Miami, FL housing market

Home values in Miami have gone nowhere for twelve months, and the typical home is now worth about five hundred sixty-nine thousand dollars. Flat is the story here. Not a crash, not a rebound, just a market that has lost its momentum. The supply side explains why. There are about ten thousand two hundred homes for sale right now, a lot of choice for buyers, and it shows up in the pace. The median home sits on the market for about 74 days before going under contract, so patience has become the norm on both sides of the deal. At the same time, sellers are still asking around six hundred six thousand dollars at the median, noticeably above what homes are actually worth, and about 12 percent of listings have already cut their price. That gap between asking and reality is where deals stall out. If you are selling, price to today's flat market, not last year's memory. Homes priced right still move. Homes priced on hope sit for two and a half months, then cut.