Are home prices going up or down in Miami?

The median price for homes in Miami right now is about $499,000. That's almost the same as last month, with a very small dip, and a bit lower than this time last year. Home prices are mostly holding steady, but have seen a slight decrease over the last year. Looking at the median price, homes are listed for $499,000, which is just barely down from the previous month and about 2.2% lower than a year ago. It suggests a slight cool-down in the market. There are fewer homes for sale now compared to last year. The number of active listings is down by 15.4%, meaning there are fewer choices for buyers. Also, fewer new homes are coming onto the market, down 5.3% from a year ago. Homes are also taking a little longer to sell. The typical home stays on the market for 79 days, which is a bit longer than last year. However, fewer sellers are dropping their prices compared to a year ago, with the share of price reductions down by 4.4%. For you as a buyer, this means there are slightly fewer homes to pick from, and you might see homes sitting longer. It could create a bit more room for negotiation on price since median prices have slightly decreased over the past year.