Miami-Dade home prices fell in July for the first time since the end of 2021.Last month, the median price for single-family homes was $570,000, down 2% from $579,000 in June. This is reflected in a report published by the Miami Association of Realtors. For their part, condominium prices fell 7% to $380,000 in July.
After 10 months of continuous price hikes, they fell slightly for the first time.
like he said Miami Herald Jonathan Vega, real estate broker for ONE Sotheby’s International Realty, “has reached a point where buyers aren’t willing to pay an astronomical price.”
Some sellers think they can get what they want. Then you realize that the market is not what it used to be. I see price cuts and negotiations that weren’t happening before.
In Broward County, on the other hand, prices did not drop in July. That month, the median sale price for single-family homes reached $600,000, up $10,000 from June. The cost of condominiums has remained stable at around $590,000.
Will Miami-Dade housing prices continue to fall?
Shortly after the start of the pandemic, housing prices skyrocketed. There is now a decline in prices and total monthly sales.
The question, then, is to what extent prices will fall and when to stabilize the market for buyers and sellers.
Maria Litden, a business professor at Florida State University, told the aforementioned outlet that there will be a “minor price correction” in the South Florida real estate market in the coming months.
In any case, the average price is expected to remain higher than it was through most of 2021.
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