The Miami real estate market is in a bit of a crossroads as it try to figure out which way to head. New inventory is hitting the market and unstable foreign governments have spun foreign interest in investment in Miami all over the place. One thing is for sure though, all the uncertainty has led to the potential for deals. Miami is currently a true buyer's market, and in fact is the strongest buyer's market in the United States. According to OpenHouse, 8 of the top 10 buyer's markets were in Florida. They are reporting that real estate demand in Miami is down as there are 4,332 active listings on the MLS but only 205 closed deals in the last 30 days. They are reporting that 61% of homes took over 3 months to sell while over 80% closed for below the asking price.
Photo via OpenHouse
Top 10 U.S. Buyer's Markets
- Miami, FL
- Miami Beach, FL
- Weston, FL
- Sarasota, FL
- Detroit, MI
- Kendall, FL
- Hollywood, FL
- Pompano Beach, FL
- Taunton, MA
- Plantation, FL
Photo via OpenHouse
Photo via OpenHouse