The Miami market in 2026
Miami's median home price as of early 2026 sits around $625,000 across the metro. Inside the city of Miami proper, the median runs closer to $675,000. Miami Beach pulls it up further. Suburban Miami-Dade County pulls it down.
Key dynamics:
Inventory is up significantly from 2022, especially in condos. Some Brickell and downtown towers have 12 to 18 months of inventory at current absorption rates.
Single-family homes in desirable neighborhoods are still moving quickly, with much less inventory than condos.
Foreign buyer activity has cooled but hasn't disappeared. Cash deals are still a meaningful share of the market.
Post-Surfside condo regulations have created real friction. Many older buildings are facing structural inspections, reserve requirements, and special assessments that scare buyers off.
Insurance is the most expensive in the state. Miami buyers are absorbing 2x to 3x the premiums of buyers in Orlando or Jacksonville.
So Miami isn't a buyer's market across the board, but it is in the condo segment. If you're flexible on housing type, you can find real value right now.
Neighborhoods, ranked by what they actually feel like
Brickell
Brickell is Miami's downtown business district turned residential high-rise neighborhood. Walkable, dense, with restaurants and shopping at street level and condo towers above. Most residents live in buildings 30 to 60 stories tall.
Median condo price: around $700,000, with a long tail. Smaller studios in older buildings start around $400,000. New construction in luxury towers regularly clears $2 million.
The Brickell condo market is where the post-Surfside reserve requirements are hitting hardest. Older buildings (1990s and earlier) are facing major assessments. Buildings from 2010 onwards generally have stronger reserves and fewer surprises.
HOA fees in Brickell are heavy. $700 to $2,500 per month is normal. Luxury buildings hit $3,000 to $5,000 per month.
Coral Gables
The historic, leafy, Mediterranean-styled neighborhood just south of downtown. Coral Gables has its own city government, its own design rules, and a very specific architectural identity. Coconut Grove and Brickell are right next door, but Coral Gables feels different.
Median home price: around $1.4 million. Smaller bungalows start in the $750,000s. The historic core and waterfront sections regularly clear $3 million.
The Gables has the highest concentration of well-rated schools inside the Miami metro, and the neighborhood holds value through downturns better than almost any other in South Florida.
Coconut Grove
Coconut Grove is the bohemian, tree-canopied waterfront neighborhood on Biscayne Bay. Smaller than Coral Gables but with a strong character of its own: bay views, restaurants, sailboats, and a village-feel core.
Median home price: around $1.5 million for single-family. Condo prices vary widely depending on the building. Newer Grove towers regularly hit $2 million-plus for 2-bedroom units.
Flood zone concerns are significant in Coconut Grove. Much of the neighborhood sits within flood zone AE, and surge risk during hurricanes is real.
Doral
Northwest Miami-Dade, near the airport. Doral is the fastest-growing master-planned suburban area in Miami-Dade County. Lots of new construction, a strong Venezuelan and Colombian community, the Trump Doral golf resort, and a major office corridor.
Median home price: around $725,000. Townhomes and smaller homes start in the $500,000s. Custom homes and waterfront properties in the gated communities go past $2 million.
HOA and CDD fees are common. Schools are decent but not standout. Doral has a high concentration of recent immigrants and international buyers, which has driven the market dynamics.
Kendall
South Miami-Dade, suburban, family-oriented, and large. Kendall is the suburban catchall: hundreds of subdivisions, schools that range from average to excellent, prices that range from affordable to high-end, and the kind of conventional suburban layout that most of Miami isn't.
Median home price: around $625,000. Lots of inventory in the $450,000 to $800,000 range. Pinecrest, just to the east, is much more expensive (median around $1.5 million) and is treated as its own neighborhood.
Kendall is the affordable-family pick in Miami. Commutes into downtown are 30 to 50 minutes depending on traffic.
Miami Beach and South Beach
The barrier island east of the city. Miami Beach is its own city, with South Beach as the famous southern end and a long stretch of mid-beach and North Beach extending up.
