Miami-Dade Real Estate Market Report: October 2026
Is Miami one real estate market right now, or two? If you look at the August 2026 numbers for Miami-Dade County, condos and single family homes are telling very different stories. Headlines tend to lump them together, but the right strategy for a condo and the right strategy for a house can look completely different this month.
Here's what the data shows for each, compared with last month and with August 2025, and what it could mean for you whether you're buying, selling, or simply keeping an eye on the market.
Condos, Townhomes & Apartments
Months of inventory: 10.98. That means if no new condos came on the market, it would take close to 11 months to sell everything currently listed at today's pace. That level of supply places the segment in buyer's market territory, and the market gauge reflects exactly that.
Here's the part that doesn't make the headlines: supply is tighter than it was a year ago. In August 2025, condo inventory stood at 13.14 months. That's a 16.4% drop year over year. Buyers still have plenty of choice, just a bit less of it than they did twelve months ago.
The median sold price came in at $410,000, up 1.5% month over month and right in line with the $410K median from August 2025. Condos closed at 95.1% of list price after a median of 66 days on market. On the active side, there are 12,002 condos listed at a median asking price of $475,000, down from $485K a year ago, and those unsold listings have been on the market a median of 109 days.
The detail I find most telling is price per square foot. Active listings are asking a median of $455/sqft, while the condos that actually closed sold for a median of $354/sqft. Take this with a grain of salt, since the active and sold groups aren't the same set of units. Still, a gap that wide suggests a good share of current inventory is priced above where buyers are closing. The listings that sell are moving in roughly two months. Many of the rest are sitting.
Closings slowed in August, with 927 sales (down 14% month over month) and total sold volume down 9.2%. At the same time, pending sales rose 1.1% to 1,701, and the median list price of condos going under contract rose 2.8% to $420,000, up from $406.5K in August 2025. One month is not a trend, but it is worth watching whether that pending activity shows up in September closings.
What this means for you. If you're buying a condo, you have time, choice, and room to negotiate, and it's worth using all three. If you're selling a condo, pricing close to where comparable units are actually closing matters more than ever, because buyers are comparison shopping across a lot of inventory.
Single Family Homes
Months of inventory: 4.6. Single family homes sit on the opposite side of the gauge, in seller's market territory. With far less supply, homes are selling quickly and close to asking.
Supply has tightened here too, and more sharply. A year ago, single family inventory was 6.3 months. Today it is 4.6, a 27% drop year over year. That shrinking supply is a big part of why sellers hold the stronger position right now.
The median sold price was $666,000, down 2.63% month over month but above the $650K median from August 2025. Homes closed at 96.3% of list price after a median of just 39 days on market, unchanged from the prior month. There are 4,796 active listings at a median asking price of $799,900 (compared with $785K a year ago), and median days on market for active listings dropped 5.1% to 74.
Closed sales dipped 5.9% to 906, while total sold volume fell 22.9%. Volume falling much faster than the number of sales suggests fewer higher-priced homes closed in August, which likely also pulled the median sold price down this month. With the median still above last August's, I wouldn't read the monthly dip as a change in direction on its own.
Contract activity picked up. Pending sales rose 2.1% to 1,506, pending volume rose 6.4%, and the median list price of homes under contract rose 2.6% to $666,990, roughly even with $665K a year ago.
What this means for you. If you own a single family home, conditions still favor you, though buyers are negotiating a few percentage points off list at the median, so pricing and presentation still matter. If you're buying, expect less room to negotiate and less time to decide. Having your financing ready before you start touring makes a real difference.
Where the Two Markets Differ This Month
The simplest way to read August: condo buyers hold more of the leverage, while single family sellers hold more of it. Condos carry 10.98 months of inventory against 4.6 for single family homes. Condos take a median of 66 days to sell versus 39 for houses, and they close at 95.1% of list price versus 96.3%.
One detail stands out. Active listings in both segments are asking almost the same median price per square foot ($455 for condos, $456 for single family). But condos are closing at $354/sqft and single family homes at $413/sqft. The distance between asking and closing is much wider on the condo side, which is where negotiation is happening.
Prices tell a similar story year over year. The median condo sold price is essentially flat compared with August 2025, while the median single family sold price is above where it was a year ago.
There are also two things the segments have in common. Inventory is lower than a year ago in both (down 16.4% for condos and 27% for single family). And in both, closings slowed in August while new contracts ticked up. Whether that turns into stronger closings next month is an open question, and one I'm watching closely.
Let's Talk About Your Move
County-wide numbers only tell part of the story. The data varies significantly from neighborhood to neighborhood and building to building, so the real answer to "is now the right time for me?" is: it depends on your property, your goals, and your timeline.
If you're looking to buy, sell, rent, or invest anywhere in Miami, I'd be happy to give you a personalized read on your specific building, home, or neighborhood. Even if you're six months or a year out, it's worth knowing where things stand. No pressure, no commitment.
Text or call me at 305.600.9602 or email [email protected], and I'll be more than happy to help you make the move.
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