Miami-Dade On Pace to Shatter $10M+ Up Home Sales Annual Record
September 16, 2026
Miami-Dade is on track to break its annual $10M+ home sales record by year-end, providing another robust example of the tremendous wealth migration flowing into South Florida, according to August 2026 statistics released by MIAMI REALTORS® + RWorld, the MIAMI MLS, and BeachesMLS.
Through August 2026, Miami-Dade has recorded 194 home sales of $10 million or more – already 14.1% above its full-year 2025 total of 170 transactions. At this current pace, the county is projected to finish 2026 with about 291 $10M+ home sales. That would smash the previous record of 230 sales, set in 2021 during the pandemic-fueled buying frenzy.
“Miami and South Florida continue to break real estate records,” MIAMI REALTORS® + RWorld Chairman of the Board Alfredo Pujol said. “A banner year even with elevated mortgage rates. But it is also important to point out that our condo market, the entry-market for first-time buyers, continues to see a rise in total year-over-year transactions, particularly near the median price point. Miami offers opportunities for buyers across a range of price points.”
Latest South Florida real estate rankings/stats:
- Leader in Wage Growth: The Miami MSA Metro area saw a $3.6 billion gain in wage earnings due to net job migration in the four quarters ending Q1 2025 (latest data available via U.S. Census) via MIAMI REALTORS® + RWorld Research.
- #1 in Home Equity: South Florida single-family homeowners who purchased a home 15 years ago have over $500,000 in home equity compared to $333,700 nationally as of 2026 Q2 via MIAMI REALTORS® + RWorld Research.
- #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.
Miami Condo Sales Rise Year-over-Year
Condo sales increased 1% year-over-year in August 2026, from 903 to 911. Condos priced near the median price point, from $500K to $600K, saw a 32% year-over-year sales growth, increasing from 78 to 103.
Total home sales decreased 1.1% year-over-year to 1,769 transactions in August 2026. The decrease is due to elevated mortgage rates and lack of inventory in certain price points. Miami total home sales had increased year-over-year for 11 consecutive months before August 2026. Single-family home transactions declined 3.1% year over year to 858.
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.
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.
Fannie Mae and Freddie Mac eliminated the limited review option for many condo loans on Aug. 3, 2026. For decades, Florida condominium borrowers and owners faced stricter lending standards and higher financing hurdles than those in many other states. The updated guidelines are expected to create a more transparent and financially secure lending environment.
Miami-Dade Condominium Sale Prices Have Appreciated 259% Since 2011
Miami condo prices have increased 259% since 2011, from $113,800 to $408,000. Miami condos are a long-time national leader in price appreciation. Prices decreased 0.49% year-over-year in August 2026, from $410,000 to $408,000. Condo inventory is declining year-over-year, which will put upward pressure on prices.
Miami condo median prices have stayed even or increased in 166 of the last 183 months (14+ years).
Miami-Dade County single-family home median sale prices increased 3.82% year-over-year in August 2026, from $655,000 to $680,000. Miami single-family median prices have risen in 174 of the last 178 months (14+ years).
Miami single-family prices have risen 293.7% since 2011, from $172,700 to $680,000.
MIAMI REALTORS® + RWorld continues to support cross-sector stakeholder solutions – like removing obstacles to permitting and zoning, funding the Florida Hometown Heroes Program, and creating pathways for accessory dwelling units (ADUs) – to facilitate both the creation and preservation of safe and affordable housing.
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 their 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 2026 Knight Frank Wealth Report. That is almost four times more than Monaco (16 square meters), nearly two times more than New York (34) and London (33), and more than Paris (37), Tokyo (37), and more.
Mortgage Rates Climb over 7%
The benchmark 10-year Treasury yield is at its highest level in 19 years as oil prices surge from the Iran conflict. The Federal Reserve is expected to raise interest rates on Wednesday.
According to Freddie Mac, the 30-year fixed-rate mortgage was 6.67% in August 2026. But rates have climbed since the start of September, with rates at 7.17% as of Sept. 15, 2026. Home sales are sensitive to mortgage rate increases.
“With mortgage rates poised to remain above 6.7% through year-end, expect more cash and high-end buyers to drive the South Florida real estate market and for well-priced homes to sell quickly,” MIAMI REALTORS® + RWorld Chief Economist Gay Cororaton said.
Total Miami Inventory Declines for Seventh Consecutive Month; Single-Family in Seller’s Market
Total active listings at the end of August 2026 decreased 12.1% year-over-year, from 17,998 to 15,825. Decreasing supply means more buyer competition and upward price pressure.
Inventory of single-family homes decreased 19.23% year-over-year in August 2026, from 5,361 active listings last year to 4,330 last month.
Condo inventory declined for the seventh consecutive month. Condominium inventory decreased 9.04% year-over-year in August 2026, from 12,637 to 11,495 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 4.9 months, which indicates a seller’s market. Inventory for existing condominiums is 12.1 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 1.62 million units, according to NAR. That is up 5.9% from August 2025. There is a 4.9-month supply of unsold inventory, unchanged from one year ago.
Miami Real Estate: $228 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 1,769 homes in August 2026 for a local economic impact of $228 million.
Miami-Dade total dollar volume decreased 2.7% year-over-year in August 2026 to $1.6 billion.
Single-family home dollar volume decreased 3.45% year-over-year to $985 million. Condo dollar volume decreased 1.51% year-over-year to $661 million.
Miami Distressed Sales Remain at Historic Lows, Reflecting Healthy Market
Only 0.3% 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 0.3% and 0%, respectively, of total Miami sales in August 2026.
State & National Sales
In Florida, closed sales of single-family homes statewide totaled 21,497 in August 2026, down 1.4% year-over-year, while existing condo-townhouse sales totaled 7,291, down 1.8%.
The statewide median sales price for single-family existing homes was $415,000, up 1.2% 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 $298,000, up 2.8% vs. last year. The median is the midpoint; half the homes sold for more, half for less.
Nationally, total existing home sales decreased 1.2% year-over-year to a seasonally adjusted annual rate of 3.98 million, according to NAR. Median existing home prices increased to $429,100, up 1.6% from one year ago ($422,400) – the 38th 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 95% in August 2026. The median percent of original list price received for existing condominiums was 94%.
The median number of days between listing and contract dates for Miami single-family home sales was 40 days, up from 51 days last year. The median time to sale for single-family homes was 80 days, up from 91 days last year.
The median number of days between the listing date and contract date for condos was 66 days, up from 67 days. The median number of days to sale for condos was 108 days, up from 106 days.
Miami Cash Sales More Than National Figure
Cash sales represented 37.8% of Miami closed sales in August 2026, compared to 35.6% in August 2025. About 27% 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 50.5% of all Miami existing condo sales and 24.2% of single-family transactions.
Source: https://rworld.com/blog/miami-may-2026-kpl5e-w58x2-gxt8f