Median condo price: around $750,000 across Miami Beach, with significant variation by building and section. South Beach Art Deco condos start in the $400,000s for smaller units. Oceanfront and bayfront luxury towers go past $5 million.
Single-family homes in the residential interior of Miami Beach are rare and expensive. Median around $2.5 million.
The Beach has the highest insurance premiums and the most active post-Surfside enforcement of any market in the state. Condo associations are in flux. Read the documents.
Wynwood, Edgewater, and Midtown
The redeveloping urban corridor north of downtown. Wynwood is the arts district with murals and a heavy nightlife scene. Edgewater is the bayfront condo strip just north. Midtown sits in between with a more mixed retail and residential feel.
Median condo prices: $500,000 to $900,000 depending on building age and location. Single-family inventory is minimal.
This is where a lot of younger Miami buyers are landing right now, especially in newer Edgewater towers.
Pinecrest and Palmetto Bay
Affluent suburban Miami-Dade, just south of Coral Gables. Large lots, strong schools, low density, and consistently desirable.
Median home price: $1.5 million in Pinecrest, $1.1 million in Palmetto Bay. Very little condo inventory; this is single-family territory.
These two are the conservative-investment picks for buyers who want a Miami address with stability and great schools.
Coral Way and Little Havana
The older, denser residential neighborhoods west of Brickell. Coral Way runs through some of the most historic streets in the city. Little Havana has the Cuban-American cultural anchor.
Median home price: around $675,000 for single-family in Coral Way. Little Havana ranges widely; some blocks are still in the $400,000s, others have gentrified hard.
These neighborhoods are where Miami value buyers have been finding deals over the past few years.
The Miami market in 2026
Miami's median home price as of early 2026 sits around $625,000 across the metro. Inside the city of Miami proper, the median runs closer to $675,000. Miami Beach pulls it up further. Suburban Miami-Dade County pulls it down.
Key dynamics:
Inventory is up significantly from 2022, especially in condos. Some Brickell and downtown towers have 12 to 18 months of inventory at current absorption rates.
Single-family homes in desirable neighborhoods are still moving quickly, with much less inventory than condos.
Foreign buyer activity has cooled but hasn't disappeared. Cash deals are still a meaningful share of the market.
Post-Surfside condo regulations have created real friction. Many older buildings are facing structural inspections, reserve requirements, and special assessments that scare buyers off.
Insurance is the most expensive in the state. Miami buyers are absorbing 2x to 3x the premiums of buyers in Orlando or Jacksonville.
So Miami isn't a buyer's market across the board, but it is in the condo segment. If you're flexible on housing type, you can find real value right now.
Neighborhoods, ranked by what they actually feel like
Brickell
Brickell is Miami's downtown business district turned residential high-rise neighborhood. Walkable, dense, with restaurants and shopping at street level and condo towers above. Most residents live in buildings 30 to 60 stories tall.
Median condo price: around $700,000, with a long tail. Smaller studios in older buildings start around $400,000. New construction in luxury towers regularly clears $2 million.
The Brickell condo market is where the post-Surfside reserve requirements are hitting hardest. Older buildings (1990s and earlier) are facing major assessments. Buildings from 2010 onwards generally have stronger reserves and fewer surprises.
HOA fees in Brickell are heavy. $700 to $2,500 per month is normal. Luxury buildings hit $3,000 to $5,000 per month.
Coral Gables
The historic, leafy, Mediterranean-styled neighborhood just south of downtown. Coral Gables has its own city government, its own design rules, and a very specific architectural identity. Coconut Grove and Brickell are right next door, but Coral Gables feels different.
Median home price: around $1.4 million. Smaller bungalows start in the $750,000s. The historic core and waterfront sections regularly clear $3 million.
The Gables has the highest concentration of well-rated schools inside the Miami metro, and the neighborhood holds value through downturns better than almost any other in South Florida.
Coconut Grove
Coconut Grove is the bohemian, tree-canopied waterfront neighborhood on Biscayne Bay. Smaller than Coral Gables but with a strong character of its own: bay views, restaurants, sailboats, and a village-feel core.
