What is the cost of living in Miami?

The cost of living in Miami has seen some shifts recently. The typical home is listed for $499,000, which is slightly down compared to last month and last year. This means homes are a little less expensive than in the recent past. Looking at the bigger picture, the total number of homes for sale is 43,929. This is actually 15.4% fewer homes than there were a year ago, so there's less to choose from right now. However, the number of brand-new listings also went down by 5.3% over the past year, meaning fewer new options are coming onto the market. Homes are also taking a bit longer to sell, staying on the market for an average of 79 days. That's a slight increase of 2.6% compared to a year ago, suggesting buyers have a little more time to make decisions. About 15.3% of homes have also had their prices cut, which is down 4.4% from last year. The price per square foot is currently $358, which is 1.3% lower than a year ago. Even with this decrease in median price and price per square foot, the average listing price actually went up by 7.2% to $1,307,193. This could mean some very expensive homes are on the market, pulling the average up. If you're thinking about buying or selling in Miami, it’s a good idea to pay attention to how quickly homes are selling and the prices homes are listed for. These numbers can help you make a more informed decision about what you can afford or how to price your home.