Part 4/8:
Despite still-high median prices—around $675,000—homes in Miami are spending considerably longer on the market, with average days increasing from 73 to 92. This extended sell time reflects buyer hesitance due to exorbitant insurance costs, new inspection laws, and heightened HOA fees, creating a chilling effect on the market.
Moreover, sellers are refraining from reducing their prices, holding firm to the belief that property values will rebound. This stubbornness contributes to what is an over-saturated market, where the gap between supply and demand widens due to fewer buyers willing to take the plunge.