Miami Emerges as a Top Buyer’s Market According to Zillow’s Latest Data

According to Zillow’s latest housing market heat index, Miami is now one of the U.S.’s most substantial buyer’s markets. The index evaluates the housing market’s temperature based on engagement with active listings, the percentage of homes with price reductions, and how quickly homes go under contract—specifically within 21 days.

Each market is assigned a score based on these factors. Scores over 70 indicate a strong seller’s market, 55-69 signify a seller’s market, 44-55 mark a neutral market, and 28-44 represent a buyer’s market. Any score under 27 designates a strong buyer’s market.

In September, Miami scored 36, its lowest since January 2018, when the index first began tracking data. Following a steady decline in its market strength, the city has consistently been classified as a buyer’s market since September 2023. Miami has fluctuated between neutral and buyer’s market conditions since June 2022.

On a national scale, the housing market has settled into neutral territory for the past three months. This follows a prolonged stretch of the seller’s market conditions from January 2020 to June 2024, with a few brief dips into neutral territory in late 2022 and 2023.

In September, the hottest seller’s markets were found in cities like Rochester, N.Y.; Syracuse, N.Y.; San Jose, California; Buffalo, N.Y.; and Hartford, Connecticut. Conversely, the most substantial buyer’s markets included Cape Coral, Florida; McAllen, Texas; New Orleans, Louisiana; Miami, Florida; and Deltona, Florida.