Feb 24, 2023 - Business

Miami housing market moderates, but prices are still going up

Data: Redfin; Chart: Axios Visuals

Miami's housing market has moderated a little bit from the craziness of the past two years, but prices have still been rising.

Why it matters: Any relief is welcome by home seekers, especially as mortgage rates creep up.

By the numbers:

  • Miami's median home sales price was $470,000 in January, up 8.05% from last year and up 3.3% from December.
  • Inventory was up 10% from last year.
  • The median number of days that homes sat on the market in January was 71, up eight days from the year prior.

Zoom out: Nationally, median home sales prices have crept up 1.3% from one year ago.

  • The national median home sales price in January was $383,000.
  • Sales fell for the 12th month in a row, according to the latest from the National Association of Realtors.
  • As demand falls, homes sit on the market a little longer, which gives buyers a little more room to negotiate.

What’s next: Spring, which is typically marked by high demand, more competition and higher home prices, is right around the corner.

  • If spring 2023 follows typical trends, we should expect home prices to rise again in the near future.
  • Yes, but: Experts predict 2023 will see a far less frantic housing market than in 2022.

The bottom line: We're starting to see a moderate market correction, but home values aren't falling.


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