Miami, FL

Miami

After a couple of years of post-pandemic strengthening, Miami sales prices are coming down from crazy highs; in 2022, three estates sold for close to $100M each. Both 2023 and 2024 saw the market return to pre-pandemic valuations. After drawn-out sales cycles in 2023, in the last year it seems Days On Market (DOM) also returned to near decade-long lows. 

Highlights

• Sales prices back to pre-pandemic levels

• Miami is no longer the outlier market it was in the past years

• Average DOM were cut it half

Miami has cooled back down The crazy days in the Miami luxury segment seem over for the moment. Along with a return to lower sales prices, DOM went down to 248 days—below Florida and US averages. As valuations come down, sales cycles have shortened and there remains a relatively small differential between sale prices and listing prices of just 14%. Miami is unique in that it has fluctuated back and forth the last four years. As sales climbed, so did DOM in 2021. Conversely, as top sales peaked in 2022, DOM plummeted. Now, sale prices have evened out while DOM were cut in half YOY. 

Unlike the variation in sale prices and DOM, the percentage of list price achieved has remained much more constant since 2021, hovering in the high 80s, keeping on pace with the US and Florida.Sellers who stay on the market for more than 180 days often price too high, with the average property (under 180 DOM) selling at 82% of the listing price.