Key Takeaway: Miami's sales market picked up significantly in February 2026, with total closed transactions rising 9.6% year-over-year. Condo prices have pulled back from recent peaks while single-family values continued to climb. Rents are holding flat as new supply enters the market, and mortgage rates sit near their lowest point since 2022.
Sales Market: Volume Up, Condo Prices Correcting
February 2026 brought a clear signal that Miami's sales market is active. Total closed home sales rose 9.6% compared to February 2025, according to data from the Miami Association of Realtors.
Single-family homes led with 733 closed transactions, a 4.3% year-over-year increase, and the median sale price reached $685,000, up 4.6% from $655,000 a year earlier.
On the condo side, closed sales surged 14.7% to 845 units, though the median price fell to $410,000, down from a recent peak of $455,000.
That price gap between single-family and condo is important context. Single-family homes in Miami continue to appreciate. Condos are correcting, partly due to the impact of new Florida condo safety laws requiring costly structural inspections and reserve funding that are adding financial pressure on older buildings and their owners.
Days on Market: Condos Are Taking Longer to Sell
Buyers in Miami are not rushing. Median days from listing to contract rose to 55 days for single-family homes and 83 days for condos. That extended timeline on the condo side reflects both the price correction and buyers taking more time to evaluate HOA fees, special assessments, and building inspection status before committing.
The list-to-sale ratio held at 94% for single-family and 93% for condos, meaning sellers are getting close to their asking prices, but negotiation room has opened up compared to the frenzy of prior years.
Cash Buyers Still Dominate
One of the most consistent features of the Miami real estate market continues: cash transactions. In February 2026, cash deals accounted for 42.8% of all closings, far above the national average of 31%. Condo transactions showed the most cash activity at 55.2%, while single-family cash deals made up 28.3% of closings.
This high cash buyer share insulates Miami's market from the direct impact of mortgage rates. Even as buyers with financing navigate affordability challenges, cash purchasers often international buyers or investors evaluating cap rates keep transaction volume moving.
Rental Market: Flat Rents, Rising Vacancy
The Miami rental market is in a period of stabilization. The average rent in Miami as of late February 2026 was $2,710 per month, essentially flat year-over-year, down just 0.05%, according to Zillow. Across Miami-Dade County, the average monthly rent runs closer to $3,100.
Asking rents on multifamily units rose just 0.6% year-over-year across the Miami metro, modest compared to prior years of double-digit growth. Vacancy rates increased by 7.8% in Q2 2025 as a wave of new apartment supply entered the market. With 37,392 units still under construction across the Miami metro area as of February 2026 (Yardi Matrix), that supply pressure is not going away soon.
This matters for landlords considering pricing. Miami is holding better than other Sunbelt cities: Austin rents are down 3.2%, Tampa is down 2.6%, but expecting significant rent growth in the near term is not supported by current data.
Miami Rental Prices by Neighborhood: What You'll Actually Pay in 2026
Miami's city-wide average rent sits at $2,710/month, but that number tells only part of the story. Where you rent in Miami matters as much as what you rent. Brickell commands a significant premium across every unit size, while Edgewater and Midtown offer a relative value play for renters who want walkability without the Brickell price tag. Miami Beach studios are surprisingly accessible, though two- and three-bedroom units there reflect the waterfront luxury premium. Here's how average rents break down by bedroom type across Miami's five most in-demand neighborhoods as of Q1 2026.
Miami City-Wide Average
$2,249
Studio
$2,677
1 Bed
$3,609
2 Bed
$3,609
3 Bed
Neighborhood | Studio | 1 Bed | 2 Bed | 3 Bed | Avg |
Brickell | $2,400 | $3,300 | $4,325 | $7,800 | $3,585 |
Downtown / CBD | $2,401 | $3,040 | $3,667 | $5,012 | $3,268 |
Edgewater | $2,200 | $2,650 | $3,500 | — | ~$3,150 |
Midtown | ~$2,400 | $3,294 | ~$3,700 | — | ~$3,419 |
Miami Beach | $1,936 | $2,798 | $4,158 | $6,608 | $3,278 |
Data as of Q1 2026. Sources: Zumper, RentHop, RentCafe, Apartments.com, ApartmentAdvisor. Averages reflect listed rents across active inventory. Edgewater and Midtown 3BR figures have limited data availability and are noted where estimated (~). City-wide figures: Apartments.com / Rent.com (Feb 2026).
Mortgage Rates: Near Three-Year Lows
The 30-year fixed mortgage rate averaged approximately 6.04% in late February 2026, representing the lowest levels since 2022. Qualified borrowers could lock rates under 6%, according to Bankrate (February 25, 2026). The Federal Reserve held its benchmark rate steady at 3.50% to 3.75% through early 2026. Fannie Mae's February 2026 Housing Forecast projects rates will remain near 6% for most of 2026 and 2027.
Lower rates help, but Miami prices limit affordability. At a $685,000 single-family median with a 6% mortgage, a buyer putting 20% down faces a monthly principal and interest payment of approximately $3,290, well above the national affordability benchmark. The majority of Miami condo buyers are paying cash precisely because financing at current prices is not always practical.
What to Watch in March and April 2026
Three things to monitor heading into spring. The condo market correction is a story to watch closely. With Florida's Structural Integrity Reserve Study (SIRS) deadline of December 31, 2026 approaching, more buildings will face mandatory reserve funding requirements and potential special assessments. This will continue to weigh on condo values in older buildings while newer, compliant buildings may benefit from the contrast. New supply hitting the market, 37,392 units under construction, will keep rental vacancy elevated through the rest of 2026. Landlords in Miami should price competitively and focus on tenant retention. The Fed's next moves matter even if rates hold. Any signal of cuts would improve buyer sentiment and could accelerate the spring buying season.
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This content is for informational purposes only and does not constitute legal, financial, or real estate advice. Consult a licensed professional for guidance specific to your situation.