ACTIVE LISTINGS HIT SIX-YEAR HIGH IN MAY

via themortgagepoint.com—The May Monthly Home Trends Report from Realtor.com indicates that the U.S. home market is making a resurgence, although the recovery is highly fragmented. Only metro areas in the South or West have entirely recovered to pre-pandemic inventory levels, while the Northeast and Midwest are still experiencing a shortage of available homes. The number of homes for sale in the U.S. surpassed one million for the first time since winter 2019, according to recent data.

Inventory increased in all four major U.S. regions in May:

West: +40.7%

South: +32.9%

Midwest: +22.9%

Northeast: +19.0%

So, what does this mean for potential buyers still looking to attain the American Dream?

“The number of homes for sale is growing, and even hit a key milestone in May, with more than a million active listings. But not every housing market is equally well-supplied,” said Danielle Hale, Chief Economist at Realtor.com. “Recent construction trends explain a lot of the variation in recovery that we see across markets. Many markets that built aggressively during and after the pandemic are now seeing more listings, longer time on the market, and even some modest price softening. In contrast, markets that didn’t build as many homes are still facing an acute shortage, which continues to prop up prices and limit buyer options.

U.S. Supply Recovering Faster in Western & Southern Regions

In May 2025, annual inventory growth were reported in all 50 of the main U.S. metro areas. However, just 22 have entirely recovered to their inventory norms from 2017 to 2019, and all of them are in the South or West. Due in large part to a post-2020 construction boom, cities like Denver (+100.0% vs. pre-pandemic), Austin, Texas (+69.0%), and Seattle, WA, (+60.9%) lead the way in terms of active inventory. Conversely, metro areas that have recovered the least include Hartford, CT (-77.7%), Chicago (-59.3%), and Virginia Beach, VA (-56.7%).

For the first time since winter 2019, the number of active listings nationwide exceeded one million, and the…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are forty-one (41) active listings in the Miami Springs/Virginia Gardens real estate market, a bump in inventory since last week. Increasing inventory is better for Buyers, though prices have remained strong for Sellers despite high interest rates. We are truly in a unique market where timing is everything! Property values remain strong in Miami Springs and Virginia Gardens, though we are seeing more price decreases this year.

There are sixteen (16) active listings over one-million dollars. At seventeen (17), almost half of the active listings have had a price reduction, one (1) this week. The number of days properties are staying on the market is averaging 56 days. There are no listings under $500,000; one (1) between $500,000-$600,000; five (5) between $600,000-$700,000; seven (7) between $700,000-$800,000; eight (8) between $800,000-$900,000; four (4) are priced between $900,000-$1,000,000; fourteen (14) between $1-2 million; and two (2) priced for over $2 million.

Sales have been slower this year but there are still many qualified Buyers out there. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. Additionally, there is a practically nonexistent number of entry-level homes (i.e. under $600,000). Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates remain under 7% and expected to fluctuate between 6-7% this year. Current interest rates create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Any additional interest rate increases in the future can mean fewer Buyers. Properties are staying on the market for longer but some houses still quickly sell. It all depends on pricing, condition, and location, location, location. Timing is everything!

CALL US FOR AN EVALUATION

During the period of June 6, 2025 through June 13, 2025, there were reported 2 new listings, 3 closed sales, 2 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 1 price reduction, 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 June 13, 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. 

Request it at:  charlie@leonardrealestategroup.com

………………………………………………..……………………………………………………………………………