Miami FL Housing Market Report, August 2026

By Ryan and Megan Winslow, broker owners of Winslow Homes. Updated October 4, 2026.

The median sale price in Miami was $649,570 in August 2026, up 2.3% from a year earlier, according to Redfin. Homes took a median of 116 days to sell, 16 days longer than last August. Prices are holding, but buyers set the pace. Miami is the primary market for Ryan and Megan Winslow, and they track it every month.

Redfin gives Miami a Compete Score of 7 out of 100, which signals low competition. The Zillow sale price covers July 2026, one month behind the Redfin figure. Redfin counts closed sales, and the Zillow index estimates the value of all homes, so the two numbers differ.

What this means for buyers

Sales volume rose 15.8% from last August, and the median price rose 2.3%. Buyers are back, but they are not overpaying. A sale-to-list ratio of 94.9% means the typical home closed about 5.1% under its final list price. On a $650,000 home, that gap is roughly $33,000 of negotiating room.

Only 4.8% of homes sold above list price. Zillow shows 5,851 homes for sale, so you have choices. Make offers below asking on homes that have sat for months, and ask for repair credits, closing cost help or a rate buydown. Those terms often move a monthly payment as much as a price cut.

Price per square foot fell 6.7% to $526 while the median sale price rose. That mix tells you larger homes made up more of the sales, not that every home gained value. Compare price per square foot within the same building or block before you set your offer.

Run your payment before you tour, including insurance, flood coverage and association dues. Ryan and Megan are Mortgage Bankers with The Federal Savings Bank, and they build payment estimates that include taxes and insurance so the number you see matches the number you pay.

What this means for sellers

A median of 116 days on market is long. Homes that sold this summer were priced to the market on day one. If your listing sits past 30 days without serious showings, the price is the problem more often than the photos. A quarter of homes, 25.3%, took a price drop, and buyers watch for those drops.

The good news: the median sale price is up 2.3% and the metro single-family median rose 2.8% to $658,000, per Florida Realtors. Demand is there for homes in good condition at the right price. A newer roof, impact windows, a clean inspection report and current association documents carry real weight. Fix known problems before you list.

Plan for a final sale price near 95% of your list price unless your home stands out. Ryan and Megan run a home value review that compares your home to what closed nearby this summer, not to what other sellers are asking.

Neighborhoods and price ranges

Miami is not one market. The citywide median of $649,570 blends condo towers, historic houses and waterfront estates, so your own neighborhood matters more than the average. Redfin names these areas in its Miami data.

• Brickell and Downtown Miami: High-rise condo living near the financial district. Association dues, reserve studies and rental rules shape the real cost here.
• Edgewater: Bayfront towers and newer condo buildings north of downtown, with a wide spread of prices by view and floor.
• Coconut Grove: Tree-lined streets, bayfront condos and single-family homes. Redfin shows a condo on South Bayshore Drive that sold for $2,600,000, 12% under list after 209 days.
• The Roads and Silver Bluff: Established single-family neighborhoods close to Brickell and the Grove.
• Wynwood and Buena Vista: Arts district energy, newer townhomes and older houses on smaller lots.

Single sales show the range. Redfin lists a home on Southwest 39th Avenue that sold for $875,000, 2% under list after 165 days. The metro condo and townhouse median was $329,000 in August, per Florida Realtors, far below the single-family median of $658,000. Check the last three closed sales in the building or on the block you want, not the city average. Text Ryan and Megan for a price range on any street.

Taxes, insurance, flood zones and the homestead exemption

Florida has no state income tax on wages. Property tax works differently than most northern states. When you buy, the assessed value resets to market value, so the seller's tax bill is not your tax bill. Ask for a tax estimate based on your purchase price before you commit.

If the home is your permanent residence, file for the homestead exemption with the Miami-Dade County Property Appraiser by March 1 of the tax year. The Florida Department of Revenue explains that the exemption reduces taxable value by up to $50,000. The first $25,000 applies to all property taxes, including school taxes. The second $25,000 applies to assessed value over $50,000 and only to non-school taxes. After the first year, the Save Our Homes rule limits annual assessment increases on a homestead to 3%. If you already hold a Florida homestead, portability lets you move up to $500,000 of that benefit to a new homestead, as long as you establish it within three years, according to the Lee County Property Appraiser.

