Miami-Dade's Housing Market Splits: Houses Hit a $692,000 Median While Condos Hold Near $417,000

MIAMI — Miami-Dade’s housing market is moving in two directions at once. Single-family home prices climbed to a median of $692,000 in September, while condo prices slipped slightly to $417,090, according to figures released Oct. 16 by MIAMI REALTORS + RWorld.

The numbers, drawn from the association’s September 2026 release and its statistical reports on SFMarketIntel.com, show a market where supply, not demand alone, is setting the terms.

Single-Family Homes: Tight Supply, Rising Prices

The median sale price for a single-family home in Miami-Dade rose 4.1% from a year earlier, from $665,000 to $692,000. Closed sales fell 4.7% to 824, from 865. Active listings dropped 16.6% to 4,536, leaving 5.1 months of supply, which the association describes as a seller’s market. A balanced market is generally considered to be six to nine months.

Buyers are also moving faster. The median time from listing to contract was 41 days, compared with 50 days a year ago, and homes sold for a median of 95% of their original list price.

Condos: Plenty of Inventory, Flat Prices

Condo and townhouse closings edged up to 909 from 904. The median price fell 0.7% from $420,000 to $417,090. Inventory is much larger than for houses: 11,706 active listings, down 7.2% from a year earlier, or 12.3 months of supply. That is well above the six-to-nine-month range the association calls balanced, and it labels the condo segment a buyer’s market.

Condos priced between $300,000 and $400,000 saw sales rise 14.5%, from 159 to 182, according to the association. Median time to contract fell to 67 days from 75.

The Top End Keeps Setting Records

The luxury market is running ahead of the rest. Through September, Miami-Dade recorded 24 single-family and condominium sales of $30 million or more, topping the full-year 2025 record of 21 by 14.3%, the association said. At the current pace it expects 32 such sales by year-end. Across all price points, September’s total dollar volume rose 15.4% year over year to $1.8 billion.

“South Florida ultra luxury real estate is booming, and the numbers are impressive,” association chairman Alfredo Pujol said in the release, adding that there are options at many price points.

Rates and Rules Are Weighing on Sales

Total home sales fell 2% year over year, from 1,769 to 1,733 after 11 straight months of year-over-year increases before August. The association pointed to mortgage rates, which it said had risen nearly 0.6 percentage points since early September to 7.46% as of Oct. 13, along with limited inventory in some price ranges and uncertainty around Florida’s Oct. 6 state of emergency ahead of Hurricane Isaias. South Florida was not among the 29 affected counties, the association noted, though it said hurricane threats can delay mortgage approvals and closings.

Financing remains a hurdle for condo buyers. The association said only 21 of 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties are approved for FHA loans, about 0.9%. It also noted that Fannie Mae and Freddie Mac eliminated the limited-review option for many condo loans on Aug. 3, a change it expects to bring more transparency to condo lending.

What It Means for Buyers, Sellers and Investors

• Sellers of houses have the leverage, but rising rates are trimming the number of closings. Pricing realistically still matters, since buyers are paying about 95% of the original ask.
• Condo buyers have more choice and more room to negotiate, particularly in buildings with limited financing options. Ask whether a building is FHA-approved, because it affects both the buyer pool and resale.
• Cash buyers remain a large share of the market. Cash made up 49.4% of existing condo sales and 26.2% of single-family sales in September, the association said, which can insulate deals from rate changes.
• Investors and small-business owners with real estate exposure should watch inventory. The association says both condo and total listings have been declining year over year, which could support prices if demand holds.

The split is clear: Miami’s houses are tight and getting pricier, while its condos are plentiful and flat.

Sources: MIAMI REALTORS + RWorld via PR Newswire, Oct. 16, 2026; MIAMI REALTORS + RWorld statistical reports, SFMarketIntel.com.