Annual Overview: Miami Shores 2024 Real Estate Market – Key Trends and Analysis
Buying or selling in Miami Shores? Let’s make it seamless—and maybe even a little fun—with the pros who know this market best! The Miami Shores real estate market in 2024 was nothing short of captivating. This year painted a picture of balance, offering a refreshing perspective in the ever-evolving world of real estate. While some expected turbulence amid fluctuating mortgage rates and shifting buyer behaviors, Miami Shores once again proved its resilience, carving its own unique path.
Cracking the Pricing Code
Let’s talk about one of the year’s biggest takeaways: the gap between listing prices and what buyers are actually paying. Sellers are aiming high, but buyers are holding out for fair market value. The result? Sales are happening—but only when the numbers make sense. It’s a fascinating dynamic, hinting at a blend of ambition and reality. Sellers, take note: buyers are sharp, well-informed, and ready to negotiate to fair market value. The result? Deals are still happening, but only when expectations align.
The Pace of Play
The days of frantic bidding wars are firmly in the rearview mirror, but that doesn’t mean the market has stalled. In fact, the timeline for both active and closed properties has been strikingly consistent, hovering just above 100 days. This steadiness underscores a composed and deliberate market—one where neither buyers nor sellers are rushing to make decisions. For sellers, this means taking the time to prepare your home to stand out. For buyers, it’s an opportunity to explore your options without the pressure of snap decisions.
Finding the Sweet Spot
Here’s where things get really interesting: the balance between perceived value and actual value. While some sellers are setting aspirational prices, buyers are laser-focused on homes that deliver the most for their investment. Properties that hit the sweet spot—well-maintained, stylish, and realistically priced—are stealing the show. On the flip side, homes with inflated price tags or in need of major updates are spending more time on the market.
What This Means for You
The Miami Shores market in 2024 reinforced an essential truth: this is a community that thrives on quality and charm. Buyers are drawn to the character and lifestyle Miami Shores offers, but they’re also savvy about value. Sellers who present their homes in the best possible light and price them thoughtfully will always stand out.
Looking Ahead to 2025
As we move into the new year, there’s an air of cautious optimism. While pricing adjustments might still be necessary to close the gap between list and sale prices, the Miami Shores market remains dynamic and desirable. The key to success in 2025 will be preparation—whether that means staging your home for sale, understanding the local market as a buyer, or simply keeping an eye on emerging trends.
Here’s to another year of opportunity in Miami Shores real estate. Let’s navigate it together with confidence and a clear perspective.
Download our latest 3-D Market Analyzer HERE.
Miami Shores Homes – Price per Square Foot
Yep, appreciation is still the star of the show, and 2024 is no different! Miami Shores home values continue their steady climb, proving once again why this market stands out. Got questions about appreciation? We’re here with answers!
| Year | Price per SF |
|---|---|
| 2024 | $727/SF |
| 2023 | $640/SF |
| 2022 | $589/SF |
| 2021 | $431/SF |
| 2020 | $338/SF |
| 2019 | $324/SF |
| 2018 | $317/SF |
| 2017 | $293/SF |
| 2016 | $278/SF |
| 2015 | $264/SF |
| 2014 | $236/SF |
| 2013 | $215/SF |
| 2012 | $181/SF |
| 2011 | $166/SF |
Owning a home isn’t just about having a place to live—it’s about building wealth and securing your financial future. History shows that getting into the market sooner rather than later pays off. Waiting on the sidelines? That could mean letting opportunities slip by. In real estate, action beats hesitation every time!
Download our latest 3-D Market Analyzer HERE.
Take a look at the benchmark for Miami Shores in the last 12 months:
PRICING & VALUE
• Average Closed Price: $1.5M
• Average Active Price: $2.2M
• Closed Price per Sq Ft: $736
• Active Price per Sq Ft: $815
• Average Discount: 7%
MARKET ACTIVITY
• Total Households: 3,643
• Closed Sales (12 mo): 135
• Active Listings: 73
• Closed/Active Ratio: 1.85:1
TIME & VOLUME
• Average Days on Market (Closed): 106
• Average Days on Market (Active): 100
• Total Sales Volume: $204.6M
• Total Commission Volume: $3.7M
Download our latest 3-D Market Analyzer HERE.
Miami Shores Real Estate Market Report for 2024
The general figures for Miami Shores homes in 2024 are the following: (click HERE to see 2023 figures)
- There were 129 Miami Shores homes sold in 2024, compared to 168 sold in 2023, and 169 sold in 2022. The median sales price was $1.405 Million, compared to $1.305 Million in 2023, and $575,000 if we go back to pre-pandemic 2019. (drastic change in only 5 years)
- The highest sale in Miami Shores in 2022 was the bay front home at 9767 NE 3th Avenue. A 5 bedroom / 4.5 bathroom fixer upper with 5,094 Sq.Ft., 28,047 Sq.Ft. lot with 187′ of open bay views!! I see a demolition in the future. This home sold for $8,695,000 ($1,707/Sq.Ft.) **cash transaction
- The highest dry lot sale (not waterfront) in Miami Shores in 2024 was for the 2015-build at 9350 NE 12th Avenue, a very unique property and home, selling for $7,092,000 and 1,178/Sq.Ft. – this was also the highest overall sale in Miami Shores in 2024. **cash transaction
Download our latest 3-D Market Analyzer HERE.
List of Miami Shores Homes Sold in 2024
To get a list of all Miami Shores homes sold in 2024, please contact us.
Download our latest 3-D Market Analyzer HERE.
Miami Shores real estate doesn’t have to be stressful—let us handle the hard stuff while you plan the housewarming party. Give us a call!