The real estate market in Miami's coastal areas concluded the third quarter of 2026 with a widening gap: single-family homes are becoming increasingly expensive at a rapid pace due to a lack of supply, while condos on solid ground are experiencing a slight price decline, creating an opportunity for certain buyers.
This is revealed by the Corcoran Quarterly Report for the third quarter of 2026, published on October 15 and focusing exclusively on Miami Beaches and the Coastal Mainland, rather than the entire county.
In the beaches—Miami Beach, Sunny Isles Beach, Bal Harbour, Surfside, and Fisher Island—the median price of single-family homes reached 3.3 million dollars, a 17% increase compared to a year ago, while the average price rose by 28% to 7.7 million. There were 95 sales closed, 20% more than in the same period of 2025, marking the best third quarter in five years. The driving force was the luxury segment: transactions exceeding five million dollars grew by 72% year-on-year.
In the Coastal Mainland, the median single-family home price increased by 19% to $2.1 million, with 232 transactions, marking the sixth consecutive quarter of annual gains. The inventory of homes fell by 27% on the beaches and 30% on the mainland, which directly explains the pressure on prices: there are more buyers chasing fewer properties.
Pamela Liebman, president and CEO of Corcoran, emphasized that demand is not limited to the luxury segment: “Miami does not rely solely on luxury buyers to drive activity. We are seeing demand across all segments, which speaks to the city's evolution into a place where people are putting down roots, not just buying second homes.”
The landscape of condominiums is different and deserves special attention for those seeking a more accessible entry into the market. In Miami Beaches, the average price of condos rose by 6% to $630,000. In the Coastal Mainland, however, the average price dropped by 5% to $564,000, while sales increased by 8%. This price drop may seem like an opportunity, but there are factors that complicate the calculation.
Since January 2026, legislation passed following the collapse of the Champlain Towers South building in Surfside requires condominium associations with three or more floors to maintain mandatory reserves for structural components, with a minimum that has increased from 10% to 15% of the annual budget. The practical result is HOA monthly fees ranging from $350 to over $1,200, in addition to possible extraordinary assessments of between $5,000 and $200,000 per unit. As we noted in our analysis of the Miami-Dade market in mid-October, "the presence of more apartments for sale does not mean that all of them are a good opportunity."
This is compounded by the fact that, starting in August 2026, Fannie Mae and Freddie Mac eliminated the streamlined review for most condominiums, requiring complete documentation of reserves, insurance, and structural condition. Securing financing for a condo has become more complicated, just as 30-year mortgage rates hover around 7.46%.
It is important to clarify the scope of the Corcoran report: its figures pertain to the coastal areas with higher purchasing power and cannot be extrapolated to Hialeah, Kendall, Doral, or Westchester, where a significant portion of the Cuban community in Miami-Dade is concentrated. For the county as a whole, the median price of single-family homes was $692,000 in September, according to data from MIAMI REALTORS published on October 16, with 38.3% of purchases made in cash, further complicating the position of those who rely on loans.
For homeowners facing difficulties, Miami-Dade continues to run a mortgage relief program that offers up to $3,500 per household to cover overdue mortgage payments, HOA fees, or insurance, aimed at families whose income does not exceed 140% of the area median income.
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