South Florida Market Update: October 2026

Navigating the South Florida real estate landscape this fall feels like reading two different books simultaneously. Whether you are looking in Miami-Dade or Broward, your experience depends entirely on your choice between a single-family home or a condo. Consequently, understanding these local nuances is the key to a successful transaction right now.

Here is the breakdown of what is happening on the ground.

Miami-Dade: Competition Meets Luxury

The single-family home market in Miami-Dade remains remarkably resilient. Despite broader economic shifts, buyers are showing strong demand that continues to outpace supply.

Single-Family Strength: The median price for a single-family home has climbed to $680,000, which reflects a 3.8% increase over last year.
The Luxury Peak: Miami’s reputation as a global wealth hub is growing. Furthermore, we are seeing record-breaking activity in the ultra-luxury tier, including several high-profile sales crossing the $30M mark this season.
The Condo Contrast: Meanwhile, the condo sector offers much more breathing room. Because inventory has reached 12.1 months of supply, buyers now enjoy significantly more leverage and choice than they had a year ago.

Broward County: Opportunities in the Sky

Broward tells a slightly different story, particularly for those interested in the condo lifestyle. While houses remain steady, the condo market is currently undergoing a significant correction.

Single-Family Stability: The median price for a home in Broward sits at $650,000, up 4% year-year-over year. It remains a mild seller’s market. However, buyers are finding a bit more negotiating power than in previous cycles.
The Condo Shift: This is the headline of the month. Condo prices in Broward saw a sharp 14.6% decline this past September. Additionally, new building safety regulations and resulting assessments have increased inventory. This shift has firmly pushed this segment into a buyer’s market.

The Big Picture: Rates, Cash, and Regulations

Beyond the local numbers, a few macro trends are shaping every transaction:

Mortgage Rates: The 30-year fixed rate is hovering around 7.40%. While these rates are higher than historical lows, serious movers are adjusting their strategies to account for the new “normal.”
Cash is King: South Florida remains a magnet for liquid capital. In Miami-Dade, roughly 42% of all transactions are closed with cash. Consequently, this trend continues to give certain buyers a competitive edge in multi-offer situations.
The “Condo Cliff”: New safety laws and structural integrity reserves are now fully reflected in market behavior. For sellers, transparency regarding assessments is vital. Similarly, due diligence on building financials has never been more important for buyers.

What This Means For You

If you are selling a single-family home, you still hold the cards. However, a smart pricing strategy is paramount to avoid sitting on the market. If you are selling a condo, you should highlight a healthy reserve fund or completed assessments to ensure a successful closing.

If you are buying, the condo market offers the most significant opportunities for value we have seen in years. Furthermore, if you want a single-family home, you must be prepared to move quickly with a strong pre-approval or cash.

Do you have questions about how these trends impact your specific property or search? Let’s connect and look at the data together.

Frances Hernandez
Coldwell Banker Realty
786.306.0480
fhernandezrealtor@gmail.com