Miami-Dade County’s housing market is splitting in two. Single-family homes remain scarce and in demand, while condo buyers now have far more choices and more room to negotiate, according to the latest monthly figures from MIAMI REALTORS® + RWorld, the area’s largest Realtor association.
The report, which covers September 2026 and was released in mid-October, is the newest official snapshot of the county’s market. Data for October is expected later this month.
Condos: a buyer’s market
Miami-Dade had 12.3 months’ supply of condos in September, the association said. That is how long it would take to sell every listed unit at the current sales pace. The group considers six to nine months a balanced market, so anything above that range favors buyers.
Condo inventory stood at 11,706 active listings, down about 7.2% from a year earlier, but sales are moving slowly enough that supply stays high. Condo sales rose 1% to 909, and the median condo price slipped 0.7% to $417,090, from $420,000 a year earlier. Nearly half of condo buyers, 49.4%, paid cash.
Condos are also taking a little less time to sell. The median time from listing to contract was 67 days, down from 75, and the median time to a closed sale was 102 days, down from 115.
In its September economic report, the association said year-to-date condo and townhome sales across South Florida were up 5.1%, and it pointed to Florida’s condo reforms on building safety, reserve funding and buyer access to association records as a reason. Some coastal cities saw strong September gains, including Aventura (up 32%) and Sunny Isles Beach (up 42%).
Single-family homes: still tight
The picture is very different for houses. Miami-Dade had just 5.1 months’ supply of single-family homes, which the association classifies as a seller’s market. Single-family inventory fell 16.6% from a year earlier, to 4,536 listings.
The median single-family price rose about 4.1% to $692,000, up from $665,000. Sales dipped 4.7% to 824 homes. Only about 26% of single-family buyers paid cash, which means most rely on mortgages and are more exposed to rising rates.
Affordability remains a major challenge. The association said Miami-Dade had only 123 single-family listings under $400,000 at the end of September, about 3% of active inventory.
“We are continuing to see the negative impact of soaring mortgage rates on homebuyers.” — Gay Cororaton, chief economist, MIAMI REALTORS® + RWorld
Overall sales and luxury records
Total Miami-Dade home sales fell 2% to 1,733 in September, while dollar volume rose about 15% to $1.8 billion, helped by high-end deals. The county logged 24 sales of $30 million or more in the first nine months of the year, already topping the 21 recorded in all of 2025, the association said. Across South Florida, million-dollar sales were up about 20% year to date, and 59% of them were all-cash.
Distressed sales stayed rare. Short sales and bank-owned sales together made up about 0.5% of Miami-Dade closings.
Mortgage rates: some recent easing
The September report cited a 30-year mortgage rate of 7.46% as of Oct. 13, up nearly 0.6 percentage points since Sept. 1. Rates have eased a little since then. Freddie Mac said the average 30-year fixed rate was 7.18% as of Nov. 5, the third straight weekly decline, though still well above the 6.22% of a year earlier.
Other costs matter too. Many Florida owners have been watching insurance bills, and home insurance rates are falling for about 824,000 policyholders. Voters also approved a property tax change this week; see what homeowners should know about Amendment 3. Renters, meanwhile, have seen Florida landlords still offering deals.
Why it matters for families
For families shopping for a home in Miami-Dade, the type of property matters a lot. Condo shoppers may find more listings, longer timelines and sellers more willing to negotiate. Before buying, it is wise to review the association’s reserves, inspection reports and any planned special assessments, which Florida’s recent condo laws are meant to make easier to see. Single-family buyers face fewer choices and higher prices. This is general information, not financial advice; talk with a licensed real estate professional, lender or attorney about your situation.
Upstormed News will follow the October numbers when MIAMI REALTORS® releases them later this month.
Read more: First-time home buyers’ median age holds at record 40 in NAR’s 2026 profile
What do you think: Would you rather buy a condo or a single-family home in South Florida right now? Tell us in the comments.
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Sources: MIAMI REALTORS® + RWorld, “Miami-Dade Breaks Annual Record for $30 Million-Plus Home Sales in Just Nine Months” (October 16, 2026); MIAMI REALTORS® + RWorld, “South Florida’s Million-Dollar Home Market Booms Despite Rising Mortgage Rates” (October 19, 2026); CubaHeadlines, “Rising Challenges in Miami-Dade’s Housing Market: Median Home Price Hits $692,000” (October 16, 2026); Freddie Mac via GlobeNewswire, “Mortgage Rates Decline for Third Consecutive Week to 7.18%” (November 5, 2026)
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