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The South Miami market
Market report · City · Jul 2026
The South Miami market, in numbers
Homes in South Miami typically sell in about 83.5 days, close around 3.2% under ask, prices are up 78.6% on a year ago. With 16.8 months of inventory, it’s a buyer’s market.
Median sale price
$1.44M
↑ +45.6% MoM↑ +78.6% YoY
8 sales closed in Jul 2026
Median rent
$3,125/mo
↑ +2.5% MoM↓ −34.9% YoY
30 leases closed in Jul 2026
Time to sell
83.5 days
typical days on market
Days from listing to going under contract.
Negotiation room
3.2% under ask
typical closing vs asking price
How far below the asking price homes typically close.
Months of inventory
16.8 mo
buyer’s market
Active listings divided by the monthly sales pace. Under 4 months favors sellers; over 6 favors buyers.
Gross rental yield
2.6%
yearly rent ÷ sale price
A year of median rent as a share of the median sale price.
Your questions, answered
Straight answers from South Miami’s closed transactions.
What does a home here cost?
The median sale closed at $1.44M in Jul 2026, up 78.6% on a year ago. Typical sales ranged $645k–$5.78M.
What income do you need to buy here?
At a 6.5% 30-year mortgage with 20% down, the median home runs about $10k/mo including taxes and HOA — comfortable at a household income around $412k a year, using the 30% rule. Renting instead costs $3,125/mo.
Is now a good time to buy?
16.8 months of inventory points to a buyer’s market, and sellers are accepting about 3.2% under ask. Prices are still climbing, so waiting has a cost.
How fast do homes sell?
About 83.5 days from listing to contract in Jul 2026. The pace picks up toward May and slows around January.
How much room is there to negotiate?
Closings typically land 3.2% under asking price, and 45% of active listings have already reduced their price (median cut 6.6%).
When is the best time to list?
Closings peak in May and bottom out around January. Listing four to six weeks ahead of the peak historically gets the most eyes.
Is it a good rental investment?
A year of median rent ($3,125/mo) equals 2.6% of the median sale price, before fees and taxes.
Buying vs renting
Price-to-rent ratio is 38.3 — buying typically starts to beat renting after roughly 10+ years here.
To buy — median sale price
Sale price, $
$1.44M↑ +45.6% MoM↑ +78.6% YoY
Jul 2026 — median $1.44M · 8 sales · 83.5 days on market
$0
$2.0M
$4.0M
$6.0M
$8.0M
Aug ’25
Oct ’25
Dec ’25
Feb ’26
Apr ’26
Jun ’26
To rent — median monthly rent
Monthly rent, $
$3,125/mo↑ +2.5% MoM↓ −34.9% YoY
Jul 2026 — median $3,125/mo · 30 leases · 45.5 days on market
$0
$10k
$20k
$30k
Aug ’25
Oct ’25
Dec ’25
Feb ’26
Apr ’26
Jun ’26
MedianTypical range (5th–95th percentile)3+ closingsUnder 3 (low sample)No closings (activity only)Tap or hover any month for its numbers.
What each size costs
Medians over the last 12 months.
Beds
To buy
To rent
Volume
Studio
—
$1,571/mo
17 closed Low sample
1 bed
$243k
$1,890/mo
57 closed
2 beds
$423k
$2,750/mo
80 closed
3 beds
$1.03M
$4,362/mo
127 closed
What sells here
Sales mix and median price by property type, last 12 months.
Condo
$353k
18% of sales · 27 closed
House
$1.31M
77% of sales · 114 closed
Townhouse
$590k
5% of sales · 8 closed
Market depth
Supply and demand
Listings per month
Jul 2026 — 8 closed · 14 new · 235 active
0
100
200
300
Aug ’24
Nov ’24
Feb ’25
May ’25
Aug ’25
Nov ’25
Feb ’26
May ’26
ClosedActive (on market)New listings
Seasonality
Avg closings
Listings move fastest in May
0
5
10
15
J
F
M
A
M
J
J
A
S
O
N
D
Average closings by calendar month, drawn from at least two years of history.
Price-cut pressure
% of active listings
Jul 2026 — 45% of active listings cut · median cut 6.6%
0%
25%
50%
75%
Aug ’24
Nov ’24
Feb ’25
May ’25
Aug ’25
Nov ’25
Feb ’26
May ’26
3-month averageSingle month
HOA fees per sqft
$ per sqft, monthly
$0.65 per sqft · Jul 2026
$0.00
$0.20
$0.40
$0.60
$0.80
Aug ’24
Nov ’24
Feb ’25
May ’25
Aug ’25
Nov ’25
Feb ’26
May ’26
Median monthly HOA fee per square foot among closed sales.
Based on 750 closed transactions over the period shown · Updated Aug 9, 2026 · Medians drawn from fewer than 3 closings are flagged as low sample.