Annual Overview: Miami Shores 2023 Real Estate Market - Comprehensive Yearly Analysis and Trends

Annual Overview: Miami Shores 2023 Real Estate Market – Comprehensive Yearly Analysis and Trends

As we reflect on the Miami Shores real estate market of 2023, the narrative has taken an intriguing turn. The year has been a journey towards normalization, subtly defying the expectations of many. Contrary to the prevalent belief of decreasing prices, our data reveals an interesting twist: the average price per square foot in Miami Shores has actually seen an uptick. This increase, detailed in the data below, offers a fresh perspective on the market dynamics.

We LOVE mortgage rate hikes!! <<said no one ever! The rise in mortgage rates, a key talking point of the year, did put a damper on the enthusiasm of some potential buyers. Yet, it’s crucial to remember that necessity often drives decision-making in real estate. Those who needed to move made it happen, navigating through the changing financial landscape.

Looking forward to 2024, there’s a sense of optimism in the air. Predictions indicate a possible decrease in mortgage rates and an increase in available properties, suggesting a move towards a more balanced market. And now for the exciting part – it turns out the Miami Shores market has become quite the connoisseur of elegant living. Homes that are primped and primed, looking their absolute best, are the hot ticket items, quickly finding new owners. On the flip side, the fixer-uppers, with their ‘diamond in the rough’ charm, are taking a bit more time to woo buyers, not quite the center of attention like they once were. It’s a fascinating shift, showing that when it comes to real estate, it’s not just location and size that matter, but style and readiness too. (Keep this in mind when you are ready to sell because it’s making a huge difference)

This shift is a noticeable change from the frantic pace of 2021. Back then, the market was all about quick sales and intense bidding wars, a far cry from the more composed scene we’ve witnessed recently. Despite the changes, prices continued their steady climb, defying expectations in a market adjusting to higher mortgage rates.

But as always, the real estate market is a dynamic and ever-changing landscape, influenced by a multitude of factors. As we look to the future, the resilience and adaptability of the Miami Shores market continue to stand out. With a keen eye on the evolving trends and an ear to the ground, we’re preparing for what 2024 might bring. Stay informed, stay flexible, and join us as we navigate the ongoing journey of the Miami Shores real estate market. It promises to be an interesting path ahead.

Miami Shores Homes – Price per Square Foot

For those thinking that there was a price decrease in Miami Shores in 2023 – numbers don’t lie. There was an increase in price/sq.ft. from 2022 to 2023 of $51, prices continue to increase, although not at the pace of 2021, but home prices in Miami Shores continue to appreciate! Any questions on appreciation?

Year Price per 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

Buying a home continues to be a great investment, no wonder it’s one of the top ways of building wealth in the US.  So in my opinion, looking at historical numbers, holding off on buying is not the way to go. In the world of real estate, hesitating can mean missing out on some serious gains.

Take a look at the benchmark for Miami Shores in the last 12 months:

Miami Shores Real Estate Benchmark for 2023

The average closed price has increased from $687,000 in 2020 to $1.2 Million in 2023 (almost doubling in 3 years!).  We continue to be in a seller’s market with 4 months of inventory, which is the same as last year.  The micro-stats is what I find really interesting and have not varied much from 2022 numbers:

  • Most sales in Miami Shores are 3-bedroom homes and those average $619/Sq.Ft.
  • 4-bedroom homes average $673/Sq.Ft.
  • 5-bedroom homes (if you find any) average $810/Sq.Ft.
  • 93.2% of all deals were cash
  • 94.4% of occupants are primary owners, meaning the buy to live in the home
  • Most popular architecture continues to be mid-century modern (built between 1948-1969) and that sells at an average of $611/SF
  • The price range that is most popular is between $1-$1.5 Million

We offer Miami Shores market reports on a monthly basis, on the first week of every month,for you to stay on top of the pulse of the market.  These reports help you identify the best time to buy or sell. Download our latest 3-D Market Analyzer HERE.

Miami Shores Real Estate Market Report for 2022

The general figures for Miami Shores homes in 2023 are the following:  (click HERE to see 2022 figures)

  • There were  168 Miami Shores homes sold in 2023, compared to 169 Miami Shores homes sold in 2022 and 239 in 2021. The median sales price was $1.305 Million, compared to $1.1 Million in 2022, $825,000  in 2021, $680,000 in 2020, and $575,000 in 2019. (drastic change in only 4 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 2023 was for the impeccable new construction at 123 NE 99th St. with 4 bedrooms / 4.5 bathrooms, 2,972 Sq.Ft. on 11,500 Sq.Ft. lot.  Selling for $4.35 Million and was also the highest price per square foot for a non-waterfront home ($1,464/Sq.Ft.) **cash transaction
  • The lowest Miami Shores home sold in 2023 was located in the West Shores subdivision by Barry University. The 2 bedroom / 2 bathroom home at 560 NW 112th St, was listed for $475,000 and sold for $430,000 ($268/Sq.Ft) **conventional loan

Download our latest 3-D Market Analyzer HERE.

List of Miami Shores Homes Sold in 2023

Miami Shores Real Estate market report for 2023

To get a list of all Miami Shores homes sold in 2023, please contact us.

Download our latest 3-D Market Analyzer HERE.

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