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Home prices are dropping, and sellers across the country are slashing listing prices to attract buyers this summer, but Miami is bucking the trend. Instead of making concessions, sellers in this coastal metro are pulling their homes off the market entirely—at a higher rate than anywhere else.
Coming off of a pandemic-era boom marked by surging demand, the median list price in Miami has plummeted 4.7% in July from a year ago, down to $509,950, as its inventory of for-sale homes surges 30%, according to the July 2025 Monthly Housing Trends Report from Realtor.com®.
The typical listing in the Sunshine State’s second-most populous city sat on the market for a striking 88 days last month—the longest among the top 50 U.S. cities—and 16 days longer than a year ago.
Despite these metrics pointing to a stagnating market, less than 18% of listed homes in Miami came with a price reduction.
Instead, Miami’s resolute home sellers have been increasingly turning to an alternative strategy: pulling their properties off the market and waiting out the slump.
Realtor.com researchers analyzed the nationwide delisting data for June. It was then included in the July monthly report to allow time to determine whether a delisted home was actually sold or truly taken off the market by the seller.
Tracking delistings
Economists compared the rate of delistings to the inxflux of new listings. June’s national delisting-to-new-listing ratio reached 0.21, meaning that for every 100 newly listed homes, 21 previously listed homes were removed from the market.
Miami had the nation’s highest ratio of delistings to new listings, at 59—or more than double compared to May.
Phoenix came in second, with 37 homes delisted per 100 new homes that hit the market in June.
Notably, the Southwestern hub in July saw the sixth-biggest price decline year over year and the same increase of days on market as Miami.
Riverside, CA, claimed the No. 3 spot, with 30 delistings recorded in June. In July, the city’s inventory surged more than 38% compared to a year ago as the median price remained static.
Nationwide, delistings were up 48% compared to the year before—a trend fueled by sellers’ frustration at being unable to find a buyer willing to meet their price expectations.
“This points to sellers anchored to peak-era price expectations and willing to wait rather than negotiate,” says Realtor.com Chief Economist Danielle Hale. “In Miami’s case, the data signal a patient seller dynamic, with homeowners increasingly opting to delist their property rather than compromising on price.”
What’s driving Miami sellers to delist?
Ana Bozovic, a Miami-based real estate agent and founder of Analytics Miami, explains that the spike in delistings is emblematic of what she calls the city’s “long-term hold market.”
“This reflects a larger shift in psychology,” Bozovic tells Realtor.com. “It’s becoming increasingly clear that Miami still has a long runway for growth.”
According to Bozovic, buyers who invested in Miami real estate over the past few years tend to skew wealthier, often paying all cash, and they remain optimistic about the city’s future, so they are in no rush to sell.
Bozovic also notes that the victory of Democrat Socialist Zohran Mamdani in the New York City mayoral primary in June raises the possibility that should he come to power next year, it could potentially fuel a migration of high-net-worth residents from the Big Apple to Miami.
“In New York, Mamdani openly floats ideas like ‘seizing the means of production,'” she says. “Symbolic or not, this kind of rhetoric underscores why capital continues to exit cities like NYC, and why the logic of holding Miami real estate long term remains so compelling.”
Having looked at housing data from the second quarter of 2025, Bozovic says both condo and single-family home median prices in Miami were up from the previous year and days on market were holding steady, signalling that there was no major drop-off in the market.
“So if sellers are choosing to take properties off the market rather than lower prices, it may signal renewed confidence in Miami’s future, and a growing belief that this is a market worth holding for the long haul,” she says.
Realtor.com Senior Economist Jake Krimmel suggests that sellers in Miami are proving to be “more patient and more stubborn” than their counterparts in other metros with a growing housing supply and a diminishing buyer demand.
At the same time, they are more firmly attached to their high price points and less willing to budge.
Echoing Bozovic’s words, Krimmel says Miami sellers might be better capitalized than elsewhere and willing to wait for the market to turn the corner in the future.
“Miami residents might just really like living there, so they are not going to part with their property unless they get their preferred price,” the economist adds.
A zoomed-out look at the national housing market shows that roughly 1 in 5 homes had price reductions last month.
Perhaps unsurprisingly, discounts were most common in the inventory-rich South and West.
In Denver, nearly a third of all listings came with price cuts. Portland, OR, boasted the second-largest share of discounted listings, at 31.3%, followed by Austin, TX, with 31.2%.
Notably, these three cities experienced more modest market slowdowns than Miami when looking at days on market.