Redfin reports that 69% of Miami properties face severe flood risk over 30 years. Check the federal flood zone for any address before you make an offer. Zones that begin with A or V are Special Flood Hazard Areas, and a federally backed mortgage requires flood insurance there. A standard homeowners policy excludes flood damage, so flood coverage is a separate policy. Ask for an elevation certificate when one exists. It often helps with a premium quote.

For wind coverage, insurers look hard at roof age, roof shape and window protection. Order a wind mitigation inspection, which documents features such as roof-to-wall connections and impact glass, because those features reduce premiums. Older homes often need a four-point inspection of the roof, electrical, plumbing and heating and cooling systems before an insurer will write a policy. Get insurance quotes during your inspection period, not after.

Condo buyers should read the association documents. Florida law now requires milestone inspections and structural integrity reserve studies for many older buildings of three stories or more, and associations must fund reserves for items such as roofs and structure. Ask for the latest reserve study, the budget, any pending special assessment and the rental rules, including minimum lease terms. Lenders also review the association, and a building with unresolved structural or financial issues is harder to finance. Condo owners need their own unit owner policy.

Selling up north and buying in Florida

Many buyers in Miami are selling a home in Massachusetts, Connecticut, Rhode Island or New York first. Ryan and Megan Winslow are brokers in Florida and Massachusetts, so one team coordinates both sides of the move.

Time the two closings with care. Sell first and you buy with clear numbers and no contingency. Buy first and you need a bridge plan for two payments. Get a Florida insurance quote and a flood zone check before you set your budget, because those costs differ from what you pay up north.

Once you close, file for homestead on your Miami home by March 1. Talk with your tax advisor about the federal home sale exclusion on the home you sell and any gain above it. Ask Ryan and Megan how to line up your listing and your Miami purchase so you move once.

Outlook for the next 3 months

No one is able to promise where prices go. The signals point to a market that rewards careful buyers. Sales volume is up, days on market are long and few homes sell above list price, so sellers should expect negotiation through the fall.

Prices are holding. Redfin shows the median up 2.3%, Zillow shows its index up 0.8% and the metro single-family median rose 2.8%. Winter brings seasonal buyers to South Florida, which tends to lift showing activity, though it does not guarantee higher prices. Florida Realtors releases September data on October 16, 2026. Watch days on market and the share of homes taking price drops in the next report.

Frequently asked questions

What is the median home price in Miami?

Redfin reports a median sale price of $649,570 for August 2026, up 2.3% from August 2025. Zillow puts the typical Miami home value at $580,866, up 0.8% over the past year.

How long does it take to sell a home in Miami?

The median home spent 116 days on the market in August 2026, which is 16 days longer than a year earlier, per Redfin. Zillow shows a median of 57 days to pending. Correctly priced homes go under contract well ahead of the median.

Is Miami a buyer's market?

Conditions favor buyers. Redfin gives Miami a Compete Score of 7 out of 100, only 4.8% of homes sold above list price and the typical home sold at 94.9% of list. Results vary by building, street and price point.

Do I need flood insurance in Miami?

Your lender requires it if the home sits in a Special Flood Hazard Area and you use a federally backed loan. Every buyer should price a policy, because Redfin reports 69% of Miami properties face severe flood risk over 30 years.

How much negotiating room do Miami buyers have?

Homes sold at 94.9% of list price on average in August 2026, so the typical gap was about 5%. Your result depends on condition, price history and days on market. Ryan and Megan review recent closed sales near any address you want to buy.

Want to know what your home would sell for, or what you should offer on one? Text or call Ryan and Megan at 386-690-5858, or request a home value. Ryan and Megan are Mortgage Bankers with The Federal Savings Bank and Florida real estate brokers, so you get the buying, selling and financing picture in one conversation.

Sources: Redfin Miami housing market, Zillow Miami home values (index through August 31, 2026, sale price through July 31, 2026), Florida Realtors August 2026 metro market summary, Florida Department of Revenue homestead exemption guide and Lee County Property Appraiser portability guide. Figures cover August 2026 unless a row states another month. Numbers are rounded as published and are not a forecast.