Since 2024 (Jul.), the median list price in Miami has dropped 4.7% to $509,950. In addition, the amount of for-sale homes has surged 30%. Availability and lower prices would typically mean homes being on the market for less time, but a combination of factors has led to an average of 88 days on the market; the highest among the top 50 U.S. Cities and 16 days more than last year.
While factors like weaning interest in Florida now that Covid restrictions have loosened certainly play a role in time on the market, a major contribution is also that realtors are now delisting sellable homes just to wait for a better market with more demand. This has led to unprecedented delisting rates, with Miami taking the top spot among metros nationwide with a 59% delist rate.
Homeowners are deciding not to compromise on the price they would like to sell their home for, choosing to wait until the market improves enough to receive a satisfactory offer. Compared to cities like Denver (32.9%), Portland (31.3%), and Austin (31.2%), Miami also saw a low rate of price cuts: only one in five. One economist also brought up that considering Miami is such a nice place to live, most sellers don’t mind waiting out the market until it improves.
