According to some of the biggest real estate companies in the nation, Miami’s housing market is “not very competitive” right now.
That can be hard to believe when you look at prices online.
New data shows a slow market in South Florida.
Prices cool as market softens
Prices are cooling down, and so is the market, according to real estate giant Redfin.
But experts say as the season changes, so will the market.
Buyers and sellers adjust to shift
The housing market has been anything but ordinary over the last five years.
Greg Wood, a first-time homebuyer in 2020 who now invests in real estate, said he has seen both extremes.
“I’ve sort of seen the highs and the lows, and there are pros and cons of both types of markets… It’s a lot more emotional when it’s a heavy market,” Wood said.
Realtors confirm 16-month lull
Realtor Drew Kern acknowledged the slowdown many in South Florida have experienced.
“I think we are coming out of what has been a softer market. Sixteen months of a little bit of a lull,” Kern said.
Homes linger, prices fall below asking
According to Redfin’s October report, homes in Miami are sitting on the market for 125 days — even longer for condos.
Prices are down more than 4% compared to last year, and homes typically sell for 6% below asking.
Kern said sellers are learning they can’t get 2020 sale prices in 2025.
“Sellers have gotten a little more realistic, so we are seeing a lot more activity… especially in the last 30 days, contracts and people coming to closing,” Kern said.
Buyer’s market offers advantages
Realtor Ailyn Quesada said she advises her clients — including Wood — that there are advantages to a buyer’s market.
“I tell my clients that right now they can take their time to think about the offers that they are going to make. The ball is on their court, so they can send an offer below asking price and still feel confident they will be accepted,” Quesada said.
Interest rates could drop again
The Federal Reserve meets again next month, and members could vote to cut interest rates yet again.
