HOME PRICES DIP IN TOP U.S. CITIES

via themortgagepoint.com—The U.S. housing market is showing signs of relief for buyers, as home prices drop in more than half of the largest metropolitan areas. According to the Realtor.com® September Housing Market Report, prices in some regions have declined by over 12%, marking a shift from the record highs of 2023.

“The median price of homes for sale this September dropped by 1% year-over-year, settling at $425,000,” reports Realtor.com economist Joel Berner. While the median price per square foot saw a slight increase, this signifies a growing availability of smaller, more affordable homes.

Several major cities across the country are experiencing a drop in median home prices, a welcome change for buyers facing years of affordability challenges. Florida cities, including Miami, Tampa, and Jacksonville, have seen noticeable price decreases after the real estate boom triggered by the COVID-19 pandemic. Factors such as an influx of new residents and robust home construction have driven these markets to cool down.

For instance, Miami experienced a 12.4% drop in its median list price, bringing it to $525,000. Meanwhile, Jacksonville and Tampa also saw declines of 6.1% and 5.5%, respectively.

Elsewhere, Midwestern and Western cities like Cincinnati, Kansas City, and Denver are also seeing substantial drops. Cincinnati’s median price fell 9.5%, and Kansas City’s declined by 8.4%. These changes reflect both economic factors and a shift in supply-demand dynamics. The national trend of falling home prices has roots in multiple factors. For Florida, the pandemic-fueled remote work movement and an influx of new residents created a housing surge that has since leveled off. Builders, in response to the high demand, added more homes to the market, which in turn helped ease prices.

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The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-two (32) active listings this week. Approximately 35% of the active listings are over a $1,000,000.00! Inventory in the MS/VG market has hovered around 35+/- listings these last months. Increased inventory is better for Buyers, but prices remain strong for Sellers. Interest rates have decreased slightly and prices are still high but we are seeing a significant number of price decreases on active listings. We are truly in a unique market! It is slowing down but there are still many qualified buyers out there, despite high interest rates and high prices. Please refer to the articles posted on our website for more insight.

There are twelve (12) active listings over one million dollars. Eighteen (18) of the active listings have had a price reduction; four (4) this week. There are three (3) new pending sales. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes still makes it difficult for Buyers. The high interest rates also create a difficult situation for Sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Properties are staying on the market for longer but some houses still quickly sell. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates are just under 6% with lower rates expected. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers still happen in some cases. The number of days properties are staying on the market is averaging 54 days. There are no properties listed under $500,000. The limited options for entry-level homes, higher interest rates, and homeowner insurance costs make it difficult for first-time Buyers. There are zero (0) listings priced between $500,000-$600,000; ten (10) listings are priced between $600,000-$700,000; four (4) are priced between $700,000-$800,000; two (2) are priced between $800,000-$900,000; four (4) are priced between $900,000-$1,000,000; eleven (11) between $1-2 million; and one (1) priced for over $2 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of October 18, 2024 through October 25, 2024, there were reported 1 new listing, 4 closed sales, 3 pending sales, 2 active with contract, 0 expired listings, 1 cancelled listing, 0 temp off market, 4 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of October 25, 2024. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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