If you have been trying to read the Miami-Dade market lately, you may have noticed the headlines do not quite agree with each other. One says prices are still climbing, another says buyers finally have the upper hand. The truth is that both are right, because we are living through a two-speed market. Single-family homes and condos are simply telling different stories right now.
Here is the latest picture, drawn from the May 2026 figures released by MIAMI REALTORS on June 16, 2026.
Sales are up across the board
Total home sales in Miami-Dade rose 7.9% year over year, climbing from 1,913 to 2,064 closed transactions. That is the ninth straight month of year-over-year gains, which tells us that buyers are active and deals are getting done. So even with higher borrowing costs, people are still moving.
Single-family homes: steady and tight
The single-family side remains a seller’s market. Sales jumped 10.5% year over year, from 943 to 1,042 homes, and the median price ticked up 0.74% to $680,000. Inventory tells the real story: active single-family listings fell almost 19% from a year earlier, leaving about 4,599 homes on the market, or roughly 5.2 months of supply. When good homes are scarce, well-priced and well-presented listings still draw strong interest.
The luxury tier is especially busy. Sales of single-family homes priced at $1 million and up climbed sharply compared with last year, a reminder that Miami continues to attract buyers from across the country and around the world.
Condos: more room to negotiate
The condo market is where buyers have gained leverage. Existing condo sales rose 5.4% year over year, but the median price softened about 2.35% to $415,000. Inventory sits near 12,000 units, close to 12.9 months of supply, which by most measures is a buyer’s market. Part of this reflects newer rules around building reserves and milestone inspections, which have nudged more owners to list. If you have been waiting for a condo with a bit more breathing room on price, this is a friendlier window than we have seen in a while.
What this means for you
If you are selling a single-family home, conditions still favor you, but buyers are paying close attention to price and condition. Coming in at the right number from day one matters more than it did at the peak.
If you are buying, especially a condo, you likely have more time, more choices, and more negotiating room than recent years. It is worth asking about each building’s reserves and inspection status so there are no surprises later.
Wherever you land, the smartest move is to look at your own numbers rather than the headlines. We are always happy to run a free, no-pressure breakdown for your specific neighborhood and price range.
Market figures are as of the May 2026 MIAMI REALTORS report and can change month to month. This article is for general information only and is not financial or investment advice. For guidance on financing and affordability, please consult a licensed mortgage professional.