Median home price: around $1.5 million for single-family. Condo prices vary widely depending on the building. Newer Grove towers regularly hit $2 million-plus for 2-bedroom units.
Flood zone concerns are significant in Coconut Grove. Much of the neighborhood sits within flood zone AE, and surge risk during hurricanes is real.
Doral
Northwest Miami-Dade, near the airport. Doral is the fastest-growing master-planned suburban area in Miami-Dade County. Lots of new construction, a strong Venezuelan and Colombian community, the Trump Doral golf resort, and a major office corridor.
Median home price: around $725,000. Townhomes and smaller homes start in the $500,000s. Custom homes and waterfront properties in the gated communities go past $2 million.
HOA and CDD fees are common. Schools are decent but not standout. Doral has a high concentration of recent immigrants and international buyers, which has driven the market dynamics.
Kendall
South Miami-Dade, suburban, family-oriented, and large. Kendall is the suburban catchall: hundreds of subdivisions, schools that range from average to excellent, prices that range from affordable to high-end, and the kind of conventional suburban layout that most of Miami isn't.
Median home price: around $625,000. Lots of inventory in the $450,000 to $800,000 range. Pinecrest, just to the east, is much more expensive (median around $1.5 million) and is treated as its own neighborhood.
Kendall is the affordable-family pick in Miami. Commutes into downtown are 30 to 50 minutes depending on traffic.
Miami Beach and South Beach
The barrier island east of the city. Miami Beach is its own city, with South Beach as the famous southern end and a long stretch of mid-beach and North Beach extending up.
Median condo price: around $750,000 across Miami Beach, with significant variation by building and section. South Beach Art Deco condos start in the $400,000s for smaller units. Oceanfront and bayfront luxury towers go past $5 million.
Single-family homes in the residential interior of Miami Beach are rare and expensive. Median around $2.5 million.
The Beach has the highest insurance premiums and the most active post-Surfside enforcement of any market in the state. Condo associations are in flux. Read the documents.
Wynwood, Edgewater, and Midtown
The redeveloping urban corridor north of downtown. Wynwood is the arts district with murals and a heavy nightlife scene. Edgewater is the bayfront condo strip just north. Midtown sits in between with a more mixed retail and residential feel.
Median condo prices: $500,000 to $900,000 depending on building age and location. Single-family inventory is minimal.
This is where a lot of younger Miami buyers are landing right now, especially in newer Edgewater towers.
Pinecrest and Palmetto Bay
Affluent suburban Miami-Dade, just south of Coral Gables. Large lots, strong schools, low density, and consistently desirable.
Median home price: $1.5 million in Pinecrest, $1.1 million in Palmetto Bay. Very little condo inventory; this is single-family territory.
These two are the conservative-investment picks for buyers who want a Miami address with stability and great schools.
Coral Way and Little Havana
The older, denser residential neighborhoods west of Brickell. Coral Way runs through some of the most historic streets in the city. Little Havana has the Cuban-American cultural anchor.
Median home price: around $675,000 for single-family in Coral Way. Little Havana ranges widely; some blocks are still in the $400,000s, others have gentrified hard.
These neighborhoods are where Miami value buyers have been finding deals over the past few years.
Miami is its own thing. The market doesn't behave like the rest of Florida. Prices are higher, foreign capital is bigger, condos make up a much larger share of the inventory, and the insurance picture is more brutal than almost anywhere else in the country.
If you're house-hunting in Miami in 2026, the basics of Florida real estate still apply, but the specifics are different. Here's the practical guide to actually buying.
Miami is its own thing. The market doesn't behave like the rest of Florida. Prices are higher, foreign capital is bigger, condos make up a much larger share of the inventory, and the insurance picture is more brutal than almost anywhere else in the country.
If you're house-hunting in Miami in 2026, the basics of Florida real estate still apply, but the specifics are different. Here's the practical guide to actually buying.
