Miami is one of the strongest buyer’s markets in the nation, according to the latest Zillow market heat index. 

The housing market heat index uses engagement on Zillow’s active home listings, the share of listings with a price cut and the share of for-sale listings going pending in 21 days to calculate the heat of the housing market both nationally and in individual communities. 

The index assigns a score to every market, with a tally above 70 considered a strong seller’s market; 55-69 is a seller’s market; 44-55 is a neutral market; 28-44 is a buyer’s market; and 27 or less is rated a strong buyer’s market.

Miami’s September score was 36, the lowest rating for the market since January 2018, which is as far back as the heat index data goes. Miami has been considered a buyer’s market every month since September 2023. It has been considered a neutral or buyer’s market every month since June 2022.

Nationally, the housing market has dipped into neutral territory for the last three months. Before that, it was considered a seller’s or strong seller’s market every month from January 2020 through June 2024, except for brief dips into neutral status in October and November 2022 and November 2023.

The five strongest seller’s markets in September were: Rochester, N.Y.; Syracuse, N.Y.; San Jose, California; Buffalo, N.Y.; and Hartford, Connecticut. 

The five strongest buyer’s markets were: Cape Coral, Florida; McAllen, Texas; New Orleans; Miami; and Deltona, Florida.