Miami’s housing market has cooled, with most homes losing value over the past year — but owners are still largely ahead. According to @zillow, about 76% of homes in the Miami metro area declined in value over the last year, surpassing the national figure of 53%, the highest share since 2012. Despite the pullback, the typical homeowner remains well positioned: median home values are still roughly 67% higher than when properties last sold, usually about 8.5 years ago, and only 4% of owners have actually lost value over that full ownership period. The shift reflects a broader buyer-friendly market shaped by high mortgage rates, elevated prices, and a growing imbalance between sellers and buyers, with listings outnumbering buyers by a record 37% nationwide. Florida metros have been among the hardest hit, with steep declines across Tampa Bay, Orlando, Jacksonville, and Punta Gorda, where nearly all homes dipped in value. Still, far fewer owners are “underwater” than before the pandemic, and most retain significant equity — giving sellers flexibility even as prices fluctuate.