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Magic City home values dipped in 2025, uptick likely
Magic City home values dipped in 2025, uptick likely
Luxury towers continue to break ground and mansions sell for tens of millions any given day, but most properties in the Magic City lost value in 2025. While luxury prices remain high, overall home values saw significant dips, according to Zillow’s 2025 data.
Three-quarters of homes lost 3.9% to 5.7% of their value by late 2025, contrasting earlier forecasts of growth. Zillow's data for Miami shows a mixed and cooling market. Buyers are seeing record price cuts as sellers adjust to affordability pressures, leading to deeper discounts and a shift towards a more balanced market, though overall demand remains high, pushing some sellers to pull listings.
Key Miami Market Trends (Late 2025)
• Value Declines: Around 76% of Miami homes lost value in 2025, a major shift from earlier projections.
• Price Cuts: Buyers are experiencing significant price cuts, with October 2025 seeing record cumulative discounts, signaling sellers recalibrating to buyer budgets.
• Slowing Growth/Balancing Act: The rapid appreciation of past years has slowed, with the market moving towards a more balanced state, though luxury segments remain strong.
• Inventory & Demand: While listings are increasing and prices are adjusting, strong underlying demand keeps inventory levels relatively low, preventing a dramatic crash. Specific Zillow Data (Oct/Sept 2025)
• Median Sale Price (Miami): Around $583,333 (Sept 2025).
• Median List Price (Miami): Around $653,000 (Oct 2025).
• Days to Pending: Around 63 days (Oct 2025).
• Sales Over List: Roughly 7.7% (Sept 2025). Zillow economists say the housing market will warm up in 2026, with more sales and modest price growth. A slight increase in home sales is likely as demand meets lower interest rates.
• Nationwide home values are forecast to rise 1.2% in 2026, with the number of major markets seeing annual price declines projected to fall from 24 markets as of October to 12 next year.
• Zillow projects 4.26 million existing home sales next year — a 4.3% increase over 2025 — as improving affordability brings more demand back to the market.
• Rent affordability is expected to improve in 2026, with multifamily rents forecast to remain flat — up just 0.3%.
Miami-Dade County programs can assist renters, condo owners
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Unbeknownst to many South Floridians facing home insecurity, the county expanded its Emergency Rental Assistance Program (ERAP) to include residents earning up to 140% of the area median income (AMI).
A single person earning less than $95,620, couples making less than $109,200, families of three earning less than $122,920, and families of four earning less than $136,500 can qualify for rental assistance. Visit miamidade.gov and search rental assistance for information, requirements and deadlines.
Funding assistance is also available to help condominium owners pay for special assessments than arise from the 40-year certifications. Owners, who are within the forementioned salary parameters and less than $50,000 in cash assets, can receive up to $50,000 in assistance to pay for assessments. Those with cash assets exceeding $50,000 are required to contribute a 10 percent deposit for the loan.
The interest-free, 40-year loan becomes payable if full when the property is sold or the owner/applicant dies unless the property’s heirs meet specific criteria. Information can be found on miamidade.gov by searching condominium owners’ assistance. The application deadline is December 23, 2023.
ERAP is a part of the mayor’s HOMES Plan approved in the 2022-23 annual county budget as part of an investment of $500 million to tackle the affordability crisis and ensure families can continue to live and work in Miami-Dade County.
“For Miami-Dade to thrive, our residents must be able to afford to live here,” said Mayor Levine Cava. “Our county’s distribution of ERAP funds was so successful, we were able to apply for and receive more funds from the federal government to expand the program and help more renters.”
The latest expansion will allow more residents to tap into funds to help them stay in their homes. That, in conjunction with the Building Blocks program and HOMES plan, will create a more affordable Miami-Dade for all, said the mayor.
The mayor made the expansion of ERAP benefits a key component of her HOMES plan included in the county’s approved budget by committing an additional $8 million in general funds from Miami-Dade County, county officials stated.
Miami-Dade has distributed more than $138 million to help keep more than 21,000 families in their homes since the start of the COVID-19 pandemic.
For more information on the program, visit: miamidade.gov and insert the desired information in the search line.
'Hometown heroes' eligible for down payment assistance
'Hometown heroes' eligible for down payment assistance
Many home buyers are opting for condominiums.
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The Florida Hometown Heroes Housing Program, launched by the state earlier this year,
was designed to assist Floridians in more than 50 “critical” professions in purchasing their first home.
The loan program will be available to Floridians in the fields of law enforcement, first responders, education, healthcare, childcare and active military and veterans and a host of other “critical professionals,” but electrologists, athletic trainers and massage therapists also made the cut. Barbers, cashiers and sanitation workers are not listed as frontline workers.
The program provides down payment and closing cost assistance to first-time, income-qualified buyers to purchase a primary residence in the community where they work and serve. The loan offers a lower first mortgage rate and additional special benefits to those who have served and continue to serve their country.
Eligible workers can receive lower than market rates on an FHA, VA, RD, Fannie Mae or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points and down payment and closing cost assistance.
Borrowers can receive up to five percent of the first mortgage loan amount, a maximum of $25,000, in down payment and closing cost assistance.
The program offers a down payment and closing cost assistance in the form of a zero down, non-amortizing, 30-year deferred second mortgage. The second mortgage becomes due and payable, in full, when the property is sold, refinanced, transferred by deed or when the home seizes being the applicant’s primary residence. The loan is not forgivable.
For additional information on the program, list of qualifying professions and its requirements visit: www.floridahousing.org/programs/homebuyer-overviewpage/hometown-heroes
Donate items you
don't have use for
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Your leather recliner doesn’t fit in your new abode and that little black dress has been hanging in the closet for years, tags and all. While those items have no place in your life, they may be just what someone else is looking for.
If you don’t want to deal with reselling sites or a garage sale, the answer is simple donate them to a worthwhile charity.
They accept drop offs of such items but can also pick up large items to sell at one of their thrift shops that serve a greater purpose.
The Salvation Army’s store, south of the design district, has a large room of furnishings donated by area residents, who’ve moved on or redecorated. There is also artwork, clothing and accessories. Proceeds from sales go to fund the many Salvation Army programs and shelters, one of which is steps away from the store in the shadows of high rises. To shop, donate or schedule a pickup, visit www.satruck.org
Other shops, like Out of the Closet, also serve an important purpose in the community. Their stores are not only filled with donations of trendy clothes, artwork and upscale furnishings,
proceeds from the sales help fund the Aids Healthcare Foundation and the on-site clinics which offer free HIV testing. Visit them at outofthecloset.org
Lotus House is the largest shelter of women and children in the country. They provide shelter,
The exterior of the Salvation Army Thrift store features several murals by artists from around the world. PHOTOS:OIP
resources and supportive services to help families lead lives of greater opportunity. The
organization accepts, clothing, household goods and furnishings in good condition, then resells them online at their store, at 2040 NW 7th Ave., Miami. To schedule a pickup or shop online, visit lotusthrift.org.
Whether donating or buying, recycling clothing, furniture and other household items helps worthwhile causes and cuts downs on waste and pollution. It’s well worth considering on both ends.
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