Miami, FL local notes, issue 1
Miami's median sale price held at $649,691 this month, but homes sold fell 12.1% and months of supply rose 22% to 12. For you, that means a longer wait and more price cuts when a home is listed.
Housing figures this month
Redfin's figures for Miami show a median sale price of $649,691 this month. It did not move from last month (0%). Median price per square foot was $529, up 0.9%.
Homes sold came to 342, down 12.1%. New listings were 739, down 0.1%. Sales slowed while new supply held about level. A typical home spent 113 days on the market, down 2.6%.
Homes for sale at the end of this month numbered 4,062, up 6.9%. Months of supply was 12, up 22%. Price cuts were 26.9% of homes for sale, up 1.5 points. Sale-to-list was 94.6%, down 0.2 points. Homes sold above asking were 4.1%, down 0.2 points.
What it means for you
Prices held, but fewer homes sold while more homes sat for sale. If you list a home here, build the pricing plan before the sign goes up. Talk through a price cut early, so a seller is not surprised later.
If you work with home buyers, the extra choice and the rise in price cuts give you more to show. Point out which homes have already cut their price, and let the numbers guide the offer conversation.
AI answers and the Florida comparison
Each month we ask a fixed set of 3 questions per market on 4 engines: ChatGPT, Perplexity, Gemini and Google AI Overviews. This issue carries no figures on how often they named an agent in Miami, or which kinds of sources they cited, so we state none.
We also do not compare Miami with the rest of Florida this month. When those measurements are ready, they will appear in a later issue.
Data provided by Redfin, a national real estate brokerage.