South Florida’s real estate market remains on the rise in 2026.
That’s the consensus from Berkshire Hathaway HomeServices EWM Realty President and CEO Ron Shuffield, who on Wednesday provided his company’s 2026 Mid-Year Market Update.
“After 15 years watching sales slowly drifting down we’re turning that around this year,” he said on his video conference. “In the first six months, we’re selling more properties in Miami, Broward and all over the country. There’s a lot of positive indicators these past few months, we just need more inventory.”
Shuffield said he didn’t foresee interest rates coming down anytime soon. He said the 6.0 and 6.5 percent range seems to be “where the economy has functioned the best” and helped stabilize the market on all fronts.
“Remember, we had a whole decade of 10% or more … so 6% is still favorable,” he said.
Now, might be the time for prospective buyers to step in.
“They might be thinking, ‘If I don’t do something now, I may be sitting on the sideline forever’,” he said.
Among the highlights of his presentation was the more than $5 million category, where the most growth is reflected in South Florida.
In 2020, for example, 297 single-family homes at that price were listed in the second quarter, while 488 are available today, a 64% increase in inventory.
“We were selling five a month in 2020 and now it’s 43 a month, a 760% increase … that’s a tremendous difference,” Shuffield said. “And that’s all over South Florida.”
Condos in that price range averaged four sales a month in 2020, and “now we’re averaging 20 a month.”
Shuffield noted that in the under $5 million category, there are 13% fewer properties available now.
Currently, 4,500 homes are for sale in South Florida and about 10% of that inventory is now more than $5 million. On the other end of the spectrum, 10% are less than the $500,000 barrier, leaving 80% in between.
The correlation of months of supply and the median price seem to always connect.
In 2007, for example, there were 44 months of supply. In four years, the median price of a Miami home fell from $380,000 to $150,000.
“It took 13 years to get us back, and then Covid came …” Shuffield said. “For the last two years, there’s been a bobbing from $650,000 to $700,000, and now $690,000 in Dade County. That’s because the supply is decreasing. If the supply stays low, it continues to put pressure on prices going up.”
A closer look at local market trends
Based on Q2 data from 2025 and 2026:
Overall market in Miami-Dade (all prices)
Single-family homes
• Inventory: Minus 24%
• Sales: Plus 6%
• Months of supply: Minus 28%
• Median price: Plus 2% to $690,000
Overall market in Broward County (all prices)
• Inventory: Minus 25%
• Sales: Plus 10%
• Month of supply: Minus 32%
• Median price: Plus 2% to $640,000
Overall market in Miami-Dade (condos)
• Inventory: Minus 14%
• Sales: Plus 0.8%
• Months of supply: Minus 15%
• Median price: Minus 1% to $433,000
Overall market in Broward (condos)
• Inventory: Minus 13%
• Sales: Plus 10%
• Months of supply: Minus 21%
• Median price: Minus 3% to $265,000
Rental market in Miami-Dade (homes)
• Inventory: Minus 19% (1,549 available)
• Rentals: Plus 12%
• Months of supply: Minus 26%
• Median price: 0% stayed at $3,800
Rental market in Miami-Dade (condos)
• Inventory: Minus 12% (7,284 available)
• Rentals: Minus 2%
• Months of supply: Minus 9%
• Median price: Minus 4% to $2,700
Key Biscayne market (over $2 million)
Single-family homes
• Inventory: Minus 12% (43 available)
• Sales: Minus 9% (10 sales)
• Months of supply: Minus 4%
• Median price: Plus 4% to $3.7 million
Condos
• Inventory: Minus 16% (43 available)
• Sales: Plus 217% (19 sales)
• Months of supply: Minus 63%
• Median price: Plus 19% to $2.910 million
Key Biscayne market (less than $2 million)
Condos
• Inventory: Minus 23% (66 available)
• Sales: Minus 21% (35 sales)
• Months of supply: Minus 3%
• Median price: Plus 6% to $1.140 million
“All these are favorable stats (for Key Biscayne),” Shuffield said.
Property tax referendum could reshape the market
In answering a question about who’s moving to Miami-Dade these days, Shuffield said, “We’ve had a lot of wealth move into our market over the last five years since Covid … a lot of corporations moving here.
“In the ’70s and ’80s, we were a second-home area for our South American friends. Now, they’re primary residents, they have money and many are corporate citizens and have kids and need schools (and medical facilities, such as Baptist Health, which has grown to some 30,000 employees, he said).
Shuffield didn’t answer directly about what a positive or negative vote on the upcoming property tax referendum could do for Miami, but did say he was pleased with the judge’s ruling Monday night that calls for a re-write of the ballot language, at least.
“It’s nice to see the judge step in and referee,” he said, offering a more balanced view. “I’m feeling better that it’s going to be refined for voters.”
He did say, however, “There’s no question the way we need to look at taxes,” adding that if someone bought a property 30 years ago, for example, the value of that property might have increased four times. But if someone wants to downsize, they might find their taxes would be much higher moving into a smaller property.
In the local market, he said Coconut Grove has been the area’s “hot spot,” based on conversations he’s had during meetings in other areas of the country. It really depends on one’s lifestyle, if they’d rather be by the beach or in the urban core, where they could walk to everything.
“Our Realtors will say, ‘Here’s the value of your neighborhood.’ And they’ll say, ‘Where would I move?’ But we have answers for that, too. We’re fortunate at EWM we’ve had 62 years of building that trust (for buyers and sellers). We have a lot of people who are making it work. Realtors are the best advisors you can have.
“It’s fun to be a part of this,” Shuffield added. “We’ve seen it grow.”