood, Miami’s creative and cultural hub, is a vibrant FL neighborhood known for its non-stop energy and in-the-moment style. Once a collection of warehouses, Wynwood FL has transformed into one of the world’s hippest hangouts, boasting eclectic restaurants, bars, and shops. It’s a hotspot for international contemporary art, with galleries and colorful street murals that are a favorite among Instagrammers. Wynwood Walls, a collection of giant wall murals, is a must-visit landmark. Despite the real estate FL price index being $451,436.44, Wynwood stands out with an average home price of $674,000, reflecting its unique FL real estate appeal.
8. Edgewater Miami
Cost of a Home:
$640,000
Edgewater, a neighborhood in Miami, Florida, is a vibrant area located north of Downtown and the Arts & Entertainment District, and south of Midtown and the Upper Eastside. It’s primarily a residential real estate neighborhood, with a mix of historic early 20th century real estate homes and modern high-rise residential real estate towers along Biscayne Bay. The area has grown in popularity due to its proximity to Downtown and the Design District. With an average real estate home price of $640,000, it’s a sought-after real estate location for those seeking a blend of historic charm and urban real estate convenience.
9. West Flagler Miami
Cost of a Place:
$585,000
West Flagler, formerly known as West Little Havana, is a vibrant real estate neighborhood in Miami, Florida. It is located between State Road 9 to the east and LeJeune Road to the west, with a population of 31,407. This real estate area offers an urban-suburban mix feel with a plethora of restaurants, coffee shops, and parks. The average home price in West Flagler is $585,000 for real estate, which is above the Miami average, reflecting the neighborhood’s real estate appeal. Its location and real estate amenities make it a sought-after place to live.
10. Edison Miami
Cost of a Place:
$442,500
Edison, Miami, a vibrant neighborhood, offers a unique blend of cultural diversity and historical charm. With an average home price slightly below Miami’s average at $442,500, it’s an affordable choice. Landmarks like the Edison Center Library and the African Heritage Cultural Arts Center add to its appeal. The area’s rich history, diverse community, and affordability make Edison a hidden gem in the bustling city of Miami.
The Median Percentage Increase Homes Sold Cost from 2000 to 2023 in Miami
The total percentage price increase of homes in the main city of Miami from 2000 to 2023 is approximately 375.80%.
Graph of the Percentage Increase in the Price of Sold Homes from 2000 to 2023
The Adjusted for Inflation Percentage Increase in Home Sales Cost Services from 2000 to 2023 in Miami
The total percentage real estate price increase of homes in the main city of Miami from 2000 to 2023, when adjusted for inflation, is approximately 377.65%. The inflation-adjusted real estate price increase of homes in the main city of Miami from 2000 to 2023 is approximately $428,082.52. This means that, after adjusting for inflation, the median real estate home price in Miami increased by this amount over this period.
Graph of the Median Home Sales Cost from 2000 to 2023 Without Being Adjusted for Inflation and Being Adjusted for Inflation
Frequently Asked Questions on Miami Homes and Home Prices in the State of Florida
Is Miami Expensive to Buy a House for Everyday People?
Miami, with its vibrant arts scene, stunning beaches, and diverse culture, is indeed a desirable place to live. However, the average home values stand at $451,436.44, which is significantly higher than the national average. This price tag reflects the city’s allure, with landmarks like the Oleta River State Park and the bustling shopping districts. Therefore, while Miami offers a rich lifestyle, it can be considered expensive when it comes to buying a house.
What is the Average Cost of Housing in Miami?
The average cost of housing in Miami, a city known for its vibrant culture and landmarks like the Oleta River State Park, stands at $451,436.44. This figure, above the national average, is influenced by the city’s appeal, including its bustling shopping districts and diverse recreational opportunities. Therefore, while Miami offers a rich lifestyle, the average cost of housing is a reflection of the city’s high demand and desirable location.
Are House Prices Dropping in Miami?
Based on recent news and market trends, there’s no clear indication that house prices are dropping in Miami. In fact, the housing market across the U.S. has been robust, with rental prices increasing and low mortgage rates driving demand. In Miami, a city known for its vibrant culture and landmarks like the Oleta River State Park, the average house price is $451,436.44. Therefore, potential buyers should consider these factors when planning their investments.
What is the Average Price of a Condo in Miami?
The exact average price of a condo in Miami for 2023 is not readily available. However, the Miami-Dade County real estate market had a successful year in 2022, with 19,377 condos sold, ranking second all-time in Miami history. Given the city’s vibrant culture and landmarks like the Oleta River State Park, it’s reasonable to expect that condo prices would be on par with or slightly lower than the average house price of $451,436.44.