Miami’s real estate market experienced a notable upswing in January, with home sales increasing by 2.5% compared to the previous year. This stands in contrast to the broader national trend, where sales across 51 surveyed metro areas saw a 6% year-over-year decline. The local market’s resilience offers a glimmer of optimism amidst a generally cooling national housing landscape.
Key Takeaways
- Miami home sales rose 2.5% year-over-year in January.
- Nationally, home sales dropped 6% year-over-year.
- Miami offers seven months of housing supply, leading the nation.
- The national median sales price saw a slight 1% year-over-year increase.
January Housing Market Performance
The RE/MAX National Housing Report indicates that Miami was among the few markets to register an increase in home sales transactions during January. This positive movement occurred despite a national decrease of 6% in sales across 51 major metropolitan areas. Furthermore, sales in January were down 32% compared to December, reflecting typical seasonal fluctuations.
Inventory and Supply Trends
Nationally, the number of homes available for sale in January saw a 10.9% increase year-over-year, marking the 25th consecutive month of annual gains in inventory. Month-over-month, inventory dipped slightly by 0.1%. The months’ supply of inventory nationwide stood at 3.1 months, up from 2.8 months in January of the previous year but down from 3.5 months in December. Miami, however, continued to lead the nation in housing supply, offering seven months of inventory, a slight decrease from 7.2 months a year prior.
Pricing and Sales Ratios
The national median sales price experienced a modest 1% increase year-over-year, reaching $425,000. However, on a month-over-month basis, the median sales price decreased by 2%. The average close-to-list-price ratio remained stable at 98%, consistent with both January 2025 and December 2025 figures, suggesting that homes are generally selling at or very near their asking price.
Market Outlook
RE/MAX CEO Erik Carlson commented on the market conditions, noting that "In a month that is traditionally slow, inventory was higher than it was a year ago, and new listings came to market, giving buyers more options." He added that "Even as sales adjusted seasonally, the fundamentals point to a market that continues moving toward balance."