WRE News: South Florida Luxury Markets See Price Drops, Offering Buyer Deals This Fall

Miami, FL – August 22, 2024 – Luxury home buyers looking for deals this fall should keep their eyes on South Florida.

Prime markets like Miami, Fort Lauderdale, and Pompano Beach are offering significant opportunities with the luxury median listing price in these cities dropping by 22% to $2.5 million. Properties staying on the market longer and page views for luxury homes have also fallen by 44%, indicating a softening market where sellers are more open to negotiation.

Recently, a penthouse in the exclusive South of Fifth neighborhood of Miami Beach recently sold for 15% less than its initial contract price from two years ago, showing the potential for substantial savings in these markets.
 As demand decreases and sellers adjust to post-pandemic realities, there’s growing flexibility, making it an ideal time for buyers to negotiate significant discounts on high-end properties.