Miami – October 16, 2026 -- Miami-Dade County recorded 24 single-family and condominium sales of $30 million or more through September 2026, beating the full-year 2025 record of 21 transactions by 14.3%, according to MIAMI REALTORS® + RWorld. At the current pace, the county is on track for 32 such sales by year-end.
Mortgage rates at 7.46% pull September home sales down 2%
Total Miami-Dade home sales fell 2% year-over-year in September to 1,733 from 1,769. Single-family transactions dropped 4.7%, from 865 to 824, while condo sales edged up 1% from 904 to 909.
The association attributes the decline to mortgage rates, which have risen nearly 0.6 percentage points since Sept. 1 to 7.46% as of Oct. 13, along with limited inventory in certain price ranges. Uncertainty around Florida's Oct. 6 state of emergency ahead of Hurricane Isaias also weighed on activity. South Florida was not among the 29 affected counties, but hurricane threats can delay mortgage approvals, loan funding and closings. Total home sales had risen year-over-year for 11 consecutive months before August 2026.
MIAMI REALTORS® + RWorld Chief Economist Gay Cororaton said "upper-end buyers have remained active" and expects that to continue through next year while rates stay elevated.
Dollar volume jumps 15.41% to $1.8 billion despite fewer closings
Miami-Dade total dollar volume rose 15.41% year-over-year to $1.8 billion. Single-family volume climbed 21.31% to $1.2 billion, and condo volume rose 7.13% to $724 million.
The single-family median price increased 4.06% to $692,000 from $665,000. The condo median slipped 0.69% to $417,090 from $420,000. Condos priced between $300,000 and $400,000 posted 14.5% sales growth, from 159 to 182.
Condo prices have risen 267% since 2011, from $113,800, and single-family prices have gained 300.7% from $172,700. The condo median has held or risen in 166 of the last 184 months. The single-family median has risen in 175 of the last 179 months.
Active listings fall 10.1% as inventory declines for eighth straight month
Total active listings dropped to 16,242 from 18,057. Single-family inventory fell 16.6%, from 5,437 to 4,536, and condo inventory fell 7.24%, from 12,620 to 11,706, though it remains well below pre-pandemic levels.
Single-family supply stands at 5.1 months, a seller's market. Existing condos carry 12.3 months, a buyer's market. The association defines a balanced market as six to nine months. Nationally, NAR reports 1.60 million units of inventory, up 4.6% from September 2025, with a 4.8-month supply.
Only 21 of 2,397 South Florida condo buildings qualify for FHA loans
Just 0.9% of condominium buildings across Miami-Dade, Broward and Palm Beach counties are approved for FHA financing, according to U.S. Department of Housing and Urban Development statistics. MIAMI REALTORS® + RWorld says this gap is preventing further market strengthening.
Fannie Mae and Freddie Mac eliminated the limited review option for many condo loans on Aug. 3, 2026. The updated guidelines are expected to create a more transparent and financially secure lending environment for Florida condo borrowers, who have faced stricter standards than those in many other states.
Cash buyers and international demand anchor the luxury segment
In 2025, 82% of Miami condo sales at $1 million and above were all-cash, and the Miami metro area leads the nation in all-cash purchases. South Florida averages one $10 million home sale per day, and 2025 brought the most $20 million-plus condo sales in its history.
International buyers accounted for 49% of new construction, pre-construction and condo conversion sales over the 18 months ending July 2025. Those sales are largely excluded from MLS-based totals. A second report, published in November 2025, showed buyers from 73 countries.
According to the 2026 Knight Frank Wealth Report, $1 million buys 58 square meters of prime property in Miami, versus 16 in Monaco, 34 in New York, 33 in London and 37 in both Paris and Tokyo.
Local economic impact of September sales put at $223 million
NAR estimates the total economic impact of a typical Florida home sale at $129,000. Applied to Miami-Dade's 1,733 September sales, that yields $223 million in local impact.
Foundation offers grants of up to $2,500 as multifamily supply grows
The RWorld Community Foundation offers eligible low-income first-time buyers in Broward, Palm Beach and St. Lucie counties up to $2,500 toward closing costs. The foundation has contributed $180,000 toward closing costs for low-income South Florida buyers over five years.
Southeast Florida ranks first in the U.S. for multifamily construction, according to the association's research. Florida's Live Local Act, passed in 2023 and amended in May 2024, grants developers the highest density allowed locally if 40% of units are affordable, defined as at or below 120% of area median income.