Condos vs. single-family in Miami
Miami's housing stock is more condo-heavy than almost any other US metro. About half of Miami-Dade homes are condos or attached.
The condo market and the single-family market behave very differently right now. Condos have more inventory and more negotiating room. Single-family in desirable neighborhoods is still tight.
If you're flexible, the condo segment has the best pricing power in years. But you need to understand HOA dues, reserves, and the post-Surfside structural requirements before you offer.
Property taxes and insurance
Miami-Dade's effective property tax rate is around 0.95 percent. On a $700,000 home, that's roughly $6,650 per year, before exemptions.
The Florida homestead exemption knocks up to $50,000 off the assessed value for primary residences and caps annual assessment increases at 3 percent. File for it. (We wrote a full guide on the homestead exemption if you want the deeper version.)
Insurance is where Miami punishes buyers. Budget:
$4,500 to $9,000 per year for an inland Miami-Dade single-family home
$7,500 to $20,000 per year for older homes, coastal homes, or homes with tile roofs
$10,000 to $40,000-plus per year for waterfront and Miami Beach properties
Flood insurance is separate and ranges from $1,000 to $8,000-plus per year depending on elevation and zone
Condo association master policies cover the building structure; your individual HO-6 policy covers your unit. HO-6 runs $500 to $3,500 per year typically.
Get insurance quotes before you go under contract. This is the line item that surprises Miami buyers the most.
HOA and condo association deep dive
If you're buying a Miami condo, the association documents are the single most important thing you'll read.
Look for:
Reserve fund balance and reserve study results
Pending special assessments
Recently completed special assessments and what they covered
Status of the milestone structural inspection (required for buildings 30-plus years old, sometimes earlier)
Insurance master policy and deductibles
HOA fee history and trajectory
Litigation against the association
A Miami condo with a healthy reserve and a passed structural inspection is in a very different position than one without. The HOA fees and assessment risk can swing the true cost of ownership by tens of thousands per year.
Buy Smarter with Homa
Take control and save thousands on your path to homeownership
Buy Smarter with Homa
Take control and save thousands on your path to homeownership
Buy Smarter with Homa
Take control and save thousands on your path to homeownership
Buying process: what to expect
A typical financed-purchase timeline in Miami:
Pre-approval: 3 to 14 days
Touring homes: 2 weeks to 4 months
Going under contract: a few days after offer
Inspection contingency: 10 to 15 days
Condo document review period: typically 3 days after receipt of docs
Appraisal and underwriting: 2 to 4 weeks
Insurance binding: parallel with underwriting
Closing: 30 to 45 days after going under contract
Cash deals close in 14 to 21 days. New construction runs on the developer's timeline.
Miami-specific gotchas
Post-Surfside condo regulations
After the 2021 condo collapse in Surfside, Florida passed laws requiring milestone structural inspections for buildings 30-plus years old (sometimes earlier near the coast) and stricter reserve funding. Many older condos are now facing big assessments. Don't buy a Miami condo without reviewing the structural inspection status and the reserve study.
Flood zones and elevation
Miami is famously low-lying. Pull the FEMA flood map for any address. Even inland neighborhoods like Little Havana have flood zone exposure in pockets. Coastal and bayfront areas are almost universally in AE or VE zones.
Sea-level rise projections matter on long holds. Buyers shopping for primary residences they'll keep 15-plus years should consider elevation and king-tide flooding patterns, not just current insurance rates.
Foreign buyer transactions
A significant share of Miami transactions involve foreign capital, especially from Latin America. If you're a domestic buyer competing with a foreign cash buyer, you'll need to be tight on financing and offer presentation. If you're a foreign buyer, plan for FIRPTA tax considerations on resale and the documentation work to satisfy US lenders if you're not paying cash.
Insurance markets in flux
The Florida insurance market has been chaotic for years, and Miami is the worst of it. Carriers have entered and exited. Citizens Insurance (the state-backed insurer of last resort) has grown massively. Premiums change year to year. Get a quote before you offer, but understand that quote may not be the rate you pay 12 months later.
