In November, home prices rose slightly from the month before, with a median listing price of $630,000.
The number of listings on the market remained practically unchanged from last month, but it is a smaller increase 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 rise in November. And the most recent data shows that the price per square foot increased by 0.2% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 1.2%, which means price changes in Magic City are outpacing the national market.
Miami inventory
In November, there were 7,747 homes for sale in Miami, which was 0.3% more than the month before and 16.9% more than the same time last year.
Meanwhile, active inventory across the nation fell by 2.5% from last month to 1,072,266.
The number of new listings in Miami was 1,552, which was 1.5% less than the month before and 2.8% less than the same time last year.
Nationally, the number of new listings fell by 14.1% from last month to 330,908.
Time on market
Homes in Miami take an average of 86 days to sell, according to November figures.
This is one day more than the previous month and 14 days more than the same month last year.
For comparison, nationally homes spent an average of 64 days on the market in November.
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.