19 Miami Real Estate Statistics & Facts You Want to Know

19 Miami Real Estate Statistics & Facts You Want to Know

Jun 14, 2023 June 14, 2023

When looking to buy or sell a property, it’s a good idea to take a look at the latest facts and figures about the market. To this end, we’ve created an overview of Miami real estate statistics so you can find out what's currently in and what's out in Florida's most beautiful coastal city.

With this article, you’ll be getting insightful information into the current market situation, learn about the priciest Miami neighborhood, and what (bright) future awaits the ever-developing Miami housing market.  


— Top 10 Miami Real Estate Market Statistics

  • Edgewater and Brickell were the fastest-selling luxury condo markets at the beginning of 2023.
  • Greater Downtown Miami currently has the lowest median price per square foot in the luxury Miami condo market – $896.
  • Miami is the best city for holding or selling office and retail property.
  • Rent prices in Miami have increased by 16% compared to the previous year.
  • Miami home values soared by 292% in the last 25 years.
  • The Miami condo market will avoid a home price correction in 2023.
  • The Miami home price index stands at 400.64, which is 9.7% higher than the 2022 figure.
  • Miami is set to have the tallest residential building in Florida once the Waldorf Astoria Residences is built.
  • Miami’s luxury condo market is cyclical — there are high and low seasons every year.
  • $106.875 million is the highest price ever paid for a Miami home.


— Most Remarkable Miami Real Estate Statistics & Facts

Take a look at some of the most interesting Miami real estate stats and facts to make an informed decision before buying, selling, or renting property.


1. Miami home values soared by 292% in the last 25 years.

(CNBC)

If you’re thinking about which real estate market to invest in judging by the increase in property value, Miami is a sound choice, as home prices have seen an astonishing increase of 292% over the years. 

Another option to reconsider would be Austin, Texas, where the prices have sky-rocketed by 354%.


2. Miami rent prices have increased by 16% compared to the previous year.

(Zumper)

You’ll need to pay an average of $2,900 to rent a one-bedroom apartment in Miami. A two-bedroom rental will cost you about $4,000.


3. Greater Downtown Miami currently has the lowest median price per square foot in the luxury Miami condo market – $896.

(Condo Blackbook

If you take a look at our very own Miami condo sales statistics for Q1 2023, you'll notice that new luxury condos are the most affordable in Greater Downtown Miami (Edgewater, Brickell, and Downtown). Their median price in the first quarter of 2023 stood at $896 per square foot. 

On the other hand, Miami Beach real estate facts tell us this location has the highest median price per square foot – $1,107.



Q1 2023 Miami Luxury Housing Market – Price per Square Foot Stats

Neighborhood

Q1 2023

Q1 2022

% Change

Greater Downtown Miami*

$896

$799

+12.1%

Miami Beach**

$1,107

$1,098

+0.8%

Coconut Grove & Coral Gables

$806

$806

Flat

*Greater Downtown Miami is inclusive of Edgewater, Brickell & Downtown

**Miami Beach is inclusive of South Beach, Mid-Beach, North Beach, Surfside & Bal Harbour, Sunny Isles & Fisher Island.


4. At 23.9%, the Miami-Fort Lauderdale metro area ranked second in the country for the highest percentage increase in the value of residential real estate assets from 2021 to 2022.

(Yahoo Finance)

Homes in the greater Miami and Fort Lauderdale housing market have become more and more expensive, and this is simply a reflection of the rising popularity of Florida’s real estate. Namely, Florida’s residential market value has hit $3.62 trillion. One of the reasons is the fact that the state witnessed the largest increase in population in 2022 in the entire US.  


5. As of February 2023, the Miami home price index stands at 400.64, which is 9.7% higher than 2022.

(Ycharts)

The home price index is an indicator of changes in existing, residential single-family home prices in 20 US metropolitan areas.

The home price index in Miami, Florida has been on a constant rise since 2019, when it jumped from 241.01 on January 31, 2019, to a record-high of 406.76 on July 31, 2022. 

However, in August 2022, Miami's house index started to drop again, and it currently stands at 400.64 (as of February 2023, the most recent information).


6. By purchasing a $106.875 million home in Coconut Grove, Miami, Ken Griffin secured the top spot on the list of most expensive house purchases in Miami-Dade County.

(LA Times)

In 2022, American billionaire and hedge-fund manager, Ken Griffin, bought a house in Coconut Grove from Adrienne Arsht for nearly $107 million, setting a new record in Miami-Dade County. 

For comparison’s sake, let’s remind ourselves that average Miami home prices are closer to $549,154.

Griffin also set a U.S. highest home buying price record in 2019 by purchasing a New York City penthouse for $238 million.


