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After two years of a great inventory and home prices going up almost non-stop, Miami buyers are finally seeing the scenario change. Although mortgage rates are above 6% for 30-year loans, experts say that Miami’s real estate market will hold strong as the city continues to see an influx of wealthy international buyers and home buyers from high-tax states.

Nonetheless, according to Redfin, closed sales are down 31.4% compared with the same time last year at the same time that listings are not sitting on the market as long as they did last year. In September 2022, homes sold on average in 50 days, compared with 55 days in September 2021.

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