Should I buy new construction or resale in Miami?

It’s a good time to consider new construction, as resale home prices have dipped slightly while new construction prices have gone up in the past year. However, there are fewer homes to choose from overall, and homes are staying on the market longer. The latest median listing price in Miami is $495,000. This is 0.8% lower than the month before and 2.9% lower than last year. The average listing price, however, has gone up 6.8% over the last year to $1,241,606. This suggests that while most homes are seeing price drops, larger or more expensive homes are actually costing more. You have fewer homes to pick from right now. The total number of active listings is 41,524, which is 16.9% lower than last year. The number of brand new listings also dropped by 2.9% in the past year. Homes are taking a bit longer to sell, too. On average, a home stays on the market for 85 days, which is 4% longer than last year. This means sellers are waiting longer to find a buyer. As a buyer, you might have more negotiating power with resale homes because prices are slightly down and homes are sitting longer. For new construction, while the average price is up, you might find some good opportunities with builders eager to sell. Make sure to compare the specific costs and benefits of each type of home. This means sellers are waiting longer to find a buyer. As a buyer, you might have more negotiating power with resale homes because prices are slightly down and homes are sitting longer. For new construction, while the average price is up, you might find some good opportunities with builders eager to sell. Make sure to compare the specific costs and benefits of each type of home to see what fits your needs.