A perfect storm of overbuilding, high rates, and climate fears decimates demand
Once hailed as the crown jewel of Florida’s pandemic real estate boom, Miami is now experiencing a sharp and painful bust. Fueled by a perfect storm of overdevelopment, unaffordable mortgage rates, climate-related insurance nightmares, and a crumbling inflow of new residents, the Magic City’s housing market is unraveling at a breathtaking pace.
New real estate data shows Miami has the widest seller-to-buyer gap in the country, nearly 198%. With more than 21,000 homes on the market and fewer than 7,300 active buyers, Miami tops a growing list of metro areas where supply vastly exceeds demand…