Miami Leads Major U.S. Cities as Strongest Buyer’s Market, Realtor.com Reports

Miami’s housing market has officially tipped in favor of buyers, according to the latest Realtor.com press release and its August 2025 Monthly Housing Market Trends Report. The national housing landscape reached a significant milestone last month with 5.0 months of supply—marking the first balanced summer market since 2016. But Miami stood out with a whopping 9.7 months of supply, the highest among the 50 largest U.S. metros. Other metros joining Miami in buyer’s market territory include Austin, Orlando, New York City, Jacksonville, Tampa, and Riverside, California.

This shift means buyers in Miami now hold greater negotiating power, with more inventory to choose from and a higher likelihood of price reductions. In fact, Miami’s inventory situation reflects deeper issues: homes are sitting on the market longer, and sellers increasingly appear reluctant to adjust their prices. In July, approximately 57 homes were delisted for every 100 new listings in Miami—far more than in any other metro. This surge in delistings shows that many sellers would rather pull their properties from the market than sell at discounted prices. It’s a clear signal that pricing expectations are out of sync with current demand.

Nationally, the August 2025 data reveals broader softening trends. Active listings rose 20.9% year-over-year, marking the fourth straight month with over one million active listings on Realtor.com. However, inventory remains 14.3% below pre-pandemic levels—an improvement from June’s 12.9% gap. New listings increased modestly, up 4.9% year-over-year, but have declined for four straight months on a month-over-month basis. Homes are also taking longer to sell, with a median time on market of 60 days—seven days longer than last year and five days longer than in July.

Price trends provide more evidence of cooling. The national median list price remained flat year-over-year at $429,990 but declined 2.2% month-over-month. Approximately 20.3% of all active listings in August had their prices reduced, and delistings jumped by 57% compared to a year earlier. These patterns are especially concentrated in southern markets like Florida, where inventory gains have been most substantial.

Even as the broader Miami market cools, the luxury sector remains insulated—thanks to the dominance of cash buyers. Realtor.com data reveals that more than half of all Miami homes priced over $1 million were purchased with cash in recent months. The breakdown is especially telling: 53.5% of homes between $1M–$5M, 54.1% of homes between $5M–$10M, and 58.6% of homes above $10M closed in all-cash transactions. In the ultra-luxury segment—homes priced above $2,000 per square foot—cash accounted for a staggering 83% of condo purchases and 79% of single-family home sales. These figures highlight that while the broader market is cooling, luxury sellers still retain leverage due to the strength of all-cash demand.

For buyers, the Miami market now offers more choice, more negotiating power, and less urgency. Inventory is high, homes are sitting longer, and sellers in many price brackets are growing increasingly flexible—either reducing prices or delisting altogether. This presents a rare opportunity for buyers to enter the market with leverage not seen in years. However, for sellers, particularly outside the luxury segment, the new environment may require more realistic pricing strategies. Those who refuse to adjust may find themselves among the growing number of delisted properties.

In short, Miami’s housing market isn’t just shifting—it’s leading the nation as the strongest buyer’s market, offering house hunters more leverage than any other major U.S. metro.