Miami Median Home Price: What a House Actually Costs

The median price for a single-family home in Miami-Dade is $699,990, up 3.7% from a year earlier. That is the number most people are looking for when they ask what a house costs in Miami, and on its own it will point you in the wrong direction, because almost nobody buys the county median. Across the eight southwest Miami-Dade neighborhoods I cover, last quarter ran from $1,020,000 in South Miami to $2,750,000 in Coconut Grove. Where you are shopping moves the number far more than what the county is doing.

The county figure is still worth understanding, because it is what sets the tone every buyer and seller walks in with. Inventory has loosened, sellers have lost the leverage they had two years ago, and the gap between a well-priced home and an optimistic one has widened. Those three shifts are what the rest of this covers, and what each one means depends heavily on the price band you are shopping in.

What the Numbers Tell Us

According to data released by the Miami Association of Realtors® for January 2026, the median sale price for a Miami-Dade single-family home reached $699,990, a 3.7% increase from a year earlier. Single-family home prices have now risen in 168 of the past 170 months. Total single-family closed sales came in at 661, up 2.8% year-over-year, marking the fifth consecutive month of gains.

Inventory is the number that moved. Months of supply reached 6.4 in January, up from 5.6 a year earlier, which is textbook balanced territory and means neither side gets to lean on momentum. New single-family listings rose 12% to 1,829 and new pending sales reached 927, up 4.6%, so the pipeline going into the year was healthy on both ends. The pressure is showing up on the seller side, where the median percentage of original list price received fell to 94% and the median time to contract stretched to 53 days.

Miami-Dade single-family home key market metrics for January 2026 including median sale price, closed sales, inventory, and months of supply with year-over-year trends. Prices in US dollars. Source: MIAMI Association of Realtors January 2026 Market Report. Analysis by Jorge Guanche, Compass, Miami.

Metric (Miami-Dade SFH, Jan 2026)	Value	Trend
Median Sale Price	$699,990	Up 3.7% YoY
Closed Sales	661	Up 2.8% YoY
Active Inventory	5,433 homes	Up 9.0% YoY
Months of Supply	6.4 months	Up from 5.6
30-Year Mortgage Rate	~6.1%	Down from 6.65% YoY

The Mortgage Rate Factor

As of mid-March 2026, the 30-year fixed-rate mortgage averaged 6.11% according to Freddie Mac, down from 6.65% a year ago. MIAMI Realtors® project the 30-year rate to average around 6.0% through 2026, potentially ending the year near 5.8%. While rates remain above the historic lows of 2020 and 2021, the directional trend is favorable. For single-family homes in the $500,000 to $900,000 range, even a modest rate reduction translates to meaningful monthly savings and brings sidelined buyers back into the market.

International Buyers and Cash Strength

Cash is why Miami does not trade like the rest of the country. It made up 44% of all Miami-Dade closings in January 2026, well above the national average of roughly 27%, and in the million-dollar-plus segment cash buyers are the clear majority. That split gives the market two speeds. Luxury properties hold firm price floors because those buyers do not care what the 30-year rate does, while the mid-market becomes more accessible to financed buyers. International demand remains steady: global buyers accounted for 52% of South Florida new-construction, pre-construction, and condo-conversion sales over the 22 months through late 2025, coming from 73 countries in all, according to the MIAMI Realtors International Report released in November 2025. Latin Americans made up about 86% of that international activity, led by Colombia at 23% and Mexico at 20%.

A Return to Fundamentals

The MIAMI Realtors® 2025-2027 Southeast Florida Housing Outlook characterizes the current environment as a return to fundamentals. The speculative energy that drove pandemic-era price spikes has given way to a more measured market where property condition, location quality, and pricing accuracy determine outcomes. Single-family prices are projected to appreciate approximately 2.8% through 2026 and another 3.5% in 2027, while sales volume is forecast to rise 4.9% in 2026 and 5.4% in 2027, following a four-year decline. The combination matters more than either figure on its own. It describes a market where more homes trade hands while prices climb slowly, which means the return comes from buying the right property at the right number rather than from waiting for the whole market to lift you.

What This Means for You

If you are buying right now, there is more inventory on the market and more room to make an informed decision. With 6.4 months of single-family supply available and mortgage rates trending lower, this is the most buyer-friendly environment in years. It makes sense to lock in before further rate declines bring competition back. Before you finalize a purchase, make sure you understand total carrying costs, including flood zone designation and insurance.

My Miami homeowners insurance guide breaks down flood zones, the 2026 rate decreases, and how to lower a premium, and the local guides for Glenvar Heights, Coral Gables, Pinecrest, Coconut Grove, and South Miami show how the county numbers translate street by street.

If you are selling, pricing accuracy carries more weight than it has in a while. The 94% of original list price and the 53 days to contract are the two January numbers I put in front of every seller before we talk about anything else. I read current comparables at a granular level and position the property to attract qualified buyers quickly. Strategic improvements through programs like Compass Concierge can meaningfully increase your return.

This market rewards the people who come in prepared. Assumptions cost money in a balanced market, and they usually cost it quietly, in an extra month of carrying the house or an offer you did not have to accept. If you want to know what these county numbers look like in your neighborhood and your price band, that is worth a conversation before you list or write an offer.