Miami-Dade had its best June in three years. Total home sales rose 14.3% compared to June 2025, the 10th straight month of year-over-year growth (MIAMI REALTORS + RWorld, June 2026). Single-family home sales climbed 16.82% and condo sales climbed 11.96%. We first flagged this single-family versus condo split in our Q1 2026 report, and it kept growing through June.
Key Takeaway
Single-family homes in Miami are selling fast and for more money. Condos are selling slower and for less. That split comes down to insurance costs and financing rules, not a drop in buyer interest.
June 2026 at a Glance
| Metric | Single-Family | Condo |
|---|---|---|
| Closed sales | 1,049 (up 16.82% from a year ago) | 1,058 (up 11.96% from a year ago) |
| Median sale price | $695,000 (up 3.73%) | $431,000 (down 3.15%) |
| Active inventory | 4,380 homes (down 22.74%) | 11,550 units (down 11.47%) |
| Months of supply | 4.9 months, a seller's market | 12.3 months, a buyer's market |
| Time to go under contract | 52 days (was 42 last year) | 85 days (was 68 last year) |
| Time to close | 94 days (was 85 last year) | 124 days (was 107 last year) |
| Share of cash buyers | 27.6% of sales | 48.5% of sales |
Source: MIAMI REALTORS + RWorld, June 2026 statistics release. Full reports at miamirealtors.com/news/south-florida-market-stats. See the full dataset, updated monthly, on our Miami-Dade Market Stats page.
Six-Month Sales Trend
Sales were slow in January and February, then picked up fast starting in March. Both single-family and condo sales have stayed above 1,000 closings a month ever since.
Miami-Dade Closed Sales by Month, Jan–Jun 2026
| Month | Single-Family Closed Sales | Condo Closed Sales |
|---|---|---|
| Jan 2026 | 661 | 732 |
| Feb 2026 | 733 | 845 |
| Mar 2026 | 1,063 | 1,071 |
| Apr 2026 | 1,032 | 1,033 |
| May 2026 | 1,042 | 1,022 |
| Jun 2026 | 1,049 | 1,058 |
Why Are Condo and Single-Family Prices Moving in Opposite Directions?
Single-family homes sold for a median of $695,000 in June, up 3.73% from a year ago. That is the 172nd price gain in the last 175 months, a streak going back more than 14 years.
Condos moved the other way. The median condo price fell 3.15% to $431,000. Two things are driving that: only 21 of 2,397 South Florida condo buildings are approved for FHA loans, which shrinks the buyer pool, and rising HOA and insurance costs are pushing some sellers to price lower to move their units. Our guide to storm and insurance planning for condo owners breaks down where those costs come from.
Supply Is Tight for Houses, Loose for Condos
Single-family listings fell 22.74% year over year to 4,380 homes. At the current sales pace, that is only 4.9 months of supply, a clear seller's market.
Condo listings fell too (down 11.47% to 11,550 units), the fifth straight monthly decline. But 12.3 months of supply still makes condos a buyer's market. Homes in both categories are also taking longer to sell than a year ago.
Why Cash Buyers Matter Right Now
Cash bought 38.1% of all Miami-Dade homes in June, and nearly half of all condos (48.5%). That matters because the 30-year mortgage rate averaged 6.49% in June, and the Federal Reserve's June 17 meeting (the first under new Chair Kevin Warsh) signaled it may raise rates later this year instead of cutting them (Federal Reserve, June 17 2026 statement). Buyers using cash are not affected by that. Buyers who need a mortgage are facing the toughest rate environment of the year.
What's Bringing Buyers to Miami
Out-of-state driver's license exchanges, a good proxy for people relocating, rose 24% in the first quarter of 2026 compared to a year earlier. New York, New Jersey, and California were the top three states sending new residents (MIAMI REALTORS, May 2026). This inbound demand is concentrated in higher-priced single-family homes, the same segment where inventory is tightest.
What to Watch Next
If mortgage rates keep climbing toward the 6.7% level some forecasts point to by year-end, expect single-family homes to keep taking longer to sell even if prices hold steady. Condo sellers should expect to keep competing on price until the backlog of listings shrinks. This is based on current data and published forecasts, not a guarantee of what will happen, and it is not financial advice.
Frequently Asked Questions
Is Miami a buyer's market or a seller's market right now?
It depends on the property type. Single-family homes are in a seller's market: only 4.9 months of supply, meaning homes would sell out in under five months if no new listings came on. Condos are in a buyer's market, with 12.3 months of supply, well above the 6 to 9 months considered balanced.
Why are condo prices falling while single-family prices rise?
Condo prices are under pressure from rising HOA fees and insurance costs tied to Florida's post-Surfside safety rules, plus a shortage of FHA-approved buildings that limits who can get a mortgage. Single-family homes do not face those same cost pressures, and demand from wealth migration is concentrated in that segment.
How many Miami buyers pay cash?
In June 2026, cash made up 38.1% of all Miami-Dade closings, well above the roughly 25% national average. Cash use is even higher for condos (48.5%) than single-family homes (27.6%).
Are mortgage rates going up in Miami?
The 30-year fixed rate averaged 6.49% in June 2026, up from 6.44% in May. The Federal Reserve has held its benchmark rate steady since the start of the year but signaled it is now leaning toward a possible rate hike later in 2026, which would likely push mortgage rates higher.
Where can I see the full Miami-Dade sales data?
Every number in this report comes from MIAMI REALTORS, and we keep our own Miami-Dade Market Stats page updated with the same data each month.
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