HOME SELLERS FACE HARSH NEW REALITY AS LISTINGS HIT RECORD VALUE

via foxbusiness.com—U.S. home listing prices hit an all-time high, signaling a potential shift toward a buyers' market, according to industry experts.

In total, the value of homes in the U.S. rose 20.3% from a year ago, reaching a record $698 billion, according to a recent report from the real estate firm Redfin. The increase was driven by a combination of growing inventory, slowing demand and rising home-sale prices.

With the number of sellers outpacing buyers, Redfin chief economist Daryl Fairweather told FOX Business that the market is poised to shift over the next couple of months.

"All these homes are listed for really high prices, which is why they are sitting on the market. But buyers can't afford at these high prices, which is why they're backing off of the market," Fairweather said, adding that mortgage rates, insurance costs and property taxes are high. "Buyers just aren't biting at these prices."

As a result, homes sitting on the market will need to be marked down in price, and any new homes that are listed are going to need to be priced more conservatively in order to get an offer, Fairweather said. Otherwise, sellers will have to delist or keep their homes on the sidelines.

"It's been a while since these people bought homes. A lot has changed. The economy is changing. So I think more homeowners are going to have to bite the bullet and lower their prices," she said.

Noel Roberts, founder of real estate firm Pending, which specializes in off-market transactions, told FOX Business that the "game is changing" for sellers as inventory continues to get more robust.

The number of homes on the market nationwide rose 16.7% year over year in April, reaching its highest level in five years, in large part because the mortgage rate lock-in effect has been easing and homeowners are trying to cash out amid the economic uncertainty, according to Redfin. Homes are also sitting on the market nearly a week longer than a year ago.

"Sellers can no longer rely on scarcity to do the heavy lifting. As inventory builds, sellers will need to run smarter, more strategic playbooks," Roberts said. This includes pricing realistically as well as …READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are forty (40) active listings in the Miami Springs/Virginia Gardens real estate market, a slight dip in inventory. More increases in the months ahead? We think so! 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 eighteen (18) active listings over one-million dollars. Almost half of the active listings have had a price reduction, two (2) this week. The number of days properties are staying on the market is averaging 52 days. There are no properties priced under $600,000; three (3) properties are priced between $600,000-$700,000; six (6) between $700,000-$800,000; seven (7) between $800,000-$900,000; six (6) are priced between $900,000-$1,000,000; sixteen (16) between $1-2 million; and two (2) properties are 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% in 2025. 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 20, 2025 through June 27, 2025, there were reported 1 new listing, 7 closed sales, 2 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 2 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 June 27, 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

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