Q2 HOME PRICES JUMP WHILE SALES CONTINUE TO SLIP

via themortgagepoint.com—The National Association of REALTORS’ Metropolitan Median Area Prices and Affordability and Housing Affordability Index shows that in Q2 of 2025, home prices increased in 75% of metro markets (170 out of 228). Compared to 83% in Q1, this is significantly lower. Compared to 11% in Q1 of 2025, only 5% of metro regions saw double-digit price increases in Q2.

The median single-family existing-home price in the country reached a record high of $429,400, up 1.7% from the previous year. The national median price rose 3.4% year-over-year (YoY) in Q1.

Key Findings — National Housing Affordability

Some 24% of markets experienced declining home prices (up from 17% last quarter)

Monthly mortgage payment on a typical existing single-family home with a 20% down payment (an estimated $2,256)

A 6.5% increase quarter-over-quarter (QoQ)

Roughly 0.3% decrease YoY

Average share of income typical families spent on mortgage payments (25.7% up from 24.4% last quarter)

Overall affordability remains down from 26.9% last year

U.S. Market Prices, Home Sales Fluctuate Nationwide

For first-time buyers, attaining a home may be becoming more difficult. With a 10% down payment, the average starter home with a $365,000 valuation had a $2,212 monthly mortgage payment. This is only a $134 rise from Q1 and a $6 decrease YoY. First-time buyers’ monthly mortgage payments accounted for an anticipated 38.7% of their income, up from 36.8% in Q1 and down from 40.6% YoY.

“Home prices have been rising faster in the Midwest, due to affordability, and the Northeast, due to limited inventory,” said Lawrence Yun, NAR Chief Economist. “The South region—especially Florida and Texas—is experiencing a price correction due to the increase in new home construction in recent years.” …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. There are sixteen (16) active listings over $1million—that's approximately forty percent (40%) of the active listings! At thirteen (13), almost 34% 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 60 days. There is ONE property under $600,000; six (6) properties are priced between $600,000-$700,000; eight (8) between $700,000-$800,000; seven (7) between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; fourteen (14) between $1-2 million; and two (2) properties are priced for over $2 million.

We are truly in a unique market where timing is everything! Demand has slowed down a bit again but there are still many qualified Buyers out there. Interest rates remain relatively unchanged. Property values and sold prices remain strong in Miami Springs and Virginia Gardens, though we are seeing more price decreases this year. Inventory 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.

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 (e.g., under $600,000). Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates remain under 7%. They are 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 August 8, 2025 through August 15, 2025, there were reported 1 new listing, 0 closed sale, 1 pending sale, 0 active with contract, 1 expired listing, 0 cancelled listing, 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 August 15, 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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