Miami, FL
Is Miami losing its luster?
With its lines of palm trees, breathtaking beaches and dazzling lifestyle, Miami has long been a vibrant real estate hotspot in the ever-popular Sunshine State, attracting people from all over the country eager to move in—especially since the pandemic hit.
But in recent months, Miami’s housing market has experienced an unusual slowdown, with listings getting “stale” on the market and sales slumping as buyers shy away from purchasing properties whose prices have eclipsed their pandemic peaks.
According to the latest data from Redfin, 452 homes were sold in June, down from 597 last year. Meanwhile, the median sale price of a home was $600,000 in the same month, up 1.7 percent compared to a year earlier.
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Perhaps because homes are still so expensive in the city and mortgage rates are still hovering around the 7 percent mark, buyers appear reluctant to conclude purchases.
The real estate brokerage reported that homes in Miami remained an average of 83 days on the market before going under contract, up from 75 days last year. A listing is considered “stale” after at least 30 days on the market.
“The Miami market is currently experiencing a slowdown, and many are feeling its impact,” Riley Smith, president of Riley Smith Group with Compass Florida, told Newsweek.
“Several factors are contributing to Miami’s current market conditions. Interest rates coupled with low single-family home inventory remains a challenge, despite some relief in Miami’s condo market inventory,” Smith said.
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“Additionally, we’re returning to pre-COVID seasonality in home transactions. With many people leaving town during the summer, we’re seeing fewer new contracts and less new inventory hitting the market.”
Photo-illustration by Newsweek
Is This the End of Miami’s Magnetic Charm?
According to data from the Miami Association of Realtors, Miami-Dade’s total sales decreased 13.2 percent year-over-year in June, from 2,364 to 2,051. Miami single-family sales declined 3.8 percent year-over-year, from 1,004 to 966. And existing condo sales decreased by 20.2 percent year-over-year, from 1,360 to 1,085.
The association attributes this decline to an ongoing lack of inventory, high mortgage rates, and, in the case of condos, the introduction of new strict regulations for owners and associations, which has caused a selling frenzy in the city.
Despite negative sale numbers, Smith doesn’t believe that Miami has lost its luster for good, attributing the current negative numbers to a seasonal slowdown.
“As we approach the end of the year, I anticipate the market will pick up again,” he said. “Historically, Miami’s market tends to pick up in the fall and winter season. While price reductions may seem more common, sale prices are still consistent and strong. The current slowdown is more about seasonality and inventory than a complete market downturn.”
Miami Association of Realtors Chairman-Elect Eddie Blanco agrees, saying that seasonal declines shouldn’t be misread.
“I feel like whenever you have a brush stroke of the market in general, it’s somewhat misleading. Real estate is so specific that things come down to the specific location of a single home—the neighborhood, the block, the subdivision, the city,” Blanco told Newsweek.
While home prices have experienced a recent downturn in Miami, the bigger picture tells a different story. “The price of single-family homes in Miami has actually gone up 245 percent since 2012,” said Blanco. “We’ve had 151 consecutive months of single-family median home price increases,” he added. “That’s 12.5 years. It’s the longest-running streak we’ve had.”
Blanco minimized the importance of a 3.8 percent year-over-year decline in the sales of single-family homes in Miami in June, as reported by its association.
“It’s not a significant concern,” he said. “That could just be a trend of, I don’t know, maybe the pace of migration. Maybe it’s just concerns over the overall economy. Maybe, in my personal opinion, it’s the election year. But a 3.8 percent year-over-year drop is a very marginal adjustment.”
Redfin data show that pending sales in Miami dropped by 11.7 percent in the four weeks ending June 30—the fourth-largest decline in the country. In the real estate brokerage’s report for the four weeks ending on July 28, Miami no longer appeared among the metropolitan areas with the biggest year-over-year decreases in pending sales.
Addressing concerns of the Miami housing market becoming overvalued due to weather conditions and prices plunging by the end of the year, Blanco said that these worries are “old news.”
“The idea that Florida will be underwater one day has gone around for years, and that obviously hasn’t impacted people’s buying. If it’s true that sea level rise is impacting our market, then we wouldn’t see that level of migration and the level of price increases that we’ve seen over the years,” he added.
That said, Blanco admits that the Miami housing market might be perceived by some people as overvalued, “but that’s because they may not be looking at how Miami has truly blossomed into a real international market in the past 20 years,” he said. “I’ve grown up here, and I watched Miami develop from a vacation destination into an international metropolis.”
