South Florida real estate market update: 2026

This South Florida market update for 2026 draws on 72,008 closings from the past twelve months. The short version: inventory has grown, buyers have regained leverage, and the gap between counties is now wide. Sellers still do well, but only when they price against closings rather than hopes. Figures reflect MLS data as of August 2026.

The headline numbers

Palm Beach County closed 24,115 sales over the past year at a median of 515,000. Broward closed 20,552 at a median of 460,000. Miami-Dade closed 17,069 at a median of 560,000. Martin County closed 2,621 at 455,000.

Average close prices run higher than medians everywhere, because luxury sales pull the mean upward. Palm Beach averaged 990,167. Miami-Dade averaged 1,037,105. Broward averaged 647,534. Therefore the median is the better guide for most buyers and sellers.

Across all counties, sellers averaged 95.4 percent of asking price. Only 21.4 percent of sales closed at or above list. In short, this is a negotiating market rather than a bidding one.

South Florida market update 2026: inventory is the real story

Active inventory now sits at 12,682 in Palm Beach, 17,766 in Broward, and 21,718 in Miami-Dade. Compare those counts to annual sales and a clear picture emerges.

Palm Beach carries roughly 6.3 months of supply. Martin carries 5.4 months. Broward carries 10.4 months. Miami-Dade carries 15.3 months. Traditionally, six months marks the line between a seller market and a buyer market. Consequently the region now spans both conditions at once.

That spread explains a lot of conflicting headlines. A seller in Martin County and a seller in Miami-Dade are operating in different markets, even though they read the same news.

How long homes take to sell

Median days on market across the region sits at 53. The average sits at 83, dragged upward by listings that stall well past 90 days.

By county, Palm Beach averages 77 days. Martin averages 83. Broward averages 84. Miami-Dade averages 92. St. Lucie averages 93. However these averages include the long tail, so the median is closer to what a well priced home experiences.

Speed pays. Homes that close within 30 days average 96.9 percent of list price. Homes that take more than 90 days average 94.0 percent. On a 515,000 sale, that difference is roughly 15,000.

Pending sales show where things are heading

Pending counts are the most current signal available, because they reflect contracts written in recent weeks. Miami-Dade shows 3,874 pending. Broward shows 3,803. Palm Beach shows 3,664. Martin shows 350.

Read those against inventory rather than in isolation. Palm Beach converts 3,664 pendings against 12,682 active listings. Miami-Dade converts 3,874 against 21,718. So Palm Beach is turning its inventory considerably faster, even though the raw pending counts look similar.

What this means for buyers

Buyers have more room than they did two years ago. Above all, they have time. With 10 to 15 months of supply in Broward and Miami-Dade, the pressure to decide in a weekend has eased.

Use that time on diligence. Request association budgets and reserve studies early. Get a wind mitigation inspection, since insurers price Florida homes largely on roof age, window type, and year built. In addition, check the FEMA flood map for any address before writing an offer.

Negotiate on more than price. Sellers who will not move on price often will move on closing costs, repairs, or a rate buydown. Because only one in five homes sells at or above asking, most sellers expect a conversation.

What this means for sellers

Sellers still have a workable market, particularly in Palm Beach and Martin counties. The strategy has changed, though.

First, price inside the range of recent closings. The 96.9 percent outcome belongs to homes that sell quickly, and quick sales start with an accurate list price. Second, prepare before listing rather than during. Photography, obvious repairs, and unrestricted showing access all matter more when buyers have choices.

Third, watch your own county rather than the national narrative. A Miami-Dade seller competing against 21,718 active listings faces a different problem than a Martin County seller competing against 1,185.

Condominiums deserve separate attention

Condominium inventory behaves differently from single-family inventory this year. Florida now requires structural inspections and funded reserves for many older buildings.

As a result, dues have risen sharply in some coastal properties since 2024, and buyers price that risk directly. Buildings that have completed milestone inspections and funded their reserves hold value better. Meanwhile buildings facing a special assessment see offers drop by roughly the amount of the assessment.

So if you are buying a condominium, read the association documents before you fall in love with the unit. If you are selling one, gather those documents before you list.

