Are home prices going up or down in Miami?

The median listing price for homes in Miami is currently $495,000, which is slightly down compared to last month and last year. This means homes are listed for a bit less money than before.The median listing price went down by 0.8% from the previous month and by 2.9% compared to last year. This shows a slight decrease in how much sellers are asking for homes.The average listing price, however, went up by 6.8% over the last year, reaching $1,241,606. This suggests that some more expensive homes are on the market, pulling the average up even if the typical home price is lower.Right now, there are 41,524 active listings, which is 16.9% fewer homes for sale than a year ago. This can make it feel like there aren't as many choices out there for buyers.Homes are staying on the market for 85 days, which is a bit quicker than last year. Also, fewer homes are having their prices cut, with the share of price-reduced homes down by 3.2% compared to last year.If you are looking to buy, you might find slightly lower prices on many homes compared to last year, but there are fewer homes to choose from overall.