In September, home prices rose slightly from the month before, with a median listing price of $630,000.
The number of listings on the market shrank 2.1% from last month, which is a bigger decrease than normal for this time of the year in Miami, and homes are also selling slower than at the same time last year.
Home prices in Miami
Typically, home price per square foot in Miami tend to fall in September. But the most recent data shows that the price per square foot increased by 0.5% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.8%, which means price changes in Magic City are outpacing the national market.
Miami inventory
In September, there were 7,671 homes for sale in Miami, which was 2.1% less than the month before and 25.6% more than the same time last year.
Meanwhile, active inventory across the nation rose by 0.2% from last month to 1,100,407.
Time on market
Homes in Miami take an average of 88 days to sell, according to September figures.
This is the same as the previous month and 21 days more than the same month last year.
For comparison, nationally homes spent an average of 62 days on the market in September.
Use the Realtor.com data portal to get more market data, broken down by state, metro or ZIP code.
* Here’s a live look at popular listings and recent home sales in Miami, FL.