Carrying costs are part of the price now

Buyers in this market underwrite the monthly cost, not just the purchase price. Because insurance and taxes have moved, those two lines carry more weight than they used to.

Insurance prices largely on roof age, window type, and year built. Therefore two similar homes can carry very different premiums. A wind mitigation inspection often pays for itself in the first year, since impact windows and a hip roof can move a quote significantly.

Taxes work differently for buyers than for sellers. Florida caps annual assessment increases for homesteaded owners under Save Our Homes. However that cap resets when a property changes hands. So the seller current tax bill rarely predicts what a buyer will pay. Instead, run the estimate from the purchase price.

Association dues complete the picture. Dues in the region range from roughly 150 per month in older condominium communities to several thousand in full country club settings. In addition, many clubs require a one time equity contribution that never appears in the listing price.

Buying and selling at the same time

Plenty of owners in this market need to do both. That is harder now than it was when homes sold in two weeks.

First, understand your own county timeline. A Palm Beach seller planning around 77 average days faces a different schedule than a Miami-Dade seller planning around 92. Second, decide early whether you will sell first or buy first, because the two paths carry opposite risks.

Selling first protects your finances and creates a housing gap. Buying first removes the gap and exposes you to carrying two payments. Consequently many owners negotiate a post closing occupancy agreement, which lets them stay in the sold home for a set number of days.

Bridge financing is another route, though it costs more. Meanwhile a contingent offer works better now than it did two years ago, simply because sellers face more competition and consider terms they once rejected.

What could change these numbers

Any market update is a snapshot. Several things could shift this one.

Mortgage rates matter most. Because monthly payment drives affordability, even a modest move in rates changes how many buyers qualify at a given price. Rates are not quoted here for that reason, since any figure would be stale within days.

Insurance availability matters nearly as much. If carriers re-enter the Florida market, monthly costs ease and buyer budgets stretch further. Similarly, further condominium legislation would move the attached housing market again.

Finally, inventory itself is the number to watch. Miami-Dade at 15.3 months has room to soften further. Martin at 5.4 months does not. So track your own county supply rather than a regional average, since the average currently describes no single market accurately.

Reading the county spread

The widest gap in this update is not price. It is supply. Martin sits at 5.4 months while Miami-Dade sits at 15.3, and that ratio changes almost every decision on both sides of a transaction.

For sellers, supply sets the marketing period. In a 5 month market, an accurately priced home draws offers quickly. In a 15 month market, the same home competes against far more alternatives, so presentation and access carry more weight.

For buyers, supply sets leverage. Above all, it determines whether you can ask for repairs, closing costs, or a rate buydown without losing the house. Consequently a Miami-Dade buyer can reasonably negotiate terms that a Martin County buyer cannot.

In other words, the region no longer has one market. It has several distinct local markets, and they happen to share a weather forecast.

South Florida market update 2026 FAQ

Is this a buyer market or a seller market?

Both, depending on the county. Martin at 5.4 months and Palm Beach at 6.3 months still favor sellers. Broward at 10.4 months and Miami-Dade at 15.3 months favor buyers.

Are prices falling?

Prices are not collapsing, but negotiating power has shifted. The average sale closes at 95.4 percent of asking, and only 21.4 percent close at or above list. That is a normal market rather than a falling one.

How long should I expect my home to take?

Plan for the median of 53 days rather than the average of 83. Accurately priced homes cluster near the median. Overpriced homes create the average.

What does Pure Equity Realty charge to list?

We list for 1 percent, against the traditional 2.5 to 3 percent. That covers photography, MLS syndication, showings, and negotiation through closing. Savings example based on a 515,000 sale at 1 percent versus 3 percent. Actual savings vary by transaction.

Want the numbers for your address? Request a free home valuation, or browse Palm Beach County homes for sale. For statewide context, Florida Realtors publishes monthly reports by county.

For personalized guidance on buying or selling in South Florida, contact the team at Pure Equity Realty. We serve Palm Beach, Broward, Miami-Dade, St. Lucie, and Highlands counties with expert representation and a 1% listing fee.