The Miami, FL metro area housing market in February 2025 presents a complex landscape characterized by rising prices and declining sales activity. The Median Sales Price has increased by 3.6% year-over-year, reaching $575,000. This upward trend in pricing is further supported by the median Price Per Square Foot, which has risen by 5.7% to $391.75. Despite these increases, the Median List Price has seen a modest rise of only 0.2%, now standing at $599,900.

However, the market is experiencing a significant decline in sales activity. The number of Homes Sold has dropped by 20.5% compared to the previous year, with only 1,496 Homes Sold in February 2025. Pending Sales have also decreased by 16.5%, totaling 2,431. This decline in sales is juxtaposed with a 1.5% increase in New Listings, which now number 4,021, and a substantial 20.7% rise in inventory, reaching 17,012 homes.

The Months of Supply have surged dramatically by 390.0% year-over-year, now at 11.4 months, indicating a shift towards a buyer's market. Homes are taking longer to sell, with the Median Days on Market increasing by 22.0% to 94 days. The average sale to list ratio has slightly decreased by 0.4%, now at 95.6%, suggesting that sellers are receiving offers closer to their asking prices, albeit slightly lower than last year.

Additionally, the percentage of Homes Sold above list price has decreased by 5.5%, now at 7.4%. Price Drops have become more common, with a 3.5% increase, affecting 21.2% of listings. The percentage of homes going off the market within two weeks has declined by 7.5%, now at 16.1%, indicating a slower pace in the market.

Overall, the Miami housing market in February 2025 is marked by rising prices and a slowdown in sales activity. The increase in inventory and Months of Supply suggests a shift towards a more balanced market, providing potential opportunities for buyers amidst the ongoing price increases.