Harmonizing Miami's Real Estate Market - July 2023

Have the tides shifted towards buyers, sellers, or both??

Balancing Act: A Neutral Market Balanced Grounds: Neutral Market Prevails

In this vibrant city of Miami, there stands a neutral housing market, striking a balance between buyer and seller interests. Prices remain reasonable, and properties spend an expected duration on the market. This equilibrium offers a stable platform for both parties to engage.

Steady Ascension: Price Appreciation

In the orchestration of time, the past year has gifted Miami's real estate with tremendous value. A remarkable ascent of 11.0% brings the median home price to $515,067, echoing the appreciation that flows through our streets.

Bedroom Chronicles: Shifting Dynamics

The realm of bedroom configurations showcases intriguing shifts. One-bedroom properties have had an impressive 11.9% increase, while two-bedroom abodes have tuned in with a subtle 1.9% rise. This continues with three-bedroom homes at a 7.0% rise, and four-bedroom residences following suit with a 7.7% escalation. However, the ensemble takes a unique turn as five-bedroom dwellings experience a 5.7% decrease.

A Dance of Numbers: Sales Insights

Last month, 809 homes found new owners, displaying a 23.2% decrease in comparison to June. Of these, 66% were sold above or at the asking price, offering opportunities for both buyers and sellers.

The pace of Transition: Days on the Market

The pace of transition has witnessed a shift, with homes extending their stay from 35 to 52 days, marking a 47.6% increase. While the majority of homes find their match within 30 days, a significant fraction engages in a graceful performance spanning 30 to 90 days, or demonstrating a longer piece of over 90 days.

Inventory Insights - Availability & Trends

Miami's Market showcases a diverse array of offerings. With 5,461 homes currently gracing the market, July experienced a slight dip of 0.4% compared to June. The median list price continues to hold its presence at $515,067. The evolving narrative is highlighted in different bedroom categories, where availability showcases distinct shifts.

Embrace the Opportunities

As the curtains draw close on this market report, Miami's real estate market provides a spectrum of opportunities for both buyers and sellers. The stage is set for those who seek to make a mark, with a balanced market, appreciating prices, and dynamic transaction trends.?

Source: https://www.rockethomes.com/real-estate-trends/fl/miami?type=seller