WRE News: Miami’s Luxury Housing Market Sees Downturn Amidst National Trends

Miami, FL – November 28, 2023 – Amid a nationwide slump in luxury home sales, Miami experienced a 10.7% decline in the third quarter, mirroring the trend observed in many parts of the U.S., as highlighted in a recent RedFin Real Estate report.

However, Miami made a notable mark with three of the top 10 most expensive home sales in the country during the same period. These included a $57 million residence on Star Island, a $36 million mansion on Sunset Island II, and another $36 million property in Gables Estates. In the Miami metro area, while new luxury home listings increased by 8.3%, homes are lingering on the market longer than in any other major U.S. metro. The median days on the market for a luxury home in Miami reached 125 in Q3, with Fort Lauderdale following at 84 days.