South Florida Housing Market Sees Listings Vanish

South Florida’s once-booming housing market is cooling rapidly as sellers pull homes off the market at record levels.

According to Realtor.com, nearly 60% of July listings in the Miami-Fort Lauderdale-West Palm Beach metro were removed, the highest rate in the country. Homes also lingered on the market for an average of 88 days, far longer than the national average of 58.

Experts point to rising property taxes and insurance premiums as key reasons for sellers hesitating. Realtor Bryan Gorrita also cites inflated expectations: many owners who bought years ago at lower prices are holding out for million-dollar offers rather than adjusting to today’s market.

Unlike during the pandemic housing frenzy, fewer buyers are rushing in, and less than 18% of homes are seeing price reductions. This leaves many properties stagnant, with sellers waiting for better deals that may not come.

Gorrita advises buyers to focus on rentals for affordability or target homes that have been listed for several months, when owners may be more flexible. Negotiation, he stresses, is key: “Don’t overspend — put in the offer you want.”