When you compare Miami home prices to that of other major international real estate markets like London, “our price per square foot is still a discount,” Blanco said.
The only thing that troubles Blanco when looking at the future of the Miami housing market is not a real estate change but “some kind of global black swan event that could create an exorbitant amount of job loss, which could cause real estate values to come down.”
That doesn’t seem likely to happen at the moment, with the U.S. economy and the country’s job market still going strong. Apart from this, “as long as people can afford to pay the rents and pay the mortgage payments that they’re paying, that they have been paying for years, I don’t see how there could be a significant adjustment and decline,” Blanco said.
Miami, FL
The team behind a very popular NYC pizzeria is opening a new spot in Miami
New York has never been shy about sending heavy hitters south for the winter and a new concept from the team behind Roberta’s—the cult-favorite Brooklyn pizzeria—just landed in North Beach. Ezio’s is the first new venture for the team, and it’s on track to be a hit.
Roberta’s is a bona fide NYC institution. The hip pizzeria known for its wood-fired, blistered Neapolitan-style pies has earned nods from critics and diners alike as one of the best and most influential restaurants in America. Roberta’s has outposts in Nashville, Culver City and even Singapore.
Although the pizzeria is clearly no stranger to expansion, Ezio’s is an entirely new concept. It was introduced in 2024 as a pop-up inside the original Roberta’s in Bushwick, and now it will have a permanent location right here in Miami.
Opening December 19 on the ground floor of North Beach’s sleek new 72 Park tower, Ezio’s reimagines Italian hospitality through a Miami lens. Co-owners Brandon Hoy and chef Carlo Mirarchi (the latter naming the restaurant in tribute to his father) have traded pizza ovens for white tablecloths and upscale food.
A raw bar featuring locally-sourced seafood anchors the menu with stone crab claws and wild-caught fin fish crudo. Luxe starters include wagyu carpaccio with husk cherries and caviar and honey mango wrapped in prosciutto. House-made pastas include linguine cacio e pepe with winter truffle, and pappardelle with braised veal and parmigiano Reggiano.
But the showstopper is the custom dry-aging program, which includes a 55-day dry-aged Kansas City steak and a 90-day dry-aged bone-in wagyu strip. The lineup calls out for meals of celebratory excess.
The cocktail program is just as impressive, with tableside martinis customizable with caviar or oysters, of course. Signatures like the Honeydew Spritz and Alpine Italian Boulevard are bright but grown-up, while a 110-plus-label wine list covers Italy, France, Portugal, Argentina and California.
The setting is glamorous, with dark woods, velvet, burgundy banquettes and moody lighting. This isn’t the casual vibe of Roberta’s, but it’s set to be something just as buzzy, and North Beach is ready to welcome the team.
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Miami, FL
Eileen Higgins reflects on her historic win in Miami mayoral election
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Miami, FL
Who is Eileen Higgins, the first Democratric mayor of Miami in 30 years?
Miami voters on Tuesday elected Democrat Eileen Higgins as mayor, ending a nearly three-decade dry spell for her party after she defeated a Republican endorsed by Donald Trump in the predominantly Hispanic city.
While the election was officially nonpartisan, the race took on national significance, pitting Higgins against Republican Emilio Gonzalez, a former Miami city manager, in a contest closely watched by both parties.
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The win comes in the wake of recent electoral success achieved by the Democratic Party ahead of next year’s midterm elections.
Here is what we know:
What were the final results of the Miami election?
Higgins led Republican Gonzalez 59 percent to 41 percent on Tuesday night, according to preliminary results from the Miami-Dade County Supervisor of Elections Office. She is the first woman ever elected as mayor in the city.
She won Tuesday’s run-off after leading the first round of voting on November 4 with 35 percent of the vote to Gonzalez’s 19 percent.
“Tonight, the people of Miami made history,” Higgins said in a statement. “Together, we turned the page on years of chaos and corruption and opened the door to a new era for our city.”
Higgins’ victory adds to a run of recent Democratic wins, including races in New Jersey and Virginia, as the party looks towards the 2026 midterms. That trend continued with strong results in November’s off-year elections and a solid showing in this month’s special House race in Tennessee.
While Miami’s mayor wields limited formal power, the role is highly symbolic, representing a city with a large Latino population at the centre of national immigration debates.
