Miami, FL Real Estate Market

With homes selling in a median of just 3 days and a market temperature score at the 95th percentile, sellers are in a strong position to attract serious buyers quickly. The gap between the median list price of $817,900 and the median sale price of $649,000 suggests sellers should price strategically to align with what buyers are actually paying.

Buyers in zip code 33131 should be prepared to move fast, as the median days on market is only 3 days, leaving little room for hesitation or extended negotiation. With a median sale price of $649,000 and a price per square foot of $932.47, buyers should have financing fully in order before beginning their search.

The median rent of $3,800 against a median sale price of $649,000 reflects a gross rent multiplier worth evaluating carefully, particularly for smaller units where a studio rents at $2,650 and a one-bedroom at $3,200. With 1,134 rental units currently available alongside 1,128 for-sale listings, rental supply is robust, which investors should factor into vacancy and pricing assumptions.

The current 30-year mortgage rate of 6% and 15-year rate of 5.43% remain a meaningful cost factor when financing a $649,000 purchase in this market. Buyers who can qualify for the 15-year option at 5.43% may find long-term interest savings worth considering, though the higher monthly payment requires careful budgeting.