Miami-Dade's second quarter confirmed a trend we first saw in Q1: single-family homes are selling faster and for more money, while condos are selling more slowly and getting cheaper. Together, the two segments closed 6,236 sales from April through June, worth about $6.96 billion combined (MIAMI REALTORS + RWorld). This builds on the divergence we flagged in our Q1 2026 report.
Key Takeaway
Single-family sales grew fast in both count and value this quarter. Condo sales grew too, but slower, and condo prices did not move in a consistent direction month to month.
Q2 2026 by the Numbers
| Metric | Single-Family Q2 2026 | Condo Q2 2026 |
|---|---|---|
| Closed sales | 3,123 (up 11.9%) | 3,113 (up 6.6%) |
| Dollar volume | About $4.27B (up 27.9%) | About $2.69B (up 10.9%) |
| Price range, Apr-Jun | $670,000 to $695,000 | $415,000 to $450,000 |
| Inventory at end of June | 4,380 homes (down 22.74%) | 11,550 units (down 11.47%) |
| Months of supply at end of June | 4.9, a seller's market | 12.3, a buyer's market |
Sources: MIAMI REALTORS, May 2026 release and MIAMI REALTORS, June 2026 release. Full data at miamirealtors.com/news/south-florida-market-stats. See the full dataset, updated monthly, on our Miami-Dade Market Stats page.
Monthly Breakdown
Every month of Q2 saw over 1,000 single-family sales. Condo sales held a similar pace.
Miami-Dade Closed Sales by Month, Q2 2026 (Apr–Jun)
| Month | Single-Family Closed Sales | Condo Closed Sales |
|---|---|---|
| Apr 2026 | 1,032 | 1,033 |
| May 2026 | 1,042 | 1,022 |
| Jun 2026 | 1,049 | 1,058 |
Single-Family Homes: Steady Strength
Single-family sales totaled 3,123 for the quarter (1,032 in April, 1,042 in May, 1,049 in June), up 11.9% from Q2 2025's 2,791. Dollar volume reached about $4.27 billion, up 27.9%, meaning sales grew even faster in value than in count. Prices held in a narrow $670,000 to $695,000 range, and listings kept shrinking every month, ending June at just 4.9 months of supply.
Condos: Still Looking for a Bottom
Condo sales totaled 3,113 for the quarter, up 6.6% from Q2 2025's 2,920. Dollar volume grew to about $2.69 billion, up 10.9%. Unlike single-family homes, condo prices bounced around: $450,000 in April, $415,000 in May, $431,000 in June. Our April condo market report covers how this pattern started. Inventory kept falling, but 12.3 months of supply still leaves condos a buyer's market.
What's Behind the Split
Single-family strength is concentrated at the top of the market. Sales contracts on homes over $1 million rose 33.1% year over year in April, with Miami-Dade leading every Florida county at 41.8% growth. That lines up with rising wealth migration from New York, New Jersey, and California (MIAMI REALTORS, May 2026).
Condos face different pressure: rising HOA and insurance costs from Florida's post-Surfside safety law (see our explainer on structural integrity deadlines), plus a financing gap where only 21 of 2,397 South Florida condo buildings qualify for FHA loans. That gap is set to widen: Fannie Mae and Freddie Mac are eliminating a common condo review shortcut starting August 3, 2026.
Rates This Quarter
The Federal Reserve held its rate steady at every meeting this quarter, but turned more hawkish at its June 17 meeting, meaning it now leans toward raising rates rather than cutting them (Federal Reserve statement). The 30-year mortgage rate rose from about 6.44% in May to 6.49% in June. Cash buyers, roughly 38% of all Miami-Dade sales, are largely unaffected by this. Buyers who need financing are feeling the full impact.
What to Watch in Q3
Expect single-family homes to keep favoring sellers given how tight supply is. Condo sellers should expect to keep competing on price and wait longer for offers until inventory works down. This reflects current data and published forecasts, not a guarantee of what happens next.
Frequently Asked Questions
How did Miami real estate perform in Q2 2026?
Both single-family homes and condos posted more sales than a year earlier. Single-family sales grew faster (up 11.9%) than condo sales (up 6.6%), and single-family dollar volume grew nearly three times faster than the number of homes sold, meaning the mix shifted toward higher-priced homes.
Why is condo inventory so much higher than single-family inventory?
Condos in Miami-Dade have 12.3 months of supply, more than double the 4.9 months for single-family homes. Rising HOA fees and insurance costs, driven partly by Florida's post-Surfside building safety law, are pushing some owners to list, while a shrinking pool of FHA-approved buildings limits the number of buyers who can finance a purchase.
What does 'months of supply' mean?
It is how many months it would take to sell all current listings at the current sales pace, assuming no new listings came on the market. Under 6 months usually favors sellers. Over 9 months usually favors buyers. Miami single-family homes are at 4.9 months. Condos are at 12.3 months.
Are mortgage rates affecting the Miami market?
Yes, for buyers who need financing. The 30-year fixed rate rose from about 6.44% in May to 6.49% in June, and the Federal Reserve signaled a possible rate hike later in 2026. Cash buyers, about 38% of all Miami-Dade sales, are not affected by rate changes.
What's driving single-family home demand in Miami?
Wealth migration is the biggest factor. Out-of-state driver license exchanges rose 24% year over year in Q1 2026, led by New York, New Jersey, and California, and sales contracts on homes over $1 million rose 33.1% in April alone. See the full migration data from MIAMI REALTORS.
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