What is the median home price in Miami?

The median home price in Miami is $490,000 right now. This means half the homes listed are below this price, and half are above. This number reflects what homes are currently listed for. This median price hasn't changed much from the prior month, holding steady at 0.0% growth. However, it is slightly lower than it was a year ago, down by 2.0%. This suggests a stable, though slightly softer, pricing environment compared to last year. Homes in Miami are taking about 85 days to sell on average. This is a bit quicker than last year, when it took 4.5% longer. This faster pace might suggest there's still good interest from buyers despite the slight price dip. There are fewer homes available for sale than there were last year, with active listings down by 12.3%. Even with new listings up slightly by 4.6%, the overall number of homes to choose from is lower. This lower supply can sometimes create more competition for available properties. For anyone looking to buy or sell, knowing the median price helps you understand the general market. With prices stable and homes selling a bit faster, it's a good time to keep an eye on individual property values and how quickly they move.