Home prices across the U.S. are falling, but Miami's sellers are taking homes off the market at the highest rate nationally. July saw a median list price drop of 4.7% to $509,950, amidst a 30% increase in inventory. Homes in Miami are staying on the market for an average of 88 days, the longest in the top 50 U.S. cities. Despite these trends, only 18% of homes were price reduced, with sellers opting to delist properties rather than lower prices, highlighting a unique market behavior in the region.
The median list price in Miami has plummeted 4.7% in July from a year ago, down to $509,950, as its inventory of for-sale homes surges 30%.
The typical listing in Miami sat on the market for a striking 88 days last month, the longest among the top 50 U.S. cities.
Less than 18% of listed homes in Miami came with a price reduction, indicating sellers are opting to remove listings rather than lower prices.
Miami had the nation's highest ratio of delistings to new listings in June at 59, showing a significant difference from other markets.
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