MORTGAGE RATES DECLINE TO 6.76%

via realtor.com—Freddie Mac Mortgage Rates—May 1, 2025

What happened to mortgage rates this week?

The Freddie Mac rate on a 30-year mortgage ticked lower this week, easing 5 basis points, to 6.76%. This marks the second consecutive week of modest declines, but rates still remain stubbornly elevated. Rates at the beginning of May are notably higher than in early April, when they hovered around 6.64%, but are down about 13 basis points over the past 12 weeks and over 45 basis points from a year ago—the largest year-over-year drop since November 2024.

What does it mean for the housing market?

Still, rates stay elevated, and the broader economic backdrop remains uncertain. This week, 10-year Treasury yields fell to pre-tariff-announcement levels, reflecting a slight easing in financial market volatility. Housing market activity, however, appears mixed: New listings in April 2025 were up compared with a year ago, but momentum has cooled since last month, suggesting that recent rate increases might be deterring some would-be sellers. At the same time, homes are sitting on the market for longer and active inventory is rising signs of a market that’s adjusting to slower demand. While home sale prices remain steady…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are forty-three (43) active listings in the Miami Springs/Virginia Gardens market. Inventory has not been this high for at least four years! Could this indicate a shifting market? Time will tell. Increased inventory is good for Buyers and we are seeing more price decreases on active listings, but "Sold" prices remain strong for Sellers. Values remain strong in Miami Springs and Virginia Gardens.

There are over seventeen (17) active listings over one-million dollars. Twenty-three (23) of the active listings (more than half!) have had a price reduction—four (4) this week. Sales activity has slowed down a bit this year. We had been transitioning to a more neutral market. However, there is a practically nonexistent number of entry-level homes (i.e. under $600,000), which makes it difficult for some buyers. Current interest rates also create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Properties are staying on the market for longer but some houses still quickly sell. It all depends on pricing, condition, and location, location, location. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates remain under 7%. Rates are expected to fluctuate between 6-7% this year. Despite high interest rates, there is still demand! The number of days properties are staying on the market is averaging 77 days. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. There are no properties listed under $500,000. There are no listings priced between $500,000-$600,000; eight (8) listings are priced between $600,000-$700,000; six (6) are priced between $700,000-$800,000; nine (9) are priced between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; fifteen (15) between $1-2 million; and two (2) priced for over $2 million.

TIME TO BUY OR SELL?
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During the period of April 25, 2025 through May 2, 2025, there were reported 4 new listings, 2 closed sales, 0 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 4 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of May 2, 2025. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

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