Jason Bishop Real Estate – Miami Homes & Condos

Summer is in full swing here in Miami, and the latest figures from the MIAMI Association of Realtors® (May 2026 report, released mid-June) give us a clear, data-backed look at where the housing and condo markets actually stand right now — not just the usual headlines.

Single-Family Homes

Miami-Dade single-family home sales rose 10.5% year-over-year in May, marking the ninth straight month of annual gains. The median sale price reached $680,000, a modest increase from $675,000 a year earlier — continuing a remarkably consistent trend, with single-family prices having risen in 171 of the last 174 months. As of the most recent quarterly data, single-family inventory sits at roughly 6.4 months of supply, which the Association characterizes as “textbook balanced-market” territory — not strongly favoring buyers or sellers.

The Condo Market

Condo sales also grew, up 5.4% year-over-year in May, with notable strength in the $200,000–$300,000 range, which surged 23%. That said, condo median prices have softened somewhat from their recent peak — the countywide condo median was around $410,000 as of the last detailed report, down from a high near $455,000. Cash buyers remain dominant in this segment, accounting for over half of condo closings, well above the national average. One structural headwind worth knowing about: of the roughly 2,400 condo buildings across Miami-Dade, Broward, and Palm Beach counties, only 21 are currently approved for FHA financing — a real constraint for some buyers and a factor that can affect resale pools for certain buildings.

Mortgage Rates & Days on Market

The 30-year fixed mortgage rate has generally held in the low-to-mid 6% range over the past few months, according to Freddie Mac’s Primary Mortgage Market Survey, with MIAMI Realtors projecting an average near 6.0% for the year. Rates remain sensitive to broader economic conditions, so it’s worth checking current numbers with a lender before assuming a specific rate. On timing: the median time from listing to a signed contract has recently run around 55 days for single-family homes and 83 days for condos — a helpful benchmark if you’re planning a sale.

What This Means for You

If you’re selling: balanced inventory means presentation and pricing strategy matter more than ever. Well-prepared, realistically priced listings are still moving in roughly two to three months.

If you’re buying: the current environment — 6%-range rates and balanced single-family inventory — is one of the more buyer-friendly stretches in recent years for homes, while condo buyers should pay close attention to a building’s FHA approval status, HOA reserves, and insurance costs before making an offer.

Have a specific neighborhood or building you’re curious about? Countywide numbers only tell part of the story — reach out and I’ll pull together a personalized look at what’s happening where you’re focused.

Sources: MIAMI Association of Realtors® monthly statistics (May 2026 report); Freddie Mac Primary Mortgage Market Survey.