Miami Housing Market Slowing

According to the Miami Association of Realtors, when compared to a record July 2021, July 2022 Miami home sales were down year-over-year (2,375 vs. 3,632). But July 2022 sales of 2,375 outperformed Miami's pre-pandemic July totals as Miami averaged 2,325 total homes sales in the month of July from 2016-19.

Beating its pre-pandemic sales total with rising rates (from 3% to 6% this year) and low inventory illustrates the depth of demand for Miami real estate. Local demand remains fueled by major companies such as hedge fund Citadel and market maker Citadel Securities moving to South Florida, the return of global buyers, demographic shifts with rising millennial homebuyer and senior populations, high percentage of workforce working remotely, surging rental prices and more.

Single-family home sales decreased 27.2% year-over-year, from 1,373 in record-breaking July 2021 to 999 in July 2022, due to lack of inventory and rising mortgage rates. Miami existing condo sales decreased 39.1% year-over-year, from 2,259 record-breaking July 2021 to 1,376 in July 2022, due to lack of inventory and rising mortgage rates.

Miami-Dade County single-family home median prices increased 10.7% year-over-year in July 2022, increasing from $515,000 to $570,000. Miami single-family median prices have risen for 128 consecutive months (10.6 years), the longest running-streak on record. Existing condo median prices increased 11.8% year-over-year, from $340,000 to $380,000. Condo median prices have increased in 130 of the last 134 months.

While median prices have increased nationally so has house-buying power because of a long-run decline in rates before March 2022 and the slow, but steady growth of household income. West Palm Beach (No. 5) and Miami (No. 6) ranked among the Top-10 U.S. metros where homebuyer income grew the most during the pandemic via Aug. 2022.

The median percent of original list price received for single-family homes was 99% in July 2022, down 0.6% from 99.6% last year. The median percent of original list price received for existing condominiums was 99%, up 2.1% from 97% last year. The median number of days between listing and contract dates for Miami single-family home sales was 17 days, even from last year. The median time to sale for single-family homes was 62 days, a 4.6% decrease from 65 days last year.