The residential real estate market in Miami-Dade County delivered a strong performance in February 2026, with notable growth in both condominium and single-family home sales, according to the Miami Association of Realtors.
Total home sales rose 9.6% year-over-year, with single-family home sales increasing 4.3% to 733 units, while condominium sales jumped 14.7% to 845 units. Median prices continued to climb, with the median price for single-family homes reaching $685,000, up 4.6% from the previous year. Meanwhile, the median condominium price stood at $410,000, down from its recent peak of $455,000, but still double its level from ten years ago.
Total housing inventory declined by 0.5% to 17,626 units, driven by a 2% drop in condominium inventory, while single-family home inventory rose by 3.3%. Market indicators point to a balanced market for single-family homes (6.2 months of supply) and a buyer’s market for condominiums (13.4 months of supply).
The average 30-year fixed mortgage rate stood at 6.05% in February, down from its peak in 2025. Analysts expect the luxury real estate segment to remain stable, supported by a growing number of cash transactions influenced by wealth migration from high-tax states.
Cash purchases accounted for 42.8% of total sales, with a strong dominance in the condominium segment at 55.2%. Transactions took an average of 55 days for single-family homes and 83 days for condominiums to close, indicating a slight slowdown in market pace.
Total sales volume increased to $1.57 billion (up 2.21% year-over-year), while distressed sales made up just 2.9% of total transactions, compared to 70% during the 2009 crisis.