7. Fisher Island has the most expensive zip code in Florida.

(CNBC) (RealtyHop

If you want to have ZIP code 33109, be prepared for high Miami real estate prices as the median home sale price in Fisher Island in 2022 stood at $6,100,000. 

As a matter of fact, Fisher Island has the 5th most expensive ZIP code in the U.S., right behind Boston 02199, Beverly Hills 90210, Sagaponack 11962, and Atherton 94027. It’s the most expensive zipcode in the Southern U.S.


8. Miami’s luxury condo market is cyclical — there are high and low seasons every year.

(Condo Blackbook)

The peak of high season comes in the second quarter of the year, so it really pays off to keep in touch with the latest information on the condo market. If you are interested in buying or selling, we also recommend you work with a licensed real estate agent who understands Miami’s seasonal real estate cycles. 


9. On average, Miami-Dade County takes 1.02% of a property's assessed fair market value as the property tax. Key Biscayne has the lowest property taxes in all of Miami.

(Tax-Rates) (Condo Blackbook) (Miami-Dade County)

Miami is known for its high median property taxes. Namely, the residents of the county annually spend about 4.67% of their income on taxes.

In terms of Miami-area municipalities, the Village of Key Biscayne, a gorgeous island community with stunning beaches, has the lowest property taxes at 1.59%.



Miami Dade Property Tax Rates: Highest to Lowest

City

2022

Property Tax Rate 

2021

Property Tax Rate 

2020

Property Tax Rate

Biscayne Park

2.46%

2.52%

2.54%

El Portal

2.34%

      2.39%

      2.40%

Miami Shores

2.28%

2.36%

2.37%

North Bay Village

2.17%

2.25%

2.24%

North Miami Beach

2.14%

      2.21%

      2.22%

Indian Creek

(Miami Beach)

2.14%

2.19%

2.20%

City of Miami*

2.06%

    2.12%

    2.13%

Greater Downtown Miami 

2.10%

2.17%

2.17%

Miami Beach

1.92%

  1.93%

1.94%

Surfside

1.90

1.96%

1.98%

Bay Harbor Islands

1.83%

1.92%

1.93%

Coral Gables

1.83%

1.88%

1.88%

Pinecrest

1.75%

1.80%

1.80%

Sunny Isles Beach

1.71%

1.77%

1.79%

Unincorporated

Miami-Dade County

1.70%

1.76%

1.76%

Aventura

1.69%

1.74%

1.74%

Bal Harbour

1.68%

1.73%

1.74%

Key Biscayne

1.59%

1.64%

1.65%


Don’t see your city here? Here’s the full list of 2022 Property Taxes for the Miami Area.

*The City of Miami includes Coconut Grove and Edgewater.


— What Makes Miami Real Estate So Popular?

In our Miami real estate market analysis, it’s only fair to discuss its incredible and coveted lifestyle and mention a few reasons why Miami is one of the best places to live, not only in the State of Florida, but in the entire U.S. In fact, Miami is also becoming a top international destination city as well. 


10. Miami is the #1 U.S. city for expats.

(CNBC) (InterNations)

According to an InterNations's survey, the Magic City is an ideal destination for expats. Namely, it ranked as the top U.S. city (ahead of New York City) for international people to choose to relocate to (thus getting ahead of New York City in one more respect) And 85% of the surveyed expats stated they are satisfied with life in Miami. The city also ranks 12th overall in the list of the 50 best cities for expats to work and live in, and sixth in the culture and welcome subcategory. 

As you may have guessed, Miami’s Career Prospects is a high 5th position.


11. In 2023, Miami Beach was named the best suburb for young professionals in all of Florida.

(Niche) (City of Miami Beach) (RentCafe)

It seems that Miami Beach has it all — a strong tourism industry that opens the door to many freelancers and entrepreneurs, a trendsetting art scene, excellent conditions for opening a business, high walkability, and of course, an idyllic lifestyle

However, you should also know that the Miami Beach average rent stands at $2,943, which is nearly double the average U.S. rent — $1,967 is the median monthly rent for Americans.

Miami Beach rent is also a tad higher from the average rent in Miami — $2,900.


12. Miami is the best city for holding or selling an office and retail property.

(Statista) (Statista)

When it comes to real-estate purchase recommendations, 44% of industry experts believe Miami to be a good place to buy an office property in 2023. 

The situation is similar in the case of retail recommendations, where 48% of industry experts agree that Miami is a good starting point. 


13. Looking at major U.S. cities, Miami is the most pet-friendly one.

(Apartment Guide)

Overall, the best American cities for pets are Sarasota, Fl. and Lancaster, Pa., while Miami ranks third. But neither of these are major U.S. cities, so we can conclude it’s the best for pet lovers living in big cities. With 90 grooming facilities, about 157 parks, and over 150 vets/animal hospitals, Miami is truly a haven for pet parents!


