Miami-Dade County Housing | Year-End Single-Family Home Update (2021)


Miami-Dade is the largest countywide housing market in the State of Florida and the one that draws the most media attention nationally.  Recent sales trends are strong as as out-of-state buyers continue to relocate to the greater Miami area for its robust economy, warm weather and high quality of life.

According to FloridaRealtors, there were a total of 15,705 existing single-family homes sold throughout Miami-Dade County during 2021.  This represents a 18.5% from the number of existing single-family sale transactions during 2020 (13,250). Of the total, approximately 25% or 3,806 transactions were conducted using cash.

The amount of closed sales have continued to increase based on the following historical levels.

  • 2021 – 15,705 (up 18.5% year-over-year)
  • 2020 – 13,250 (down 0.5% year-over-year)
  • 2019 – 13,322 (up 3.0% year-over-year)
  • 2018 – 12,932 (up 1.1% year-over-year)
  • 2017 – 12,972 (down 2.8% year-over-year)
  • 2016 – 13,164 (down 5.3%% year-over-year)

Based on the current level of activity, it is anticipated that the trend of increasing sales of existing single-family homes in Miami-Dade County will continue for 2022 (provided there is sufficient inventory to accommodate the demand).

Overall dollar sales volume for 2021 was $15.8 billion which is a massive 72.4% increase from the $9.2 billion amount realized during the prior year. For the past several years, dollar sales volume has continue to increase not only due to a growth in the number of transactions, but also the growth of single-family home values.

  • 2021 – $15.8 billion (up 72.4% year-over-year)
  • 2020 – $9.2 billion (up 25.6% year-over-year)
  • 2019 – $7.3 billion (up 5.6% year-over-year)
  • 2018 – $6.9 billion (up 10.4% year-over-year)
  • 2017 – $6.3 billion (up 3.7% year-over-year)
  • 2016 – $6.0 billion (down 2.6% year-over-year)

Single Family Home Sale Prices (Year End 2021)

The median sale price is one of the preferred statistical methods for measuring price activity as it is not as sensitive of extraordinary high or low sale prices (that are not typical of a particular market area) which can easily skew the values.

For 2021, the median sale price for single-family home sale transactions in Miami-Dade County was $495,000 which is 23.1% higher than that observed for 2020.  

  • 2021 – $495,000 (up 23.1% year-over-year)
  • 2020 – $402,000 (up 10.1% year-over-year)
  • 2019 – $365,000 (up 4.3% year-over-year)
  • 2018 – $350,000 (up 7.4% year-over-year)
  • 2017 – $326,000 (up 10.5% year-over-year)
  • 2016 – $295,000 (up 11.3% year-over-year)

For the same period, the average sale price for single-family home sale transactions in Miami-Dade County exceeded $1 million ($1,007,595).  This amount is 45.5% higher than 2020 and largely driven by the 108.6% increase in the sale of homes over $1,000,000.

  • 2021 – $1,007,595 (up 45.5% year-over-year)
  • 2020 – $692,691 (up 26.3% year-over-year)
  • 2019 – $548,383 (up 2.5% year-over-year)
  • 2018 – $535,063 (up 9.2% year-over-year)
  • 2017 – $489,764 (up 6.7% year-over-year)
  • 2016 – $459,004 (up 2.8% year-over-year)

 

 

Single Family Home Inventory Levels (Year End 2021)

Inventory is the number of active property listings on the market for sale at any given point in time.  This particular statistic is one of the main components in a healthy real estate market.

As of the year-end 2021,there were only 2,563 single-family homes available for sale in Miami-Dade County which is a 30% decline from the amount of inventory as of the end of 2020.  In the past three years, overall inventory has been staggeringly low compared to historical levels.  

  • 2021 –  2,563 homes (down 30% year-over-year)
  • 2020 – 3,659 homes (down 40.9% year-over-year)
  • 2019 – 6,190 homes (down 10% year-over-year)
  • 2018 – 6,877 homes (up 15.2% year-over-year)
  • 2017 – 5,969 homes (down 4.0% year-over-year)
  • 2016 – 6,218 homes (up 5.2% year-over-year)

The months supply of single-family home inventory as of the year-end was also historically low.  At the current pace of sales, there is just two month of inventory available for sale in Miami-Dade County (as of year-end 2021) which is down 39.4% from 2020.

  • 2021 –  2.0 months supply (down 39.4% year-over-year)
  • 2020 – 3.3 months supply (down 41.1% year-over-year)
  • 2019 – 5.6 months supply (down 12.5% year-over-year)
  • 2018 – 6.4 months supply (up 14.3% year-over-year)
  • 2017 – 5.6 months supply (down 1.8% year-over-year)
  • 2016 – 5.7 months supply (up 11.8% year-over-year)

Although overall inventory is down substantially, the number of new single-family home listings were put onto the market during 2021 increased by 7.5% (from YE 2020) to 19,350 as sellers take advantage of the increasing prices.

  • 2021 –  19,530 homes (up 7.5% year-over-year)
  • 2020 – 18,175 homes (down 9.6% year-over-year)
  • 2019 – 20,110 homes (down 5.3% year-over-year)
  • 2018 – 21,238 homes (up 7.2% year-over-year)
  • 2017 –  19,813 homes (4.5% year-over-year)
  • 2016 – 20,745 homes (up 1.3% year-over-year)

Due to demand levels and low inventory, the number of new listings are increasingly higher price points continues to grow.  Following is a table of new 2021 single-family listings at individual price points.

Initial Listing Price Point New Listings % Change (YOY)
Less than $50,000 35 -39.5%
$50,000 – $99,999 5 -75.0%
$100,000 – $149,999 42 -61.5%
$150,000 – $199,999 138 -56.3%
$200,000 – $249,999 319 -52.1%
$250,000 – $299,999 856 -48.5%
$300,000 – $399,000 3,688 -23.0%
$400,000 – $599,000 6,891 35.1%
$600,000 – $999,999 3,834 39.7%
$1 million or more 3,734 36.8%

As of the year end 2021, the following table will show the number of active property listings at individual price points.

Current Listing Price Point New Listings % Change (YOY)
Less than $50,000 0 -100.0%
$50,000 – $99,999 1 -50.0%
$100,000 – $149,999 2 -71.4%
$150,000 – $199,999 5 -79.4%
$200,000 – $249,999 24 -68.4%
$250,000 – $299,999 84 -50.6%
$300,000 – $399,000 283 -40.3%
$400,000 – $599,000 769 -5.2%
$600,000 – $999,999 580 -27.2%
$1 million or more 815 -37.2%

Are you thinking of selling?

Based on the year-end 2021 data, the current state of the market is highly favorable for seller.  If you are a homeowner and are considering selling your personal residence, vacation home or investment property, not may be the perfect time to do so.

Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide.  We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.

Contact us at info@quantumcos.com or learn more by visiting our web site at www.QuantumRealtyAdvisors.com.

The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted. All information, content, and materials available on this site are for general informational purposes only.

Quantum Realty Advisors, Inc.

For more than 20 years Quantum has provided premium quality real estate services not only to traditional home buyers and sellers, but to business enterprises, trust and estate managers, asset management firms, charitable organizations and several of the world’s best know financial institutions.

Recent Posts