33166
Miami, Florida

Miami's 33166 ZIP code shows clear market deceleration with a median sale price of $550,000, down 13.4% year-over-year as of February 2026. Properties are averaging 135 days on market, nearly triple the velocity seen during peak conditions. Zero homes are selling above list price, indicating sellers have lost pricing power completely. This correction represents a significant shift from the appreciation cycle that characterized South Florida markets through 2024.

Buyer conditions are optimal for price-conscious purchasers with extended due diligence timelines. The 135-day market absorption period provides substantial negotiating leverage, particularly for cash buyers who can close quickly. Sellers face headwinds and should avoid listing unless necessary, as the 13.4% decline suggests further capitulation may be required to clear inventory. Investors seeking rental yields rather than appreciation may find entry points, though financing costs remain elevated.

The PropIQ score of 41 signals caution, suggesting downward price pressure persists with limited near-term catalysts for reversal. Monitoring active listing growth and any movement in days-on-market will indicate whether this correction stabilizes or accelerates. The zero-percent above-list metric suggests price discovery is incomplete, meaning sellers who wait 6-12 months may face additional markdown pressure before equilibrium returns to 33166.