Miami-Dade Housing Market Update: August 2026
Every month I dig into the Miami-Dade numbers so my clients don't have to, and August 2026 told a story I've been seeing on the ground all summer. Houses are getting tighter. Condos are getting softer. And the county-wide headline, which says sales were basically flat, hides both of those trends. Here's what the fresh August data actually means if you're thinking about buying or selling in Miami-Dade this fall.
The Big Picture for August
According to the MIAMI REALTORS® August 2026 report, 1,769 homes closed across Miami-Dade County last month, down just 1.1% from August 2025. Total dollar volume came in at about $1.6 billion, down 2.7% year over year. Distressed sales (short sales and foreclosures) were a tiny 0.3% of all closings, so this is a healthy, equity-rich market, not a stressed one.
Cash is still king here, too. 37.8% of all August closings were cash deals, up from 35.6% a year ago. For condos specifically, more than half of all sales (50.5%) were cash. That matters for financed buyers, because you're often competing against offers that don't need an appraisal or a loan approval.
Single-Family Homes: A Seller's Market That's Getting Tighter
The single-family side is where I'm seeing the most strength. According to MIAMI REALTORS®, August's numbers looked like this:
- Median sale price: $680,000, up 3.8% from $655,000 in August 2025
- Closed sales: 858, down 3.1% year over year
- Active listings: 4,330, down 19.2% year over year
- Months of supply: 4.9 months, which is seller's-market territory
- Median time from listing to contract: 40 days, down from 51 days a year ago
- Sellers received a median 95% of list price
That inventory drop is the number I'd circle. Nearly one in five single-family listings that were on the market a year ago simply isn't there now. Fewer homes for sale plus steady demand is exactly why prices keep inching up and homes are going under contract about 11 days faster than last August.
I'm telling my single-family sellers that they have real leverage right now, but not unlimited leverage. That 95% of list price figure tells me buyers are still negotiating. The homes that sell fastest and closest to asking are the ones priced right from day one, not the ones that start high and chase the market down.
Condos: Buyers Have the Upper Hand
Now flip to condos, and it's a different market entirely. MIAMI REALTORS® reported these August condo numbers:
- Median sale price: $408,000, down 0.5% from $410,000 a year ago
- Closed sales: 911, up 1% year over year
- Active listings: 11,495, down 9% year over year
- Months of supply: 12.1 months, which is firmly a buyer's market
- Median time from listing to contract: 66 days
- Sellers received a median 94% of list price
Twelve months of supply means that if no new condos hit the market, it would take a full year to sell what's already listed. That's double the roughly 6-month line where a market is considered balanced. Condo inventory did come down from last year, which is encouraging, but it's still very heavy.
A big part of this is the ongoing effect of Florida's condo safety laws. Buildings have to complete milestone inspections and structural integrity reserve studies, and many owners are facing higher HOA dues or special assessments to fund repairs and reserves. Add in insurance costs, and some buyers are simply choosing houses or newer buildings instead. The condos that are selling well are in buildings with healthy reserves, completed inspections, and clear financials.
One bright spot I noticed: condo sales between $500,000 and $600,000 jumped 32% year over year. Well-located, move-in-ready units in that range are clearly finding buyers.
Luxury Is on a Record Pace
At the top of the market, Miami-Dade is having a historic year. Through August, the county recorded 194 home sales of $10 million or more, already 14.1% above the full-year 2025 total of 170, according to MIAMI REALTORS®. At this pace, they project roughly 291 sales of $10 million or more for 2026, which would blow past the 2021 record. Even if you're nowhere near that price point, strong luxury demand tends to support values in the neighborhoods around it.
A Quick Word on Mortgage Rates
Freddie Mac's Primary Mortgage Market Survey for the week of September 24, 2026 put the 30-year fixed rate at 7.03% and the 15-year fixed at 6.42%. That's the first time the 30-year average has crossed 7% this year, up from 6.95% the week before. Rates move every week, so I don't build strategy around any one reading. But it's a good reminder of why so many Miami-Dade buyers pay cash, and why financed buyers should get fully pre-approved and ask about rate buydowns or seller credits, especially on condos where sellers are more willing to negotiate.
What This Means If You're Selling
- Single-family owners: low inventory is working in your favor. Price accurately, present the home well, and you should see solid interest within the first few weeks.
- Condo owners: you're competing with a lot of listings. Price realistically, have your association's reserve study, milestone inspection status, and insurance details ready before you list, and be open to concessions that help financed buyers.
- Everyone: your specific neighborhood and property type matter far more than the county median. A home in a tight pocket of Kendall or Coral Gables behaves very differently from a condo in an oversupplied tower.
What This Means If You're Buying
If you want a single-family home, be ready to act. Have your pre-approval in hand, know your must-haves, and don't expect big discounts on well-priced homes. If you're shopping for a condo, you have room to negotiate. Ask for a price reduction on units that have been sitting past 60 days, request seller credits toward closing costs, and always review the building's financials and any planned assessments before you commit.
The Bottom Line
August confirmed that Miami-Dade isn't one market, it's two. Single-family homes are tight and still appreciating. Condos are oversupplied and favor buyers. The right move for you depends entirely on which side of that split your property sits on.
If you own a home in Miami-Dade, or anywhere in South Florida, and want to know what it's worth in today's market, you can get a free, instant home valuation at homes.discoversouthfl.com. For a deeper dive, email me at eduardosellsfl@gmail.com and I'll put together a personalized market analysis for your home and neighborhood.