Miami, FL Metro Area Housing Market Analysis - September 2024

The Miami, FL metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has risen to $550,000, marking a 2.5% increase year-over-year (YoY). This upward trend is mirrored in the Median List Price, which stands at $590,000, reflecting a 1.9% YoY increase. The median Price Per Square Foot has also seen a rise, reaching $378.62, up by 2.6% YoY. Notably, the Median List Price per square foot has surged by 9.3% YoY to $439.70, indicating a significant increase in listing expectations.

Despite the increase in prices, the number of Homes Sold has decreased significantly, with 1,793 Homes Sold, representing a 19.1% decline YoY. Pending Sales have also dropped by 14.2% YoY, totaling 2,079. Conversely, New Listings have increased by 8.3% YoY, reaching 3,709, contributing to a substantial rise in inventory, which is up by 35.5% YoY to 14,864. This increase in inventory has led to a dramatic rise in the Months of Supply, now at 8.3 months, a 340% YoY increase, indicating a shift towards a buyer's market.

The Median Days on Market have increased by 16% YoY to 67 days, suggesting that homes are taking longer to sell. The average sale to list ratio has slightly decreased to 96%, down by 0.9% YoY, while the percentage of Homes Sold above list price has dropped by 9.5% YoY to 9.5%. Additionally, the percentage of Price Drops has increased by 3.7% YoY to 19.9%, reflecting sellers' adjustments to align with market conditions. The percentage of homes going off market in two weeks has decreased by 10.8% YoY to 19.3%, further indicating a slowdown in market activity.

Overall, the Miami housing market is experiencing a period of adjustment, with rising prices and increased inventory contrasting with declining sales and longer market times. These dynamics suggest a shift in market power towards buyers, as sellers face increased competition and pressure to adjust pricing strategies.