Miami-area home sellers are increasingly settling for less than they’re asking or pulling their listings altogether rather than budge on price.
Nearly 80% of homes sold below list price as of April 30, while just 8% sold above asking, according to data released by Zillow, a gap that signals a market tilting toward buyers.
Other analyses shows that sellers might be pulling back on their listings, should their demands not meet expectations.
As of April 30, sales under list price came in at a staggering 79.5%, while only 8% of sales were over the list price.
That discrepancy was glaring: the median list price (as of May 31) was $649,633, while the median sale price (as of April 30) was $593,167, according to Zillow.
Homes are also taking longer to sell than a year ago, a sign that buyers are stepping back as well. The median days on the market rose to 80 days, a 3.8% increase from a year ago and a remarkable 41.38% rise from three years ago.
Realtor.com‘s data showed the median listing (as of June) was $625,000, an 8.15% percentage drop over three years. The median sold price was $560,000, a 3.70% uptick.
Active home listings as of June came in at 10,109, a 6.72% drop from a year ago, but an 82.72% rise over three years.
As far as rental properties, there were 13,310 available, a 16.12% increase from last year and a 63.13% spike over three years.
The good news: the median rent dropped to $2,975 a month, which reflected a 0.83% dip from last year and a 5.82% drop from three years ago.
According to Homes.com, Miami’s housing market lost momentum in May, with fewer homes for sale, declining sales, and a slight dip in prices.
Total sales were down 5.2% year over year. Townhome sales dropped 13.1%, the largest decline, while condo sales fell 6.2% and single-family home sales slipped 2.0%.
The number of homes for sale was down 9.1% year over year, the first May decline since 2022, Homes.com reported. This marks four straight months of declining inventory. New listings were also down 7.3% from the same time last year.
“The disconnect between declining sales and shrinking inventory suggests that some sellers are withdrawing properties from the market rather than accepting lower offers,” the report noted.
“Many homeowners have been locked in low mortgage rates in recent years and are reluctant to sell unless pricing expectations are met.”
There are 195 properties currently on sale in Key Biscayne, according to Realtor.com, including a $237 million, five-bedroom mansion on West Matheson Drive with an estimated monthly payment of $1,577,114.
Nearly 80% of Miami-area homes are selling below asking price as sellers weigh holding out over cutting their price.