With a startling 137.1 percent increase in pending sales from 685 in May 2020 to 1,624 in May 2021, Miami has the third-hottest property market in Florida. New listings soared by more than 40% year over year, from 1,528 listings in May of last year to 2,144 listings in May of this year. Over the same May-to-May interval, for-sale inventories decreased by 29.1 percent. All of these variables have contributed to a spike in Miami property prices, with the median sale price soaring from $350,00 in May 2020 to $413,000 in May 2021, an increase of more than $60,000.