Miami Housing Market

Inventory fell by more than 10% from a year ago, but slower sales and longer days on the market continue to give buyers leverage when negotiating sale prices.

Miami recorded just under 2,000 home sales in July, up 6.2% from a year earlier. Through the first seven months of 2026, the market logged 14,225 sales, about 1,100 more than during the same period in 2025.

Even so, Miami's housing market remains quieter than it was before the pandemic. More than 17,500 homes were sold during the first seven months of 2019, compared with about 14,225 this year.

Sales also slowed from June, with roughly 350 fewer homes changing hands. Much of the decline came from single-family homes, with July marking the first month since February to have fewer than 1,000 sales.

Buyers had fewer options in July as both inventory and new listings declined.

Miami had just under 18,800 homes for sale, down 10.3% from a year earlier, one of the largest inventory declines among the nation's 40 largest housing markets. Single-family inventory fell 17%, leaving roughly 1,120 fewer homes available for purchase.

New listings also slowed. Just 3,615 homes entered the market in July, down 1.1% year over year and the fewest since December 2025. Miami was the only top 40 US housing market to post a year-over-year decline in new listings during the month.

Despite the decrease in inventory, homes continued to take time to sell. The typical home spent 88 days on the market, while condos had a median days-on-market of 104.

View the latest homes for sale in Miami.

Miami's median sale price was $550,000 in July, unchanged from a year earlier.

Still, prices slipped 4% from June, a decline of roughly $25,000 and the lowest median sale price since November 2025. Condo prices posted the steepest decline, falling 8.5% month over month.

In July, buyers also maintained negotiating power. Homes sold for 92.7% of list price, the lowest sale-to-list price ratio among the top 40 U.S. housing markets. Condo buyers secured even steeper discounts, paying just 90.9% of list price.

Buyers continue finding discounts, particularly in the condo market, but the sharp price declines seen late last year have largely eased.

The median home sale price in Miami was flat year over year, while the national median price rose by 1.5%.

Miami median home prices were $550,000 in July, the same value as a year prior. Meanwhile, the national median home price increased by $10,000 to $400,000.

Miami was the 13th highest-priced housing market among the top 40 largest markets last month. The Miami median home price of $550,000 was 37.5% above the national median home price. Miami's median home price in July compares to the market's peak of $594,750 recorded in April of 2025.

The median price of Miami single-family homes rose by $25,000 over the past year to $690,000, while the median townhome price grew by 3.6%, and the median condo price did not change.

The number of homes for sale in Miami decreased by 10.3% in July compared to the same time last year, while national homes for sale rose by 4.4%.

Miami homes for sale fell by 2,153 year over year in July to 18,772 homes for sale. Miami ranked 38th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in July.

Miami homes for sale were below their pre-pandemic levels in the month of July. Miami homes for sale were 17.5% below the July 2019 total of 22,752.

Miami single-family home sales decreased by 17% to 5,489 in July. In comparison, townhomes for sale fell by 12.7% to 1,925, and condos for sale declined by 6.2% to 11,358.

The number of home sales in Miami increased by 6.2% in July compared to the same time last year, while national home sales rose by 2.9%.

Miami home sales increased by 116 year over year on a nominal basis in July to 1,982. For context, 1,866 sales closed in Miami in July 2025.

Miami ranked seventh for the annual change in home sales out of the top 40 U.S. markets in July on a percentage basis. This year's July increase of 6.2% compares to the 15.9% year over year decrease in July 2025.

Miami single-family sales increased by 2.4% in July to 888. In comparison, townhome sales fell by 8.5% to 226, and condo sales rose by 15.4% to 868.

For questions and commentary about this report:

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

Michelle Rumore

Senior Director of Analytics

Homes.com

mrumore@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 July 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.

Definition of Days on Market

The median number of days from initial listing to closing of properties whose closing occurred during the month. This data includes detached, attached, and condominium homes. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Months of Supply (MOS)

Months of Supply (MOS) is equal to active listings divided by homes sold in a given 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 Sale to List Price Ratio

The sale-to-list price ratio is the ratio of the sale (closing) price to the original list price, whose closing occurred 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.