Inventory in Downtown Miami is high right now, with about 2,100 active listings in this rolling three-month period. Months of supply has surged to roughly 20 months, up sharply from around 12.5 months a year ago, signaling a clear buyer’s market. Even with ample options, homes are taking longer to sell, with median days on market rising to about five months compared with just over three months last year.
Contract activity has cooled compared with a year ago, as homes sold are down slightly and pending sales have fallen more notably. New listings, however, are up strongly year over year, which adds to the sense of abundant supply and gives buyers more to choose from.
Prices are holding relatively steady in this environment, with the typical home value only slightly higher than a year ago and below the broader Miami city median. Sellers are adjusting to conditions, as the average sale-to-list ratio sits near 94 percent and the share of homes selling above list price has dropped from last year. With Downtown Miami firmly in buyer’s market territory, both buyers looking to negotiate and sellers aiming to stand out can benefit from an experienced local agent, and Agent Pronto can connect them with the right professional to navigate these trends.
