As of 2026, the median sale price in the Miami housing market is between approximately $565,000 and $595,000, showing a slight decline compared to the previous year. This data suggests a gradual adjustment following the sharp price increases seen after the pandemic. In conclusion, while Miami remains a high-priced market significantly above the national average, 2026 is likely to be a favorable turning point for buyers.

According to Houzeo, the median sale price for single-family homes in Miami as of May 2026 is about $680,000, while condos are around $414,500. The overall median price across all housing types is reported at $565,000, reflecting a decrease of about 5.83% from the previous year. Redfin's June data presents a median price of $595,000, with variations in figures depending on the timing and sample range of the data. Regardless of which data source is used, the trend is the same: prices are under downward pressure.

There are notable changes in inventory. As of April 2026, the number of listings in Miami has surged to 7,054, a 32.47% increase from the previous year, with some reports indicating a 97% rise. The absorption period for inventory shows significant variation, with single-family homes at 5.4 months and condos at 12.9 months. This indicates that concerns about oversupply in the condo market are becoming a reality. As inventory builds up, sellers' negotiating power is weakening, and the percentage of price-reduced listings has risen to 78.48%.

Key market indicators are summarized as follows:

• Median sale price: $565,000 - $595,000 (Houzeo/Redfin, May-June 2026)
• Year-over-year change: -5.83% - -0.96% (varies by data source)
• Average days on market: 87 days - 113 days (up from 100 days last year)
• Inventory increase rate: 32.47% - 97% (year-over-year, varies by data source)
• 30-year fixed mortgage rate: 6.23% (first half of 2026)
• Condo absorption period: 12.9 months (oversupply level)
• Single-family home absorption period: 5.4 months (approaching a balanced market)

The 30-year fixed mortgage rate stands at 6.23%, which is lower than the peak levels of 2023-2024 but still burdensome. The data shows that only 6.65% of all listings sold above the asking price, down from 7.89% a year ago. This is interpreted as a signal that the market is shifting in favor of buyers. According to Norada Real Estate forecasts, there is a possibility of a slight price rebound of 2-4% in the second half of 2026, but this will depend on interest rate trends and the pace of inventory absorption.

The Miami market is distinctly polarized. Single-family homes have relatively limited supply, providing price support, while condos face significant downward pressure due to ongoing new supply. For those looking to buy for personal use, now may be a good time to consider purchasing a single-family home, but investing in condos requires a cautious approach. Data shows that Miami remains one of the highest-priced markets in the nation, and compared to pre-pandemic levels, prices are still high. Short-term adjustments are unlikely to change the long-term upward trend.

(Source: Houzeo, Redfin, Norada Real Estate, Pexels, May-June 2026 / This article does not constitute investment or legal advice, and it is recommended to consult with a professional before making any actual contracts.)