Source: Point 2 Homes —
When buying a home, no one thinks about how soon they’ll sell it. But, judging by how long the typical Miami homeowner held onto their property, that time comes much sooner than any newly minted owner might expect. And the pandemic, despite the initial punch it delivered, didn’t change owners’ buying and selling timelines too much. After a brief period of tension, owners in one of Florida’s larges cities reverted to their pre-pandemic habits.
In reviewing how long owners waited before selling a property before and after the pandemic, Point2 analysts discovered an intriguing trend: In 2022, the median Miami homeowner spent 7.3 years in a home before selling — exactly the same amount of time as they did in 2019.
Here are some more highlights from our report:
- Compared to 2019, the median homeowner tenure increased briefly in 2021 to reach 7.7 years, only to fall back to 7.3 years in 2022.
- This might mean that the pandemic — with the unavoidable instability it injected into people’s lives — shocked some owners into holding on to their properties a little bit longer, but not for long.
- Miami owners preferred townhouses to condos and even to single-family homes: The median owner waited for 8 years before selling a townhouse, but only 6.7 years before getting rid of a single-family home.
- This preference was even more obvious before the pandemic, when owners waited for 8.6 years before selling a townhouse, compared to 6.8 years for a single-family home.
- In Miami, the older and larger the home, the longer owners held out: Homes ranging between 3,000 and 5,000 square feet, as well as 21 to 50 years old, boasted the longest tenures.
Miami Owners Have Clear Preferences
Single-family homes get no love in the city, as owners stick with townhouses and condos