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Miami is the second best buyer’s market in the US: report

Downtown Miami (Credit Azeez Bakare Studios)
Downtown Miami (Credit Azeez Bakare Studios)

Home buyers in Miami have the upper hand, and now a new report from Zillow backs that up. 

Miami ranked as the second best buyer’s market in the country behind Baltimore, according to the report. Sellers are longing for the days of bidding wars in Miami, where 11.5 percent of listings now have a price cut. South Florida homes also spent about 108 days on the market before selling, which is more than double the 51 days homes spent on the market in the top seller’s market of San Francisco, the report shows.

In the Miami metro, Zillow broke down the best neighborhoods for buyers and sellers.

Top 5 Miami-area markets for sellers:

  1. South Miami Heights: 6.3% of listings have a price cut and homes spend 94 days on the market
  2. The Crossings: 8.6% of listings have a price cut and homes spend 86 days on the market
  3. Kendale Lakes: 6.4% of listings have a price cut and homes spend 95 days on the market
  4. Margate: 9% of listings have a price cut and homes spend 88 days on the market
  5. Fountainbleau: 6.3% of listings have a price cut and homes spend 98 days on the market

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Top 5 Miami-area markets for buyers:

  1. Lauderdale by the Sea: 18.7% of listings have a price cut and homes spend 141 days on the market
  2. Hallandale: 15.6% of listings have a price cut and homes spend 175 days on the market
  3. North Bay Village: 13.8% of listings have a price cut and homes spend 179 days on the market
  4. Aventura: 13.8% of listings have a price cut and homes spend 177 days on the market
  5. Miami Shores: 15% of listings have a price cut and homes spend 134 days on the market

After San Francisco, the top seller’s markets in the United States were San Jose, Seattle, Denver and Portland – all areas where houses are selling quickly with fewer price cuts in markets with strong job growth, Zillow said.

Last year, Zillow released a report that nearly half of Miami’s home shoppers were looking outside the city for a new house, citing affordable concerns. Recent studies show a growing divide between stagnant salaries and rising home prices in South Florida.

After Baltimore and Miami, Philadelphia, Chicago and Houston were also top markets for home buyers. – Katherine Kallergis

Tags
Housing MarketPrice CutsZillow