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Miami real estate market overview
- Average Monthly Rent: $1,998
- Home Price/Value Percentage Change: 16.9%
- Median Home Value: $485,000
- Best Time To Sell a Home: April
- Affordability Index: 65
- Days To Sell a House: 78
- Job Market: Fair
- Public School Ranking: 18
Location and weather
Miami is located on the lower east coast of Florida, at the mouth of the Miami River. Once piney woods and palmetto scrub, Miami now has beautiful beaches and a high-rise filled downtown that boasts exciting nightlife, hotels, event venues, fine dining, and museums. The vibrant Latin American culture, mixed with a sophisticated city atmosphere is one of the primary appeals of this city.
The semi-tropical climate here means high humidity, warm summers and very mild winters. It is the second most humid city in the United States, with abundant rainfall.
Population, job market and cost of living
Miami's population is 483,395, with a growth rate of 1.08% annually.
The job market has increased by 0.8% over the last year. In ten years, job growth is predicted to be 42.7%. This region is a port city, where the Royal Caribbean Cruises, Fresh Del Monte Produce and Ryder System logistics services headquarters are located. Other major employers are American Airlines, Jackson Health System, and Baptist Health South Florida. Miami is also home to the University of Miami, Florida International University, and other prestigious institutions that make up a large portion of employment opportunities here.
Similar to most large and progressive cities in Florida, Miami is an expensive place to live. With so many desirable features, cost of living is much higher here than Florida's average.
Miami real estate market details
- Coconut Grove
- Coral Gables
- Pinecrest
- Ponce Davis
- Key Biscayne
- Surfside
- Bal Harbour
The average monthly rent in Miami is $1,998 for an average apartment size of 886 sq. feet.
There has been a 16.9% increase in Miami's median home value over the last year. As of 2022, the median home value is $485,000.
On average, homes in Miami sell after 78 days on the market.
The best time to sell a house in Miami for the highest value is during April. If you need a fast sale, the best month is November.
The affordability index in Miami is 65. This number indicates low affordability in this city.
The top ranked public schools are Doral Academy of Technology, Archimedean Middle Conservatory, Somerset Academy Elementary School South Miami Campus, and Terra Environmental Research Institute. This information is based on the school's combined math and reading proficiency data in testing.