Miami leads Top 50 US metros with largest decline in home prices | News
The State of Florida remains an attractive destination for real estate and the Realtor.com’s recently released September 2024 Housing Overview of the 50 Largest Metros report, shows there might be some bargains on the Sunshine State as homeowners seem to be trimming prices to revive buyer interest.
The Miami DMA Metro area, which encompasses Miami-Fort Lauderdale-Pompano Beach, topped the list, with the median listing price dropping 12.4% in a year-over-year (YOY) basis.
On a per square footage basis, the Miami DMA dropped 9.5% from the same period last year.
In the 10 Metro markets with the largest drops, Florida had 3 other areas in addition to Miami make the list:
– Jacksonville at #6 with the Media Listing price of $399,000 now 6.1% lower
– Orlando-Kissimmee-Sanford area at #8 with Media Listing price of $429,950 dropping 5.6%
– Tampa-St. Petersburg-Clearwater market ranked #9 with Media Listing prices of $414,948 dropping 5.5%.
Miami’s Media Listing Price of $525,000 was the 15th highest of the Top 50 Metros in the US and highest if Florida.
The Tampa-St. Petersburg-Clearwater market came in at #25, with a Median Listing price of $414,949.
California topped the list with four the most expensive markets in the US, led by the San Jose-Sunnyvale-Santa Clara, California ranking as the most expensive market in the US at $1,432,170 Median Listing Price, followed by Los Angeles-Long Beach-Anaheim at $1,154,440, San Francisco-Oakland-Berkeley at $997,500 and San Diego-Chula Vista-Carlsbad at $997,000
While Miami the Median Listing price in Miami has dropped, it is still 31.5% higher than pre-pandemic prices (42.8% higher on a per square footage basis).
Nationally, the median price of homes for sale this September decreased by 1.0% compared with last year, at $425,000, while the median price per square foot grew by 2.3%, indicating that the inventory of smaller and more affordable homes continues to grow in share.
For the complete September 2024 Housing Overview of the 50 Largest Metros report from Realtor.com, click here.
