Miami's Market Just Hit a Four-Year High — Here's What's Driving It

2Q 2026 Miami Beaches & Miami Coastal Mainland Market Report

Miami's luxury market is on fire this quarter. Single-family sales in the Beaches hit a four-year high. Coral Gables single-family volume nearly doubled. And the mainland just posted its strongest quarter since early 2022.

Here's what's actually happening — and what it means if you're buying, selling, or just watching from the sidelines.

The Big Picture: Two Very Different Stories

Miami's market splits into two zones, and they're not moving the same way.

Miami Beaches (Sunny Isles Beach, Bal Harbour, Bay Harbor Islands, Surfside, Miami Beach, Fisher Island, and Key Biscayne) saw single-family sales climb 37% year over year to 129 closings — the highest level in four years. Condo closings rose 15% to 808 sales, the best quarter since mid-2024.

Miami Coastal Mainland (Aventura, Miami Shores, Upper East Side, Edgewater, Downtown Miami, Brickell, Coral Gables, and Coconut Grove) posted its fifth straight quarter of single-family growth, up 29% to 298 closings — the most since Q1 2022. Condo sales rose 18% to 927 closings.

Translation: buyers are active everywhere, but the money is chasing single-family homes hardest.

Home Prices Are Surging — Condos Are Holding Steady

On the Beaches, single-family pricing jumped hard. Median price rose 77% to $4.85M, and average price climbed 35% to $8.26M. Sales over $5M more than doubled compared to last year, and sales over $10M nearly tripled.

Condos told a different story. Median price actually slipped 4% to $630K as more affordable units under $500K reclaimed market share — but average price still rose 6% to $1.68M, powered by a nearly 30% jump in sales over $5M.

On the mainland, single-family median price hit a record $2.29M, up 15%. Condo pricing softened slightly, with median price down 5% to $590K.

The takeaway: the top of the market is getting hotter, while entry-level condo pricing is giving buyers a little breathing room.

Inventory Keeps Shrinking

Across both regions, listings are drying up. Beaches single-family inventory fell 28% year over year to a three-year second-quarter low of 303 homes. Beaches condo inventory dropped 17% to 3,548 units. On the mainland, single-family inventory fell 22% and condo inventory dropped 10%.

Fewer homes on the market, more buyers competing for them — that combination is exactly why prices keep climbing at the top end.

Neighborhoods to Watch

The Headline Sales

• 56 Bal Bay Drive, Bal Harbour — sold for $43M. The seller bought it in 2022 for $15.4M and fully renovated.
• 625 Reinante Avenue, Coral Gables — sold for $47M ($5,863 per square foot), the mainland's top single-family sale of the quarter.
• Palazzo Del Sol, Fisher Island — residence 7085 closed for $28M ($3,670/sq ft).
• The Surf Club — residence N-721 sold for $27.3M, the highest price per square foot of the quarter at $5,134/sq ft.
• One Park Grove, Coconut Grove — residence 18AB closed for $16.74M ($3,498/sq ft), the mainland's top condo sale.

Thinking About Buying in Miami?

Miami is a different market with different rules — from building financials to flood zones to which blocks are quietly outperforming the rest. If you're considering a purchase, I work with a trusted network of Miami-based agents who know these buildings and neighborhoods inside and out. Reach out, and I'll connect you with the right partner to match your needs — whether that's a Fisher Island condo, a Coral Gables single-family, or something in between.

Frequently Asked Questions

Is now a good time to buy in Miami? Condos under $500K currently offer the best value window, as median condo pricing softened slightly this quarter. Single-family homes are more competitive, with inventory at a three-year low and prices rising sharply.

Which Miami neighborhoods are seeing the biggest price gains? Coral Gables led the mainland with single-family sales volume up 74% quarter over quarter. On the Beaches, Fisher Island and Surfside posted the largest price gains in the ultra-luxury segment.

Are condo prices going up in Miami? Condo pricing is mixed. Median prices softened slightly as more affordable units gained market share, but average prices rose due to strong activity in sales over $5M.

Want the full data? Download the complete 2Q 2026 Corcoran Report →