The Miami real estate market has been receiving national attention since 2020.

Following the COVID-19 pandemic, a significant influx of people moving from New York and California, combined with international investment demand, has led to a substantial increase in home prices. We have summarized the current level of home prices in Miami and how they differ by region.

The median price of single-family homes in Miami-Dade County is currently around $600,000. Before the pandemic, it was in the low $400,000s, but it has quickly risen to the current level.

The City of Miami itself has a market primarily focused on high-rise condos, so condominium prices are more indicative than single-family home prices. In downtown Miami and Brickell, condo prices typically range from $500,000 to over $1 million for one-bedroom units, with luxury waterfront units costing several million dollars.

In Miami Beach, condos in South Beach start at around $350,000 for studios, while high-end oceanfront units can exceed $2 million.

There are significant price differences by area. The median price of single-family homes in Coral Gables is over $1.5 million, while in Pinecrest, it is about $1.3 million. The Kendall area has a more accessible price range of $450,000 to $700,000, and the median price of single-family homes in Doral is around $700,000 to $900,000.

Homestead and Miami Gardens are among the most affordable residential areas in the Miami metropolitan area, with prices ranging from $300,000 to $450,000. North Miami and North Miami Beach have median prices between $400,000 and $600,000.

One characteristic of the Miami real estate market is the high percentage of foreign buyers. Investors from Latin America, Canada, and Europe often purchase Miami condos for investment purposes, which supports the market alongside actual residential demand.

As a result, even during a national real estate downturn, Miami tends to be less affected. However, it is important to note that Florida insurance premiums have recently surged, increasing the cost of homeownership. Due to hurricane risks, homeowner's insurance costs can reach thousands of dollars annually, and additional costs may arise if flood insurance is also required.