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Miami, once a poster child of the pandemic housing boom, is now facing a dramatic shift. In April, the city had nearly three times as many home listings as buyers, marking one of the steepest imbalances in the country. This glut of inventory is forcing sellers to lower prices and face negotiation realities not seen since before the pandemic.
The broader U.S. market saw nearly 500,000 more sellers than buyers in April, the largest gap in over a decade. But Miami stands out even among overheated Sunbelt cities. While inventory levels in the city have surpassed pre-pandemic norms, demand has cooled sharply, weighed down by mortgage rates above 6.5%, elevated home prices, and a wary buyer pool.
Miami home values have soared more than 60% over the past five years, according to Zillow, pricing many buyers out of the market. At the same time, buyers are increasingly cautious — waiting for further price corrections as inventory builds…