Zillow: Miami is a buyer’s market

Miami’s housing market favored buyers in August, according to new data from Zillow.

The Zillow Home Value index for homes in Miami sits at $471,510 marking a 4.9% yearly decrease.

The share of listings with a price cut was over 20%. Meanwhile, homes spent a median of 65 days on the market.

The Miami metro area received a “buyer” designation on Zillow’s Market Heat Index.

“Buyers have the most leverage in the South,” researchers said. “Former pandemic-era hot spots such as Miami, Tampa, Jacksonville and Austin now all have more existing options on the market than before the pandemic, thanks in part to builders’ efforts to meet demand. Seattle has made a surprising transition from favoring sellers to buyers over the past year — inventory that’s risen 22% over that time played a key role.”