Christian’s perspective:
Miami home prices are not broadly dropping, but the market has clearly moved into a normalization phase after several years of unusually rapid growth.
Between 2020 and 2022, prices increased sharply due to inbound migration from higher-tax states, a surge in cash buyers, and a shift toward remote work. As interest rates rose and affordability tightened, transaction volume slowed, particularly in mid-market segments. This slowdown has led to longer listing periods and more price negotiations, which can give the impression of declining prices.
In reality, pricing behavior in Miami is highly segmented. Prime coastal neighborhoods, newer developments, and well-located properties continue to show relative resilience, while older housing stock or price-sensitive areas have seen selective adjustments. These changes are better understood as market recalibration rather than a broad correction.
Overall, Miami is transitioning from a period of rapid expansion to a more balanced market, where pricing reflects location quality, asset type, and buyer profile more clearly than during the previous cycle.