Home to roughly half a million residents, Miami is Florida’s second-most populous city after Jacksonville. In recent election cycles, it has shifted towards Republicans, making a Democratic win stand out even more. Trump had won Miami-Dade County in the 2024 presidential election against her Democratic rival Kamala Harris.
Hispanic or Latino residents make up roughly 70 percent of Miami’s population. In Miami-Dade County overall, about 69–70 percent of residents identify as Hispanic or Latino – a demographic majority that significantly shapes the region’s cultural and political identity.
Miami Mayor
Fully reported unofficial results:
🔵 Eileen Higgins – 21,550 (59.3%)
🔴 Emilio Gonzalez – 14,799 (40.7%)⬅️ 19% swing left from the 2024 presidential election pic.twitter.com/nwnrCnn7Gr
— VoteHub (@VoteHub) December 10, 2025
What are some of the key issues of this campaign?
Immigration was a key issue in Higgins’ campaign.
In Miami, she often talked about Donald Trump’s immigration crackdown, saying she heard from residents who were worried about family members being detained. She described the election as a referendum on the president’s policies, which have caused concerns about due process.
More than 200,000 people have been arrested since Trump launched the crackdown on migrants in January. At least 75,000 people, who were arrested as part of Trump’s fight against gang members and criminals, had no criminal records, according to new data. He has deported hundreds of migrants and halted asylum and green card applications.
The Trump administration had also ordered the arrest of several students who participated in protests against Israel’s genocidal war on Gaza. Several of them have since been released by the courts.
The difference between the candidates was clear during a debate last month. Higgins called immigration enforcement in Miami “cruel and inhumane” and criticised the detention centre opened by Florida Governor Ron DeSantis, commonly known as “Alligator Alcatraz”.
In that same debate, her opponent, Gonzalez, said he supported federal law enforcement rounding up “people who commit crimes”.
“I support putting down migrant criminals, I cannot in good conscience fight with the federal government and defend a rapist or a murderer,” Gonzalez added.
Higgins repeated her message in an interview with El Pais this week, drawing a sharp contrast with Trump’s approach.
“He and I have very different points of view on how we should treat our residents, many of whom are immigrants,” she said.
“That is the strength of this community. We are an immigrant-based place. That’s our uniqueness. That’s what makes us special.”
Affordability was also a major issue in the race. Higgins focused her campaign on local concerns such as housing costs, while Gonzalez campaigned on repealing Miami’s homestead property tax and streamlining business permits.
“My opponent is keen on building, building, building,” Gonzalez told CNN. “She wants to put a skyscraper in every corner … then calling it affordable housing, which is a misnomer, because very rarely is it truly affordable.”
During a speech in Pennsylvania on Tuesday, Trump raised the issue of affordability, which Democrats have highlighted. He blamed high prices on his predecessor, Joe Biden.
The cost of living has been on the election campaign agenda in recent gubernatorial and mayoral elections in which Democrats have made gains, including the much-publicised New York mayoral election. The Democratic wins show that the issue has resonated with voters.
🚨Miami polls are now OPEN!🚨
Time to VOTE and bring a new era of good governance, true affordability, and putting families first over special interests.
Let’s go, Miami! 🇺🇸🌴 pic.twitter.com/AHVCIohCFj
— Emilio T. Gonzalez for Mayor of Miami (@Emilioformiami) December 9, 2025
Who is Eileen Higgins?
Higgins is Miami’s first non-Hispanic mayor in nearly three decades. Born in Ohio and raised in Albuquerque, New Mexico, she earned a Bachelor of Science in mechanical engineering from the University of New Mexico and later completed an MBA at Cornell University.
Before becoming mayor, Higgins represented a politically conservative district that includes Little Havana, the city’s well-known Cuban enclave.
She has embraced the nickname “La Gringa,” a term commonly used in Spanish to refer to white Americans.
Her professional background spans international development and consulting, with a focus on infrastructure and transportation projects across Latin America. She later served as Peace Corps country director in Belize and went on to work as a foreign service officer for the United States Department of State, where her portfolio included diplomatic and economic development efforts in countries such as Mexico and South Africa.
After her government service, Higgins returned to the private sector before eventually entering local politics in Miami.
With her runoff victory tonight, Eileen Higgins will be Miami’s next mayor—the first woman in the city’s history and the first Democrat in nearly 30 years elected to the office.
Congrats, Mayor-elect! pic.twitter.com/lSyZ087Xvc
— Democrats (@TheDemocrats) December 10, 2025
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