Should I wait to buy a home in Miami?

The median home listing price in Miami is currently $499,000, which has stayed about the same recently, down only 0.1% from the prior month and 2.2% from last year. Whether you should wait depends on what you are looking for.Buyers currently have fewer homes to choose from in Miami. The number of active listings is down 15.4% compared to this time last year, with around 43,929 homes on the market. There are also fewer new homes being listed, down 5.3% over the past year.Homes are taking a little longer to sell, spending 79 days on the market, which is about 2.6% more than last year. Even with fewer homes listed, a smaller share of sellers are cutting their prices. Only 15.3% of homes have had a price reduction, which is 4.4% less than last year.The average price per square foot is $358, a slight drop of 1.3% from last year, meaning you get a little more for your money. However, the overall average listing price has gone up by 7.2% to $1,307,193, suggesting more expensive homes are on the market.If you are thinking of buying, you might find fewer options to choose from, but prices are steadying and some homes are staying on the market longer, which could give you a bit more time to decide.