According to the multiple listing service here in Miam-Dade County, the statistics are showing a median list price that has gone from $649,000 to about $699,000 since January to November.  Mind you… these are the median list prices are based on almost 19,000 listings that have been on the market since 2023 began.  What this tells me is that sellers really aren’t budging on the prices in the macro.

However, you do need to understand that Miami is quite large and you have homes ranging from mobile homes in the $200,000 range up to multiple million dollar properties. So for me, this figure really means nothing. Real estate really is very hyperlocal so it definitely depends on where you’re looking to buy.  You can always reach out to me directly for an area-specific analysis.

Mortgage rates continue to be mostly in the 7% range, so long as your credit score is over 700 points.  Some lenders may charge you a point upfront for a lower-7%, while others will not.  I don’t see a major reduction in mortgage rates for at least until the 2025 year, given the Fed Fund rate being where it is at now and how that affects the 10-year Treasury (which really rules the mortgage rates).

There is some good news for buyers, in that more single family homes are on the market, such that our months’ of inventory is now at 4 months.  If you are looking for a condo, we now have a 6 months supply…so as a buyer you have a better selection to choose from…but choose wisely, as many buidlings are undergoing the 40-year certification.