Miami-area home sellers are increasingly settling for less than they’re asking or pulling their listings altogether rather than budge on price.<\/p>\n
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>, a gap that signals a market tilting toward buyers.<\/p>\n Other analyses shows that sellers might be pulling back on their listings, should their demands not meet expectations.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n Realtor.com<\/a>‘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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n According to Homes.com<\/a>, Miami\u2019s housing market lost momentum in May, with fewer homes for sale, declining sales, and a slight dip in prices.<\/p>\n 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%.<\/p>\n The number of homes for sale was down 9.1% year over year, the first May decline since 2022,\u00a0Homes.com<\/a> reported. This marks four straight months of declining inventory. New listings were also down 7.3% from the same time last year.<\/p>\n “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.<\/p>\n “Many homeowners have been locked in low mortgage rates in recent years and are reluctant to sell unless pricing expectations are met.”<\/p>\n