Deal me in: Miami buyers paying $500K+ above the listing price exploded last quarter
The Miami housing market is so competitive that the number of buyers who paid at least $500,000 over the listing price more than tripled in the last quarter compared with the first three months of the year, according to a new study.
A total of 74 buyers spent more than a half million dollars over the listing price for a house in April, May and June, compared with 18 who did so in the first quarter of 2021, according to a Zillow study published on Tuesday. And the number of buyers willing to spend over $1 million above the listing price grew during the same time period, to 20 from 9.
Zillow studied the number of single-family homes that sold over $500,000 and $1 million over the listing price for the first and second quarters for 50 U.S. metro areas. The Miami metro area included the cities of Miami and Fort Lauderdale.
As a result of the activity, Miami ranked fifth in metro areas for having the most number of buyers spending over half a million above the asking price to close on a house.
San Francisco led the way with 657 sales, San Jose ranked second with 283 sales, Los Angeles ranked third with 99 sales and Seattle ranked fourth with 88 sales.
The local housing market continues to see record-high sales volumes. Miami-Dade County saw the highest number of residential sales in 30 years in June 2021, according to the latest Miami Realtors Association sales report. Median sales prices remain steady in Miami-Dade at $500,000; they continue to rise in Broward, increasing from $463,750 in May to $498,203 in June.
The number of homes purchased for over $500,000 and $1 million above the listing price in the first and second quarters of the year has been updated. The story also has been corrected to reflect that Miami ranked fifth nationally in homes bought at $500,000 or more above the listing price; it did not tie with Seattle, which ranked fourth.
This story was originally published August 17, 2021 at 4:37 PM.
