HOME PRICES NEAR RECORD HIGHS

via themortgagepoint.com—Single-family home prices continued their steady climb in 2024, pushing the cost of homeownership back toward record highs relative to household income. According to a report from Harvard’s Joint Center for Housing Studies, the national median single-family home price rose to five times the median household income last year, nearly matching the previous peak set during the pandemic. The report’s data show that after a brief slowdown the year prior, home values once again outpaced income growth across most major U.S. markets.

The national price-to-income ratio, a key measure of homebuyer affordability, has surged far beyond historical norms. In 2019, the ratio stood at 4.1, while through much of the 1990s it hovered around 3.2, which were levels that made homeownership more attainable for middle-income families. Now, at a ratio of 5.0, owning a home consumes a much greater share of income, placing it increasingly out of reach for many Americans, especially first-time and moderate-income buyers.

The imbalance between prices and incomes worsened across the country. Price-to-income ratios climbed in more than three-quarters of the nation’s 100 largest metropolitan areas, and home prices hit new highs in 35 of them. In 39 metros, prices were at least five times the median income, up sharply from just 15 such markets in 2019. Seven metros, led by San Jose, Los Angeles, San Francisco, and Honolulu, saw price-to-income ratios above 8.0, marking the highest number of severely unaffordable markets since 2006.

Regional Trends:

Western cities remain the most expensive, with San Jose setting a record as home prices reached more than twelve times the median household income. Other high-cost metros included Los Angeles (10.8), San Francisco (10.5), and Honolulu (10.3). On the East Coast, Miami (8.0), New York (7.3), and Boston (6.6) also faced extreme affordability pressures.…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are thirty-nine (39) active listings in the Miami Springs/Virginia Gardens real estate market this week. Prices remain strong for sellers but we are seeing more price decreases on active listings. Eighteen (18) of the active listings are over $1million. Fourteen (14) listings have had a price reduction, five (5) this week. Despite relatively higher interest rates, there are still many qualified buyers out there. Inventory increases in the months ahead? We think so!

Mortgage interest rates decreased and are expected to fluctuate between 6-6.5% the remainder of 2025. We expect additional rate cuts this year. There are still qualified buyers looking for the right property. Timing is everything. Properties are staying on the market for longer but some houses still sell quickly. It all depends on pricing, condition, and location, location, location. Days on the market (DOM) is averaging around 93.

Inventory Breakdown:

There is one (1) property under $600,000; five (5) properties are priced between $600,000-$700,000; seven (7) between $700,000-$800,000; five (5) between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; seventeen (17) between $1-2 million; and one (1) property is priced for over $2 million.

CALL US FOR AN EVALUATION

During the period of October 10, 2025 through October 17, 2025, there were reported 1 new listing, 1 closed sale, 2 pending sales, 0 active with contract, 0 expired listings, 2 cancelled listings, 2 temp off market, 5 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 October 17, 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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