Miami Housing Market

A combination of softening prices, rising inventory, and historically low sales volumes signaled a Miami housing market that is continuing to rebalance after years of rapid growth.

The dip followed annual price declines in four of the last six months and marks Miami’s weakest February price performance in more than a decade. While appreciation has clearly slowed, prices remain elevated on a longer‑term basis, with the median home value still more than 50% higher than five years ago, underscoring how affordability pressures continue to shape buyer behavior.

Miami’s active listings rose 11.5% from a year earlier to more than 20,300 homes, reflecting a steady return of sellers to the market. Inventory growth was broad-based across property types, led by townhomes and condos, and pushed Miami’s total supply well above pre-pandemic norms in several segments, giving buyers more options and slowing price momentum.

Miami recorded 1,523 home sales in February, a 2.6% year‑over‑year decline and the lowest February sales total in more than a decade. Sales volumes remained nearly 30% below pre‑pandemic averages, indicating that increased supply has not yet translated into stronger demand. Higher prices, persistent affordability pressures, and cautious buyer sentiment continue to weigh on transaction activity, even as market conditions gradually rebalance and inventory improves.

The median home sale price in Miami decreased 0.3% in February compared to the same month last year after several years of rapid price growth.

The median home sale price in Miami fell 0.3% year over year to $573,000 in February, after posting annual declines in four of the last 12 months. As such, February’s decline marks the lowest performance for the month in over a decade. Still, Miami’s median price has climbed 52% over the last five years, far outpacing national growth of 27% over the same period.

Detached home prices climbed 6.2% year over year to $690,000 and have increased 54% over the past five years. In contrast, townhome prices fell 2.3% to $472,000, and condo prices saw the largest annual price shift in February, falling 8.0% to $400,000. Still, Miami’s townhome and condo prices have surged 48.4% and 34.7% over the past five years, respectively.

Despite recent volatility, Miami’s median sale price of $573,000 ranked 10th among the top 40 markets nationally and was 52% above the national median. Miami’s median detached price of $690,000 was roughly 79% higher than the U.S. median, townhomes were 35% higher, and condos were about 18% more expensive than their national counterparts.

Miami’s inventory of homes for sale jumped 11.5% year over year to 20,300 listings in February, as inventory rose 14.2% nationally.

Inventory of homes for sale in Miami totaled 20,304 in February, up 11.5% year over year and 35% higher than five years ago. The growth reflected a meaningful recovery from the historically low levels seen during the pandemic. As more sellers returned to the market, widespread inventory gains pointed to more balanced supply conditions nationwide.

Miami’s inventory growth occurred across all housing types. Condo listings, which make up about 54% of Miami’s total inventory, increased 10% year over year to 11,032 units, while townhome inventory surged 21% year over year to 2,784 units. While Miami’s single-family inventory grew 6.2% year over year to 6,488 listings, the segment’s inventory levels in February sit roughly 3.5% below the pre-pandemic average for the month from 2015–2019.

Inventory growth extended across most of the country, though Miami’s active listings grew by 2,089 homes compared to last year, ranking sixth nationally. Markets with especially large nominal inventory growth over the past year included Houston (+5,974), Atlanta (+4,957), and Dallas-Fort Worth (+3,858). Inventory increased in 86% of the 933 markets tracked by Homes.com. Jacksonville, San Francisco, Phoenix, and the Inland Empire were the only large markets with fewer homes available for purchase in February than a year ago.

Miami recorded over 1,500 sales in February, a 2.6% year-over-year decline, marking the lowest February home sales volume in more than a decade.

Miami home sales totaled 1,523 in February, a modest 2.6% year-over-year decline and roughly 28.5% below the pre-pandemic average of 2,130 sales in February from 2015 to 2019. While sales improved modestly from the sharp decline seen in 2023, transaction volumes remained subdued, reflecting continued affordability challenges and cautious buyer behavior.

Miami’s home sales fell in two of three property types in February compared to the same month last year. Single-family sales were down 3.3%, and townhome sales posted the steepest year-over-year decline at 7.9%. Condos, meanwhile, saw a modest 3.6% boost in home sales compared to February 2025, which was the lowest level of condo sales for the month in over a decade.

While seasonal patterns typically bring slower activity in February compared to the spring and summer months, Miami’s February sales have declined each year since the 2022 peak, reflecting the market’s persistent affordability challenges and buyer hesitancy amid broader economic uncertainty.

For questions and commentary about this report:

Brad Case, Chief Residential Economist at CoStar and Homes.com, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Brad Case

Chief Residential Economist

Homes.com

bcase@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 February 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.