MIAMI — Miami-Dade total home sales rose year-over-year for the sixth consecutive month in February 2026, reflecting sustained demand across both ultra-luxury and more accessible properties, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Total home sales increased 9.6% year-over-year. Single-family home transactions rose 4.3%, while condo sales jumped 14.7%. Sales of Miami properties priced at $5 million and above climbed 11% from a year earlier. At the more accessible end of the market, condo sales in the $400,000 to $500,000 price range surged 19% year-over-year.
“Miami real estate has opportunities at all price points, from ultraluxury to more accessible ranges,” MIAMI Chairman of the Board Alfredo Pujol said. “High-profile buyers such as California billionaires and tech CEOs, including Meta’s Mark Zuckerberg, are making headlines by purchasing homes in Miami, but that is just one market segment. Miami has properties for all buyers and it starts with strong demand for our condos, the entry-point to our market.”
South Florida real estate rankings:
- #1 Ultra-Luxury Market in the U.S.: South Florida averages one $10M home sale per day. In 2025, South Florida posted the most $20M & up condo sales in its history; the second-most $10M & up total home sales in history; and more.
- #1 Market in the U.S. for Cash Buyers: 82% of Miami $1M & up condo sales were all-cash in 2025. The Miami MSA leads the nation in all-cash sales, which means many buyers are operating on liquidity, not debt.
- #1 in the U.S. for Most Multifamily Construction: Southeast Florida has the most intense multifamily construction activity in the nation as of 2025 Q4, with 36,290 units, adding 9% to the current stock via MIAMI REALTORS® Research.
- #1 in Home Equity: Miami-Dade home equity gains are nearly 2X the national figure. As of 2025 Q4, Miami-Dade County homebuyers who purchased a single-family home 15 years ago have a median equity of $560,790 compared to $300,504 nationally via MIAMI REALTORS® Research.
Miami Total Sales Rise for Sixth Consecutive Month
Total Miami-Dade sales increased 9.6% year-over-year in February 2026, from 1,440 to 1,578.
Miami-Dade single-family $1M and up home sales increased 18.71% year-over-year in February 2026, from 171 to 203. Miami-Dade $1M and up condo sales climbed 18.94% year-over-year in February 2026, from 132 to 157.
Condos priced between $400K to $500K increased 18.97% year over year, from 116 to 138.
The sales total doesn’t include South Florida’s new construction, pre-construction and condo conversion sales because they are largely not reported in the MLS. But MIAMI led the charge to publish two new construction reports.
International buyers purchased 49% of new South Florida construction, pre-construction and condo conversion sales over an 18-month period ending in July 2025, according to MIAMI REALTORS® first-ever New Construction Global Sales Report in collaboration with industry leaders.
Our second New Construction Global Sales Report, published in November 2025, showed an increase in global sales and buyers from 73 countries, according to the MIAMI REALTORS® November 2025 Global Sales Report in collaboration with industry leaders.
Miami-Dade Single-Family Homes Increase for the Sixth Consecutive Month
Miami single-family home sales have increased for six consecutive months. Miami single-family home sales increased 4.27% year-over-year in February 2026, from 703 to 733.
Miami existing condo sales increased 14.65% year-over-year in February 2026, from 737 to 845. Miami condo sales have risen year-over-year in four of the last six months.
The lack of Federal Housing Administration loans for many existing Miami condominium buildings is preventing further market strengthening. Of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 21 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.
Just 0.9% of South Florida condo buildings are approved for FHA loans. Florida is the only state in the U.S. that requires a client to put down 25% for a limited review if the condo building doesn’t have enough in reserves. The requirement for every other state is 10%.
Miami-Dade Condominium Sale Prices Have Appreciated 100% in the Last 10 Years
Miami condo prices have risen 100% from February 2016 to February 2026, from $205,000 to $410,000. Miami condos are a long-time national leader in price appreciation, but prices declined for the first time in months in February 2026, from $455,000 to $410,000. Condo inventory is declining year-over-year, which will put upward pressure on prices.
Miami condo median prices have stayed even or increased in 163 of the last 177 months, a span that covers 14.6 years.
Miami-Dade County single-family home median sale prices increased 4.58% year-over-year in February 2026, from $655,000 to $685,000. Miami single-family median prices have risen in 169 of the last 171 months (14+ years).
Miami single-family prices have risen 154% from February 2016 to February 2026, from $270,000 to $685,000.