— Miami Real Estate Trends for 2023 and Beyond

As Miami is one of the hottest real estate markets in the world, let’s take a look at what changes we can expect in the upcoming period.


14. Miami is set to have the tallest residential building in Florida once the Waldorf Astoria Residences is built.

(Condo Blackbook)

If you want to feel the vibes of Miami at 1,040 feet, wait until the end of 2026 when the construction of the Waldorf Astoria, an incredible structure that will also be the tallest residential building in Miami and Florida, will be completed. In addition to 306 condos, this incredible condominium will also have a 5-star hotel on its premises.

Waldorf Astoria Miami


15. Based on Miami real estate market 2023 forecasts, the Magic City is ranking 2nd place on the global list of luxury real estate markets with the highest increase in prices.

(CNBC) (Knight Frank)

This information is little surprise since Miami's luxury real estate market ranked fourth in the list of the world's 100 leading markets in 2021. Right now, it’s second best to Dubai. 


16. Latest Miami condo market trends: Edgewater and Brickell were the fastest-selling luxury condo markets at the beginning of 2023.

(Condo Blackbook)

These mainland Miami neighborhoods emerged as the winners in the first quarter of 2023. On average, it took only 62 days to sell a property, while the average for Miami in this period is 76 days. If you’re looking into buying or selling a luxury condo,Brickell and Edgewater are definitely worth checking out.

Overall, Miami condos sold 6.2% quicker than in the same period last year.



Q1 2023 Miami Luxury Condo Market Stats – Days on Market 
 

Neighborhood

Q1 2023

Q1 2022

% Change

Greater Downtown Miami*

62

75

-17.3%

Miami Beach**

82

90

-8.9%

Coconut Grove & Coral Gables

84

50

+68%

 *Greater Downtown Miami is inclusive of Edgewater, Brickell & Downtown

**Miami Beach is inclusive of South Beach, Mid-Beach, North Beach, Surfside & Bal Harbour, Sunny Isles & Fisher Island.


17. Miami condo market will avoid a home price correction in 2023.

(Yahoo Finance)

According to Goldman Sachs' Miami real estate market forecast for 2023, the city's metro area shouldn't suffer a decline in home prices. On the contrary, Goldman Sachs believes that house prices in Miami will see modest growth by the end of 2023 (+0.8%).


18. As Florida real estate is the number one choice for one in four international buyers, we can expect the Miami real estate to continue its growth.

(Condo Blackbook

Florida has the highest percentage of international buyers per state, according to the Coldwell Banker report. 24% of foreign real estate buyers choose Florida. California is their second-best pick, as 11% of foreign investors are interested in buying property in the Golden State.


19. Is the Miami real estate market crash happening in 2023? Definitely not — the Miami market is thriving.

(Condo Blackbook)

Miami property prices are continuing to increase in 2023. Miami is one of the most popular cities among global expats. One in four international buyers are extremely interested in investing into a condo purchase, and domestic buyers are continuing their post-covid home shopping spree.

All things considered, while many may say there is a Miami real estate bubble, given these facts, and the demand of buyers moving into Miami, we are not in a bubble, so there is nothing to burst.


— Conclusion

As you can see, not only does the Magic City have a bright future, but it also seems to be an ideal location for expats, young professionals, and lovers of a luxurious lifestyle. 

In addition, the strength of these Miami real estate statistics about the increases in property value go hand in hand with predictions that the Miami real estate market worth is only going to increase in the upcoming years. With that in mind, if you’re interested in making an investment, feel free to contact us for more insider information on where to find the best Miami real estate property for you.


— FAQs


Is Miami a buyer or seller market?

At the moment, Miami is navigating towards a balanced market after several cycles in a seller market. Bear in mind the Miami market is unique in so many ways and the high influx of buyers is continuing. For this reason, the expectations are that the housing supply increases by about 20%, and 30,000 more units are to be built in the next 24 to 36 months.


Is the Miami real estate market cooling?

Not really. The Miami housing market will most likely avoid 2023's home purchase price corrections occurring throughout the nation, i.e. Miami prices won’t likely be dropping. The minimum expected growth is +0.8% on an annual level. 

It’s worth keeping in mind however, that 2022 was an absolute record year for the Miami housing market. So, while some may say the Miami real estate market is “cooling,” it’s all relative to the strongest year in the city’s history. So far, 2023 market statistics are stronger than any year before 2023. 


What is the outlook for real estate in Miami?

The future looks bright for the Miami real estate market. With a continuous increase in both the population and property value, Miami is one of the top real estate markets, not just in the U.S., but globally. 

The increase in property value is an astonishing 292% (in the last 25 years) and the prices are far from cooling off in 2023. What is more, the demand keeps rising as both domestic and international buyers are keen on purchasing a second home in one of Florida’s most beautiful cities.


Sources:



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