Market Reports · June 25, 2026

South Florida Real Estate Market Report — May 2026

Inventory is falling, sales are rising, and cash buyers are dominating. The May 2026 data from Miami Realtors tells a clear story: South Florida's real estate market is tightening. Here is what the numbers mean for buyers, sellers, and investors across Miami-Dade, Broward, and Palm Beach.

By Condo Invest Miami Research · Editorial & market research · 8 min read

The Headlines: Inventory Down, Sales Up, Cash Dominant

The May 2026 South Florida numbers from the MIAMI Association of Realtors point to a clear market narrative across Miami-Dade, Broward, and Palm Beach: listings are tightening, transactions are climbing, and cash buyers continue to shape outcomes. Fewer homes on the market means buyers have less leverage. Sellers—especially of single-family homes—hold the upper hand.

County-level detail follows.

---

Miami-Dade County

Single-Family Homes

Miami-Dade’s single-family segment delivered the strongest signals in May 2026. Closed sales totaled 1,042 (up 10.5% year-over-year), while active inventory contracted to 4,599, down 19.1% from May 2025. Months of supply shortened from 6.6 to 5.2 months, nudging the market toward balance.

The median sale price sat at $680,000, a modest 0.7% annual rise. Dollar volume jumped to $1.46 billion, a 34.9% increase from $1.08 billion in May 2025. That gap tells a story: more deals are closing in higher price tiers, driven by luxury and upper-mid buyers.

Cash purchases grew to 27.8% of single-family closings, up from 23.3% a year earlier — a 19.3% increase in cash participation. Cash buyers move faster and worry less about financing, so their growing share signals continued demand from high-net-worth domestic and international buyers.

Metric · May 2026 · May 2025 · Change

--- · --- · --- · ---

Closed Sales · 1,042 · 943 · +10.5%

Median Sale Price · $680,000 · $675,000 · +0.7%

Dollar Volume · $1.46B · $1.08B · +34.9%

Cash Buyers · 27.8% · 23.3% · +19.3%

Active Inventory · 4,599 · 5,687 · -19.1%

Months of Supply · 5.2 · 6.6 · -21.2%

Condos & Townhomes

The condo market in Miami-Dade shows mixed signals. Closed sales increased to 1,022, up 5.4% year-over-year, while the median dipped to $415,000 from $425,000 — a 2.4% decline. Active inventory shrank to 12,016 units (-8.9%), and months of supply eased from 14.0 to 12.9 months.

At 12.9 months of supply, condos still favor buyers, but the trend is toward equilibrium. Cash buyers represent 49.7% of condo sales, essentially flat versus last year’s 50.3%. A median time to contract of 64 days (vs. 63) shows buyers remain deliberate, though shrinking inventory will compress that decision window.

What this means for condo buyers: Miami-Dade condos remain the most buyer-friendly segment in South Florida, but the 8.9% inventory decline is meaningful. Buyers expecting deeper price drops will face fewer options before prices stabilize.

What this means for condo sellers: The modest price dip (-2.4%) reflects elevated supply, yet momentum is shifting. Sellers who price correctly and present well are closing — the 94% list-price-received ratio indicates limited discounting.

---

Broward County

Single-Family Homes

Broward’s single-family market registers the tightest conditions on several measures. Active inventory fell to 4,560 units, down 22.2% year-over-year — the steepest inventory drop in the report. Months of supply tightened to 4.5 months from 5.9, approaching seller-market territory (commonly below 4 months).

Closed sales reached 1,146, up 3.2%, with a median sale price of $630,000 (+0.8%). Median time to contract accelerated to 35 days, the fastest in the report (down from 38). Sellers captured 96% of original list price — the highest list-price-received ratio in the dataset.

Metric · May 2026 · May 2025 · Change

--- · --- · --- · ---

Closed Sales · 1,146 · 1,110 · +3.2%

Median Sale Price · $630,000 · $625,000 · +0.8%

Median Time to Contract · 35 days · 38 days · -7.9%

Active Inventory · 4,560 · 5,862 · -22.2%

Months of Supply · 4.5 · 5.9 · -23.7%

List Price Received · 96% · 95% · +1%

Condos & Townhomes

Broward condos look transitional. Closed sales held near 999 (-1.5%), and the median sale price remained at $275,000. Inventory dropped sharply to 10,055 active units (-16.9%), pushing months of supply down from 12.5 to 10.6 months.

Cash buyers comprised 52.2% of Broward condo transactions — the highest cash share for a segment in the report (up from 50.0%). When prices stall and inventory tightens, rising cash participation suggests investors and second-home buyers view Broward condos as relative value compared with Miami-Dade.

