How is the Miami housing market doing?

The Miami housing market is seeing a slight dip in prices, but homes are selling a bit faster than before. There are also fewer homes available for sale compared to last year. The median listing price in Miami is currently $495,000. This is a small decrease of 0.8% from the previous month and down 2.9% from this time last year. So, prices have softened a little. There are 41,524 homes actively for sale right now, which is a significant drop of 16.9% compared to last year. Even with fewer homes on the market, new listings are also down slightly by 2.9% year-over-year, meaning fewer new options are coming up. Homes are staying on the market for 85 days, which is 4% less time than last year. This suggests that even with slightly lower prices, homes are still finding buyers a little quicker. Also, fewer sellers are cutting their prices, with the share of price-reduced homes down 3.2% from last year. If you're thinking of buying, the slight price dip and quicker sales might mean you have less time to decide. If you're selling, fewer homes on the market could give you a bit more leverage, even with slightly lower prices.