Luxury Demand and Tight Supply Fuel Market
Miami-Dade County’s housing market extended its recovery in June, posting its strongest June sales performance in three years as total existing-home transactions climbed for a 10th consecutive month, underscoring resilient demand despite elevated mortgage rates.
Total existing home sales rose 14.3% from a year earlier to 2,107 transactions, according to June 2026 data released by the Miami Association of Realtors. It marked the county’s best June since 2023 and reflected broad-based gains across both the single-family and condominium sectors.
Single-family home sales increased 16.8% year over year to 1,049 closings, while condominium transactions rose 12.0% to 1,058. Activity at the upper end of the market remained particularly robust, with sales of homes priced at $1 million or more jumping 29.1% from a year ago. Condominiums priced between $300,000 and $600,000 also recorded healthy demand, with sales rising 8.7%.
The gains come as South Florida continues to distinguish itself as one of the nation’s strongest luxury housing markets, benefiting from sustained domestic migration, international demand and a high concentration of cash buyers.
Miami-Dade’s total residential dollar volume surged 36.4% year over year to $2.4 billion in June. Single-family dollar volume climbed nearly 40% to $1.5 billion, while condominium dollar volume increased 31.5% to approximately $940 million.
Prices Remain Near Record Levels
Home prices continued to demonstrate resilience despite moderating condominium values.
The median price for a single-family home increased 3.7% from a year earlier to $695,000, extending one of the longest appreciation streaks in the country. Single-family prices have increased in 172 of the past 175 months and have climbed more than 300% since 2011.
The median condominium price declined 3.2% year over year to $431,000 after several years of rapid appreciation. Even with the recent pullback, condo values have risen approximately 278% since 2011 and have remained stable or increased in 165 of the past 181 months.
Inventory Tightens
Housing supply continued to contract, supporting prices and increasing competition for available listings.
Active inventory fell 14.9% from a year earlier to 15,930 listings, marking the fifth consecutive monthly decline.
Single-family inventory dropped 22.7% to 4,380 homes, leaving the market with a 4.9-month supply–generally considered a seller’s market.
Condominium inventory declined 11.5% to 11,550 units, also its fifth straight annual decline. Despite the improvement, condos remain in buyer’s market territory with a 12.3-month supply, well above the six-to-nine months typically associated with a balanced market.
Cash Buyers Continue to Dominate
Cash transactions remain a defining feature of the Miami housing market.
Cash purchases accounted for 38.1% of all residential closings in June, well above the U.S. average of roughly 25%, according to the National Association of Realtors.
Nearly half (48.5%) of condominium purchases were completed with cash, compared with 27.6% of single-family transactions.
The prevalence of cash buyers continues to insulate portions of the market from higher borrowing costs and reflects Miami’s appeal to international investors and domestic buyers relocating from higher-cost markets.
Market Fundamentals Remain Healthy
Distressed sales remained virtually nonexistent, highlighting the market’s financial strength.
Foreclosures and short sales represented just 0.5% of all residential transactions in June, a dramatic improvement from the aftermath of the financial crisis, when distressed properties accounted for roughly 70% of Miami home sales in 2009.
Homes are taking longer to sell than a year ago but continue to command prices close to sellers’ expectations. Single-family homes sold for a median 95% of their original list price, while condominiums achieved 94%.
The median time from listing to contract increased to 52 days for single-family homes and 85 days for condominiums, reflecting a more normalized pace following the pandemic-era buying frenzy.
International Demand Remains a Competitive Advantage
The existing-home sales figures do not capture South Florida’s substantial new-construction, pre-construction and condominium conversion market, much of which is transacted outside the Multiple Listing Service.
According to Miami Realtors’ New Construction Global Sales Reports, international buyers accounted for 49% of South Florida’s new-construction and pre-construction purchases over an 18-month period ending in July 2025. A subsequent report published in November 2025 found demand expanding further, with buyers representing 73 countries.
South Florida’s National Standing
Miami Realtors highlighted several indicators underscoring South Florida’s competitive position nationally:
South Florida remains the nation’s leading ultra-luxury housing market, averaging approximately one $10 million residential sale per day.
The region ranks first nationally for cash purchases of luxury condominiums, with 82% of $1 million-plus condo sales completed in cash during 2025.
Southeast Florida leads the United States in multifamily construction, with more than 36,000 apartment units under development as of late 2025.
Miami-Dade homeowners continue to generate some of the nation’s strongest equity gains, with median equity for homeowners who purchased 15 years ago approaching $561,000–nearly double the national median.
The June results suggest Miami’s housing market continues to outperform many U.S. metropolitan areas, supported by luxury demand, international capital, constrained inventory and a buyer base less dependent on mortgage financing.
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