With only 2.5 months of inventory, Miami remains a seller's market. Home prices have increased 44.1% in the past month alone. With 2.5 months of supply, Miami's inventory levels remain relatively tight. Homes are taking about 28 days to sell, which is NaN days longer than this time last year. A significant 40.0% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 50.0% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Miami market with the affordability index at 88.7. Based on current market indicators, home prices in Miami are projected to increase by approximately 12.6% over the next month.
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