---

Palm Beach County

Single-Family Homes

Palm Beach produced the strongest single-family price gains in the tri-county area. The median sale price climbed to $675,000, a 5.47% year-over-year increase — the largest percentage gain in the report. Closed sales rose 7.72% to 1,437, and dollar volume hit $1.975 billion (+6.4%).

Inventory dropped to 4,946 active listings (-22.61%), and months of supply tightened from 5.8 to 4.1 months — the tightest single-family market region-wide. Cash buyers made up 46.5% of transactions, up from 42.9%, reflecting wealthy retirees, seasonal residents, and inbound investors from higher-cost regions.

A median time to contract of 40 days (down from 42) and a 95% list-price-received ratio (up from 93%) confirm a market leaning toward sellers.

Metric · May 2026 · May 2025 · Change

--- · --- · --- · ---

Closed Sales · 1,437 · 1,334 · +7.72%

Median Sale Price · $675,000 · $640,000 · +5.47%

Dollar Volume · $1.975B · $1.856B · +6.4%

Cash Buyers · 46.5% · 42.9% · +8.4%

Active Inventory · 4,946 · 6,391 · -22.61%

Months of Supply · 4.1 · 5.8 · -29.3%

Condos & Townhomes

Palm Beach condos outperformed the condo markets in May 2026. The median sale price rose to $345,000, up 4.5% year-over-year — the only condo market in the report with clear price appreciation. Closed sales increased 6.6% to 1,003, and dollar volume climbed 9.9% to $641 million.

Active listings fell 19.5% to 6,501, reducing months of supply from 10.2 to 7.7 months. Cash buyers accounted for 62.0% of condo transactions — the highest cash ratio in the entire report (up from 58.1%). That concentration reflects Palm Beach’s buyer mix: retirees, seasonal residents, and international purchasers who often transact without financing.

---

The Tri-County Comparison

Across the three counties, patterns are clear:

County · SFH Median Price · SFH Inventory Change · Condo Median Price · Condo Inventory Change

--- · --- · --- · --- · ---

Miami-Dade · $680,000 (+0.7%) · -19.1% · $415,000 (-2.4%) · -8.9%

Broward · $630,000 (+0.8%) · -22.2% · $275,000 (0.0%) · -16.9%

Palm Beach · $675,000 (+5.5%) · -22.6% · $345,000 (+4.5%) · -19.5%

Palm Beach leads on appreciation. Single-family (+5.47%) and condo (+4.5%) prices are rising faster there than in Miami-Dade or Broward. The steady inflow of high-net-worth buyers from the Northeast and Midwest, combined with the tightest inventory, explains the outperformance.

Broward shows the sharpest inventory contraction. A 22.2% decline in single-family inventory and a 4.5-month supply make Broward the most supply-constrained single-family market. Competition among buyers is strongest there.

Miami-Dade condos remain the most accessible entry point. With a $415,000 median price and 12.9 months of supply, Miami-Dade condos offer the most selection and negotiating leverage in South Florida. For investors and entry-level luxury buyers, that remains the clearest entry strategy.

---

What This Means for Pre-Construction Buyers

The May 2026 data strengthen the case for pre-construction in South Florida, particularly at the luxury end:

Inventory compression is structural, not cyclical. The 19-23% year-over-year inventory declines across the three counties point to a multi-year undersupply. New construction lags demand, and the pre-construction pipeline will take 2-4 years to deliver. Buyers who secure pre-construction pricing now position themselves ahead of the 2027–2029 tightening.

Cash buyer dominance signals sustained demand. When nearly half of transactions close in cash, the buyer pool becomes less rate-sensitive and less dependent on mortgage lending. That dynamic underpins price support and won’t reverse quickly.

Palm Beach County's outperformance validates the northward migration thesis. Persistent price gains and tightening inventory in Palm Beach—driven by relocating high-net-worth buyers—support the investment case for pre-construction projects in West Palm Beach, Boca Raton, and the broader Palm Beach corridor.

---

Our Take

May 2026 confirms what we see on the ground: South Florida is undergoing structural tightening. Inventory is falling faster than prices are rising. Historically, that pattern precedes stronger price appreciation.

Buyers have a narrowing window to transact at current price levels—especially in single-family markets where months of supply in Broward and Palm Beach approach seller-market thresholds. For investors, rising cash participation and growing dollar volume show institutional and high-net-worth capital still favors South Florida.

Pre-construction remains the most compelling route for buyers who want to lock today’s pricing ahead of future deliveries. With over 100 active pre-construction projects across our platform, our team can match your timeline, budget, and return expectations to the right opportunities.

Read more Miami real estate research