Miami Real Estate Market Report: September 2026
Condos, Townhomes and Apartments
Is now a good time to buy or sell in Miami? It depends on what you're shopping for. September's numbers tell two different stories, one for condos and one for single family homes, and treating this as a single Miami market misses what buyers and sellers are each actually working with right now.
Months of inventory in the condo segment: 10.88, down 2.68% from June. That means, if no new condos came on the market, it would take nearly eleven months to sell through what's currently listed. Take that with a grain of salt, since inventory shifts month to month, but at this level the segment is still solidly in buyer's market territory.
What that means if you're buying: leverage. Sellers closed at 95.2% of list price this month, and the median sold price came in at $410,000, down 3.87% from June. If you're selling a condo, pricing has to be intentional. Active listings held a median list price of $479,000 flat month over month, but sat on the market for a median 107 days, up almost a full point from June. Pending contracts told a similar story, with median list prices down 3.6% and total pending dollar volume down 8.3%. Closed dollar volume fell the most of any figure in this report, down 25.5% to $736.2 million, even as the number of closed properties (1,057) dropped a more moderate 6.5%.
The one number moving the other direction: median days on market for sold condos actually dipped slightly, down 1.47% to 67 days. So the condos that are finding buyers are moving a touch faster, even while the overall pool stays deep.
Single Family Homes
A different picture here. Months of inventory: 4.51, down 3.01% from June, which puts single family homes in seller's market territory. Median days on market for sold homes dropped sharply, down 11.36% to 39 days, and the sold to list price ratio held essentially flat at 96.4%. Median sold price ticked up 0.59% to $684,000.
Here's where it gets interesting, and honest both ways: pending listings showed a lower median list price ($650,000, down 3.7%) and fewer homes going under contract (1,523, down 8.6%), while the homes that actually closed sold for more. That combination, softer pending prices next to firmer closed prices, suggests some negotiation is happening before contract that isn't fully visible in the final sold numbers yet. Total dollar volume was down across active, pending, and sold listings this month (5.6%, 15.6%, and 15% respectively), fewer transactions moving through the pipeline overall, even as the ones that closed held their value.
If you're buying a single family home, don't expect the same negotiating room you'd find on the condo side, especially with days on market compressing this fast. If you're selling, this month supports pricing with confidence, though it's worth having a conversation about what the lower transaction volume means for your specific timeline.
Where the Two Markets Diverge This Month
This month, condos and single family homes are behaving very differently. Condos remain deep in buyer's market territory with double digit months of inventory and softening prices. Single family homes sit in seller's market territory, tightening, with prices holding or edging up. If you're weighing a condo against a single family home, or deciding which of your own properties to list first, that gap is the most useful piece of context in this report.
Let's Have a Conversation
Every number above is a Miami-wide median. Your building, your block, your specific property may be telling a different story. If you're curious what these trends mean for you, whether you're buying, selling, or just keeping an eye on things, I'm happy to run the real numbers together. No pressure, no commitment, even if you're not ready to make a move yet.
Text or call me at 305.600.9602, or email [email protected]. Whenever you're ready, let's make the move.
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