Residential Real Estate News
Greater Miami Area Housing Market Posts Solid Gains in February
Miami‑Dade County's residential real estate market posted solid performance in February 2026, with robust condo sales and steady single‑family home growth, according to the Miami Association of Realtors.
Sales and Prices
Total closed home sales increased 9.6% year-over-year. Single-family transactions rose 4.3% to 733 units, marking six consecutive months of growth, while condo sales surged 14.7% to 845 units, posting year-over-year gains in four of the past six months.
Median prices continue a long-term upward trajectory. Single-family homes reached a median of $685,000 in February, up 4.6% from $655,000 a year earlier and rising 154% over the past decade. Condominiums recorded a median price of $410,000, down from a recent peak of $455,000, but still double February 2016 levels. Condo prices have stayed flat or increased in 163 of the past 177 months, while single-family prices have risen in 169 of the last 171 months.
Inventory Trends
Total active listings declined slightly for the first time since September 2023, down 0.5% year-over-year to 17,626. Single-family inventory increased 3.3%, while condo inventory decreased 2% to 12,316 units, the first decline since July 2023. Months' supply indicates a balanced market for single-family homes at 6.2 months and a buyer's market for condos at 13.4 months.
Mortgage Rates and Geopolitics
Although the February data predates the March escalation of the Iran conflict, analysts are factoring in potential upward pressure on borrowing costs. The 30-year fixed-rate mortgage was 6.05% in February, after trending lower from 2025 highs above 7%. Miami Realtors Chief Economist Gay Cororaton noted that the luxury market is expected to hold up due to wealth migration from high-tax states, high cash transactions, and the diversification of high-net-worth buyers into real estate.
Cash Purchases and Market Dynamics
Cash transactions accounted for 42.8% of all Miami closings in February, including 55.2% of condo sales and 28.3% of single-family sales, well above the national average of 31%. Median percentages of original list price received were 94% for single-family homes and 93% for condos. Median days from listing to contract increased slightly to 55 for single-family homes and 83 for condos, reflecting moderate cooling in transaction speed.
Dollar Volume and Distressed Sales
Total dollar volume rose 2.21% year-over-year to $1.57 billion. Distressed sales remain minimal, comprising only 2.9% of total transactions -- a far cry from the 70% share seen during the 2009 housing crisis.
Market Outlook
With inventory tightening, particularly in the condo segment, and mortgage rates potentially rising due to geopolitical developments in March, Miami's market is expected to remain competitive. Analysts predict continued resilience in the high-end and cash-driven segments, even as affordability pressures increase for some buyers.