Older tile roofs
Tile roofs are common in Miami, look great, and last a long time, but most insurers won't write a new policy on a tile roof older than 25 years. Some have cut that to 20. Roof age is one of the biggest deal-killers in Miami underwriting.
Buying process: what to expect
A typical financed-purchase timeline in Miami:
Pre-approval: 3 to 14 days
Touring homes: 2 weeks to 4 months
Going under contract: a few days after offer
Inspection contingency: 10 to 15 days
Condo document review period: typically 3 days after receipt of docs
Appraisal and underwriting: 2 to 4 weeks
Insurance binding: parallel with underwriting
Closing: 30 to 45 days after going under contract
Cash deals close in 14 to 21 days. New construction runs on the developer's timeline.
Miami-specific gotchas
Post-Surfside condo regulations
After the 2021 condo collapse in Surfside, Florida passed laws requiring milestone structural inspections for buildings 30-plus years old (sometimes earlier near the coast) and stricter reserve funding. Many older condos are now facing big assessments. Don't buy a Miami condo without reviewing the structural inspection status and the reserve study.
Flood zones and elevation
Miami is famously low-lying. Pull the FEMA flood map for any address. Even inland neighborhoods like Little Havana have flood zone exposure in pockets. Coastal and bayfront areas are almost universally in AE or VE zones.
Sea-level rise projections matter on long holds. Buyers shopping for primary residences they'll keep 15-plus years should consider elevation and king-tide flooding patterns, not just current insurance rates.
Foreign buyer transactions
A significant share of Miami transactions involve foreign capital, especially from Latin America. If you're a domestic buyer competing with a foreign cash buyer, you'll need to be tight on financing and offer presentation. If you're a foreign buyer, plan for FIRPTA tax considerations on resale and the documentation work to satisfy US lenders if you're not paying cash.
Insurance markets in flux
The Florida insurance market has been chaotic for years, and Miami is the worst of it. Carriers have entered and exited. Citizens Insurance (the state-backed insurer of last resort) has grown massively. Premiums change year to year. Get a quote before you offer, but understand that quote may not be the rate you pay 12 months later.
Older tile roofs
Tile roofs are common in Miami, look great, and last a long time, but most insurers won't write a new policy on a tile roof older than 25 years. Some have cut that to 20. Roof age is one of the biggest deal-killers in Miami underwriting.
The Homa angle for Miami buyers
Miami is one of the markets where having real broker representation matters most. The condo document review, the insurance shopping, the post-Surfside structural requirements, the foreign-buyer competition. These all favor buyers who have someone on their side who has done it many times.
Homa's tools pull condo association documents, structural inspection status, flood and surge maps, insurance quote estimates, and comp analysis into one view. Showings are handled by local specialists. A licensed broker leads the offer, the document review, and the negotiation. A coordinator runs the closing.
You pay 1 percent of the purchase price as Homa's fee. The difference between that and the traditional 3 percent buyer's commission comes back to you at closing. On a $700,000 Miami home, that's about $14,000 back. You can take it as cash, apply it to closing costs, or buy down your mortgage rate.
Miami's complexity is the reason most buyers benefit from working with a brokerage. Homa is the version that hands you the commission savings on top.
The Homa angle for Miami buyers
Miami is one of the markets where having real broker representation matters most. The condo document review, the insurance shopping, the post-Surfside structural requirements, the foreign-buyer competition. These all favor buyers who have someone on their side who has done it many times.
Homa's tools pull condo association documents, structural inspection status, flood and surge maps, insurance quote estimates, and comp analysis into one view. Showings are handled by local specialists. A licensed broker leads the offer, the document review, and the negotiation. A coordinator runs the closing.
You pay 1 percent of the purchase price as Homa's fee. The difference between that and the traditional 3 percent buyer's commission comes back to you at closing. On a $700,000 Miami home, that's about $14,000 back. You can take it as cash, apply it to closing costs, or buy down your mortgage rate.
Miami's complexity is the reason most buyers benefit from working with a brokerage. Homa is the version that hands you the commission savings on top.
