Real Estate Market Update

South Florida Real Estate Market Update: What’s Selling, Who’s Buying & What Comes Next

By Rafael Amador, Realtor® | September 2026

South Florida’s real estate market is becoming more selective. Homes are still selling, prices remain resilient in many areas, luxury demand is strong and international buyers remain influential. But buyers are paying closer attention to price, condition, location, insurance, HOA costs and financing.

The key distinction is simple:

A desirable, properly priced home can sell quickly, while an overpriced property may sit for months.

How Long Are Homes Taking to Sell?

August 2026 data shows a clear difference between single-family homes and condos.

For single-family homes, the median time from listing to contract was:

• Miami-Dade: 40 days
• Broward: 40 days
• Palm Beach: 40 days

Total time from listing to completed sale was approximately 80 days in Miami-Dade, 78 days in Broward and 81 days in Palm Beach County.

Condos took longer:

• Miami-Dade: 66 days to contract; 108 days to sale
• Broward: 73 days to contract; 112 days to sale
• Palm Beach: 69 days to contract; 108 days to sale

What Is Selling?

Single-Family Homes Remain Strong

Single-family inventory declined approximately 19% year-over-year in Miami-Dade, 23% in Broward and 24% in Palm Beach County.

Miami-Dade had approximately 4.9 months of single-family inventory, compared with 3.5 months in Palm Beach County. Limited supply continues to support prices despite higher mortgage rates.

Buyers are competing for homes with strong locations, realistic pricing, updated condition, manageable insurance costs, good schools where applicable and minimal deferred maintenance.

Condos Offer More Negotiating Leverage

Miami-Dade had approximately 12.1 months of existing condo inventory in August, compared with 4.9 months for single-family homes.

That gives buyers more leverage and makes building quality especially important. Buyers are evaluating HOA fees, reserves, insurance, special assessments, structural requirements and financing eligibility—not just the asking price.

Condos are still selling. Miami-Dade condo sales increased 1% year-over-year in August, while sales between $500,000 and $600,000 rose 32%.

Financially healthy buildings with adequate reserves, manageable fees and good maintenance are performing better than those facing assessments, insurance problems or financing restrictions.

Luxury Real Estate Remains Exceptionally Strong

Through August, Miami-Dade recorded 194 sales of $10 million or more, exceeding its entire 2025 total.

Palm Beach County recorded 170 sales above $10 million, already surpassing its previous full-year record.

Luxury real estate is less dependent on mortgage financing. A cash buyer purchasing a $5 million waterfront property is largely insulated from rate changes, helping explain why affordability challenges can coexist with record luxury activity.

Who Is Buying South Florida Real Estate?

South Florida’s buyer pool includes international purchasers, domestic relocations, high-net-worth buyers, investors, second-home buyers, retirees and local residents.

International Buyers

Foreign buyers purchased approximately $4.4 billion of South Florida residential real estate in 2025, representing roughly 15% of residential dollar volume. Miami-Dade accounted for most of that activity.

Leading international buyers came from Colombia, Argentina, Mexico, Brazil, Venezuela and Canada.

Approximately 51% of South Florida international purchases were all-cash. Many buyers use their properties as vacation homes, rental investments or both. New construction has been particularly attractive.

Cash Buyers

Cash represented approximately:

• 37.8% of Miami-Dade sales
• 35.9% of Broward sales
• 48.1% of Palm Beach County sales

The national figure was approximately 27%. Cash is especially common in luxury and condominium transactions.

Investors

Investment-property loans represented roughly 10.8% of Florida purchase originations in recent data.

Higher financing costs have made investors more disciplined. Properties attracting attention typically combine:

Below-market pricing + strong rental demand + manageable HOA costs + favorable taxes and insurance + long-term appreciation potential.

A property that worked as a rental with 3% financing may not work today. Investors must focus on actual cash flow rather than speculation.

First-Time Buyers Face Continued Challenges

First-time buyers represented only 21% of homebuyers in 2025, while the median first-time buyer age reached approximately 40.

Higher prices, mortgage rates near 7%, insurance, property taxes and HOA expenses have increased monthly ownership costs. Condos and townhomes may offer a lower-cost entry point, but financing restrictions can complicate those purchases.

The purchase price is permanent, while the interest rate may not be. Buyers who purchase the right property today may eventually have an opportunity to refinance if rates decline.

The Market Is Becoming More Local

“South Florida” is not one market. Inventory and demand can vary significantly between neighboring communities and even between streets.

Recent data showed particularly tight single-family inventory in Pembroke Pines, Cooper City, Coral Springs, Sunrise and Coconut Creek, as well as areas such as Boca Raton and Jupiter.

A remodeled home with a newer roof in a desirable neighborhood may attract strong interest, while a nearby property may sit because of its price, condition or insurance costs.

Real estate is becoming hyperlocal again.

Sellers: Pricing Matters

Today’s buyers can quickly compare sales, price reductions, listing history and competing inventory. In August, sellers received approximately 95% to 96% of their original asking price for single-family homes across the three major South Florida counties.

For condos, the figure was approximately 93% to 94%.

The first asking price matters. Proper pricing can create urgency, while an overpriced listing may accumulate days on market, require reductions and ultimately sell for less than it would have with a stronger initial strategy.

What Happens Next?

Inventory May Matter More Than Rates

Inventory declined sharply year-over-year during summer 2026. If supply remains limited while demand holds steady, prices may remain supported even with elevated mortgage rates.

Lower Rates Could Release Pent-Up Demand

Many buyers are waiting for lower rates, better prices or the right property. If rates decline, purchasing power could improve and demand could return.

However, if many buyers reenter the market while inventory remains limited, competition could push prices higher. Waiting for lower rates does not guarantee a lower overall purchase cost.

South Florida’s Buyer Pool Will Remain Diverse

International buyers, domestic relocations, high-net-worth purchasers, investors, second-home buyers, retirees and local residents all contribute to demand. This diversity makes South Florida less dependent on local wages and traditional mortgage financing than many other markets.

My Outlook for South Florida Real Estate

The market is neither uniformly a buyer’s market nor a seller’s market. It is increasingly property-specific.

• Limited-inventory single-family homes may continue to favor sellers.
• Certain condo markets may favor buyers.
• Luxury properties can operate largely independently of mortgage rates.
• Investment properties must be evaluated on cash flow.
• Overpriced homes and properties with high ownership costs may take longer to sell.

Buyers may find negotiating opportunities, especially on listings with significant market time. Sellers need accurate pricing, preparation and marketing. Investors must ensure that the numbers actually work.

South Florida is becoming more selective, analytical and divided by property type, location and price. That may create a healthier market for buyers, sellers and long-term investors than the frenzy of 2020–2022.

Rafael Amador, Realtor®
South Florida Residential & Commercial Real Estate
305-440-0178
Rafael@Amador.RealEstate
Amador.RealEstate | SFL.homes

SFL.homes is a website owned and maintained by Rafael Amador, LLC.

Market statistics are based primarily on August 2026 data from MIAMI REALTORS® + RWorld, Florida Realtors and related housing-market research. Market conditions vary significantly by municipality, neighborhood, property type and price range.