Miami (metro area) real estate market — prices, rental yield and trend

• Average price: $3,821 / m²
• Gross rental yield: 8.69%
• 12-month price change (USD): 2.3%
• Net rental yield: 7.76%
• Transaction cost: 6.9%
• Bubble-risk band: elevated
• Price basis: regional average

Residential property in Miami (metro area) averages $3,821 per square metre. In dollar terms the market has barely moved over the last twelve months (+2.3%). That makes it the 116th most expensive of the 264 markets in the set.

What a buyer pays in Miami (metro area)

The $3,821 figure is a regional average across all residential property types, which flattens a wide spread — the most sought-after areas run well above it, the rest of the region well below. Buying costs — transfer tax or stamp duty, notary, registration and agency — come to about 6.9% of the price here. On a 100 m² apartment at the average price that is roughly $26,365 on top of the $382,100 purchase price. That is below the 9.5% median across the set, which shortens the time it takes for a purchase to break even. Of that, the transfer tax alone is 0–4% depending on the buyer and the property; the rest is notary, registration and agency fees.

What it earns

The typical home here lets for about $3,461 a month against a purchase price of $477,919, which is 8.7% gross before tax. Neither figure is quoted per square metre in this market, but both come from the same source, so the ratio between them holds. It ranks 15th of 311 markets by gross yield. Rental income is taxed at 10–30% — the rate is not a single number here. That is the difference between 6.1% and 7.8% net on the same property. The 7.8% net figure we publish uses 10.7%. On the way out there is a third tax: a non-resident seller pays 0–37% on the gain, depending on how long the property was held and who is selling.

How the tax works. 10.66% under the IRC § 871(d) election, which treats the letting as effectively connected income taxed on a net basis at progressive rates (Form 1040-NR with W-8ECI); the lower part of the band (10–11%) is the spread across typical rent levels under that election. Without the election the default is a 30% withholding on the gross rent (§ 871(a)), the upper end of the band — three to four times the net tax, so virtually every real owner elects. Non-resident aliens get no standard deduction and the NIIT does not apply. Depreciation (27.5-year MACRS) is not included; with it the real burden is roughly 5–6%. Source: irs.gov. Florida levies no state personal income tax, so the federal figure is the whole income-tax burden.

Where the price sits against its own history

Prices are +45.4% over five years and +108.7% over ten in local terms. Today’s level sits 35.5% above the city’s own long-run trend. A gap that size does not have to close, but it is the number to watch. Glopra’s bubble-risk score for Miami (metro area) is 75 out of 100 — elevated risk. Of the 65 markets scored, 9 read higher. It combines the deviation from trend, price-to-income and the pace of recent growth — a warning light, not a forecast.

Miami (metro area) house price index, 2016–2026 (2016 = 100)

Rebased to 100 in 2016, the index stands at 208.7 in 2026.

Who can buy in Miami (metro area)

Freehold, no restrictions. That is the rule a foreign buyer meets first, not legal advice — check the current position locally before you commit.

How this figure is built

The price figure for Miami (metro area) is built from asking prices from listings. It was last refreshed on 2026-11-12. We rate our confidence in this market’s data medium: the series is usable, but thinner or less current than our best-covered markets. We recompute every market the same way; a figure that fails our checks is suppressed, not guessed.

Snapshot: 2026-11-12.