Miami’s surging multifamily market and the Florida Live Local Act should boost affordability in the future. Southeast Florida ranks No. 1 in the U.S. for most multifamily construction, according to MIAMI REALTORS® Research. This is important because it adds more overall housing/apartment supply to a city, creates more affordability and adds to Miami’s economic growth.
Florida’s Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area’s median income.
Miami remains a bargain in comparison to other global cities. For $1M, homebuyers can purchase 58 square meters of prime property in Miami, according to the 2025 Knight Frank Wealth Report. That is almost four times more than Monaco (19 square meters), nearly two times more than New York (34) and London (34) and more than Paris, Sydney, Tokyo and more.
Mortgage Rates Forecasted to Increase Due to Geopolitical Events
Mortgage rates, which were above 7% at the start of 2025, have trended down in recent months but they might be on the rise again because of the Iran war and current geopolitical events. According to Freddie Mac, the 30-year fixed-rate mortgage was 6.05% in February 2026.
“I expect South Florida’s million-dollar segment to hold up remarkably well because of the acceleration in wealth migration from high-tax states, the high cash transactions in this segment, and the increased diversification of high-net-worth individuals into real estate,” MIAMI REALTORS® Chief Economist Gay Cororaton said.
Total Miami Inventory Declines for First Time Since Sept. 2023
Total active listings declined for the first time since Sept. 2023. Total active listings at the end of February 2026 decreased 0.5% year-over-year, from 17,708 to 17,626. Decreasing supply means more buyer competition and upward price pressure.
Inventory of single-family homes increased 3.31% year-over-year in February 2026 from 5,140 active listings last year to 5,310 last month.
Condo inventory declined for the first time since July 2023. Condominium inventory decreased 2.01% year-over-year in February 2026, from 12,568 to 12,316 listings during the same period in 2025, but the total is still significantly below pre-pandemic.
Months’ supply of inventory for single-family homes is 6.2 months, which indicates a balanced market. Inventory for existing condominiums is 13.4 months, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory is 1.29 million units, according to NAR. That is up 4.9% from February 2025. There is 3.8-month supply of unsold inventory, up from 3.6 months from one year ago.
Miami Real Estate: $203 Million in Local Economic Impact
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $129,000, according to NAR. Miami-Dade sold 1,578 homes in February 2026 for a local economic impact of $203 million.
Miami-Dade total dollar volume increased 2.21% year-over-year in February 2026 to $1.57 billion.
Single-family home dollar volume decreased 8.79% year-over-year to $867 million. Condo dollar volume increased 19.84% year-over-year to $709 million.
Miami Distressed Sales Remain at Historic Lows, Reflecting Healthy Market
Only 2.9% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.4% and 2.5%, respectively, of total Miami sales in February 2026.
National and State Statistics
In Florida, closed sales of single-family homes statewide totaled 18,379 in February 2026, up 3.9% year-over-year, while existing condo-townhouse sales totaled 7,060, up 8.6%.
The statewide median sales price for single-family existing homes was $412,000, down 0.7% year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $305,000, down 2.4% vs. last year. The median is the midpoint; half the homes sold for more, half for less.
Nationally, total existing home sales increased 1.7% year-over-year to a seasonally adjusted annual rate of 4.09 million, according to NAR. Median existing home prices increased to $398,000, up 0.3% from one year ago ($396,800) – the 32nd consecutive month of year-over-year price increases.
Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94% in February 2026. The median percent of original list price received for existing condominiums was 93%.
The median number of days between listing and contract dates for Miami single-family home sales was 55 days, up from 46 days last year. The median time to sale for single-family homes was 93 days, up from 88 days last year.
The median number of days between the listing date and contract date for condos was 83 days, up from 66 days. The median number of days to sale for condos was 117 days, up from 108 days.
Miami Cash Sales More than National Figure
Cash sales represented 42.8% of Miami closed sales in February 2026, compared to 40.8% in February 2025. About 31% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects Miami’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 55.2% of all Miami existing condo sales and 28.3% of single-family transactions.
To access February 2026 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of REALTORS®
The MIAMI Association of REALTORS® (MIAMI) was chartered by the NATIONAL ASSOCIATION OF REALTORS® in 1920, and is celebrating 106 years of service to REALTOR® members, the buying and selling public, and the communities in South Florida. Composed of six boards: MIAMI- RESIDENTIAL, MIAMI- COMMERCIAL; BROWARD-MIAMI, a division of MIAMI REALTORS®; JTHS-MIAMI, a division of MIAMI REALTORS® in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the Corporate Board of Directors. MIAMI REALTORS® represent 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local REALTOR® association in the U.S. and has official partnerships with 301 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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