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In Miami, the median listing price for a home is $435K

Last month, 80 percent of Miami homes sold under their listing price

In Miami, the demand for homes is down along with the median listing price.

In a recent report by The Open House, it showed that only 218 homes sold with 4,285 homes active by July 31. The median listing price for a home in Miami this past July was $435,000, which was $9,000 less month over month.

The majority of homes sold were condos with 148 condos sold, 65 single-family homes sold, and only five townhomes sold. Out of these sales, 173 buyers purchased under the asking price. 15 sales were above the asking price.

On how fast homes were sold, 127 homes were on the market for over three months, 81 were on the market for one to three months, and 10 homes were on the market for under a month. The median days on the market for sold listings was 112 days. The fastest selling home sold after only three days on the market. This home was a condo located at 185 SE 14th Terrace.