Miami Housing Market

Miami’s housing market lost momentum in May, with fewer homes for sale, declining sales, and a slight dip in prices.

Activity slowed across the board, with total sales down 5.2% year over year. Townhome sales dropped 13.1%, the largest decline, while condo sales fell 6.2% and single-family home sales slipped 2.0%. Single-family homes have held up better, but affordability pressures are weighing on the other segments. Miami continues to draw high-income buyers from markets like San Francisco, Seattle, and New York, but flat job growth has kept more price-sensitive buyers on the sidelines. Slower international migration has contributed to population losses in Miami-Dade, putting additional pressure on housing demand. Homes are also taking longer to sell than a year ago, another sign that buyers are stepping back.

Inventory remains elevated compared with much of the country, but the number of homes on the market fell dramatically. The number of homes for sale was down 9.1% year over year, the first May decline since 2022. This marks four straight months of declining inventory. New listings were also down 7.3% from the same time last year. The disconnect between declining sales and shrinking inventory suggests that some sellers are withdrawing properties from the market rather than accepting lower offers. Many homeowners have been locked in low mortgage rates in recent years and are reluctant to sell unless pricing expectations are met.

Price trends were mixed. The median sale price rose 1.1% for single-family homes, and 3% for townhomes, but condo prices fell 6% year over year. Condos tend to attract more price-sensitive and first-time buyers. That drop pulled the overall median home price lower for the first time since 2011. Annual price growth in May was the weakest since the early 2010s recovery from the Great Recession for both condos and single-family homes. Softer demand is hitting condos the hardest, as buyers in that segment face higher borrowing costs alongside rising HOA and insurance costs in South Florida.

The median home sale price in Miami decreased by 0.7% compared to the same time last year, while the national median price rose by 1.8%.

Miami median home prices decreased by $4,000 year over year on a nominal basis in May to $566,000. Meanwhile, the national median home price increased by $7,000 to $395,000.

Miami was the 13th highest-priced housing market among the top 40 largest markets last month. The Miami median home price of $566,000 was 43.3% above the national median home price. Miami's median home price in May compares to the market's peak of $592,000 recorded in April of 2025.

The median price of Miami single-family homes rose by $7,500 over the past year to $682,500, while the median townhome price grew by 3.0%, and the median condo price fell by 6.0%.

The number of homes for sale in Miami decreased by 9.1% in May compared to the same time last year, while national homes for sale rose by 4.3%.

Miami homes for sale fell by 1,956 year over year in May to 19,519 homes for sale. Miami ranked 36th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in May.

Miami homes for sale were below their pre-pandemic levels in the month of May. Miami homes for sale were 19.0% below the May 2019 total of 24,100.

Miami single-family homes for sale decreased by 11.4% to 5,950 in May. In comparison, townhome homes for sale fell by 2.0% to 2,459, and condo homes for sale declined by 9.3% to 11,110.

The number of home sales in Miami decreased by 5.2% in May compared to the same time last year, while national home sales dropped by 1.2%.

Miami home sales declined by 107 year over year on a nominal basis in May to 1,944. For context, 2,051 sales closed in Miami in May 2025.

Miami ranked 35th for the annual change in home sales out of the top 40 U.S. markets in May on a percentage basis. This year's May decrease of 5.2% compares to the 21.8% year over year decrease in May 2025.

Miami single-family sales decreased by 2.0% in May to 940. In comparison, townhome sales fell by 13.1% to 253, and condo sales fell by 6.2% to 751.

For questions and commentary about this report:

Elliott Krivenko, Senior Director of Analytics at CoStar and Homes.com, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Elliott Krivenko

Senior Director of Analytics

Homes.com

ekrivenko@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in Miami during May 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.