How is the Miami housing market doing?

The Miami housing market is showing a small dip in prices, but there are fewer homes for sale right now. This suggests things are a bit more competitive for buyers despite the slight price drop. The median listing price is around $499,000. That's just a tiny bit lower than last month and about 2.2% less than what it was a year ago. It means homes are, on average, a little less expensive now compared to recently. There are 43,929 homes currently on the market. That's a 15.4% decrease from a year ago. Fewer homes available can make it harder for buyers to find what they want. Homes are staying on the market for an average of 79 days, which is slightly longer than last year. About 15.3% of homes have also had their prices reduced. There are 11,427 homes with pending sales, and this number is up 6.5% from last year, showing that homes are still going under contract. If you're looking to buy, you might find slightly lower prices than last year, but be prepared for fewer options because there are fewer homes listed.