10/05/2026
🏡 **SOUTH FLORIDA REAL ESTATE MARKET UPDATE — OCTOBER 2026**
If you are thinking about buying or selling a home in Miami-Dade, Broward or Palm Beach County, here are the most important market changes to know:
📊 **LOCAL MARKET CONDITIONS**
The latest September listing data show that buyers generally have more negotiating power, but the market varies by county:
📍 **Miami-Dade County**
• Median listing price: approximately **$589,000**
• Median time on market: **88 days**
• Homes sold for approximately **97% of the asking price**
• Median listing price decreased approximately **2.4% from last year**
• Currently considered a **buyer’s market**
📍 **Broward County**
• Median listing price: approximately **$380,000**
• Median time on market: **85 days**
• Homes sold for approximately **97% of the asking price**
• Median listing price decreased approximately **5% from last year**
• Currently considered a **buyer’s market**
📍 **Palm Beach County**
• Median listing price: approximately **$480,000**
• Median time on market: **80 days**
• Homes sold for approximately **96% of the asking price**
• Median listing price decreased approximately **1.2% from last year**
• Currently considered a more **balanced market**
These are countywide listing statistics that include different property types. Condominiums, townhomes and single-family homes can perform very differently depending on the community, location, condition, HOA requirements, insurance costs and available inventory.
💡 **What this means for buyers:**
Many buyers may have room to negotiate the purchase price, closing-cost assistance, repairs or other concessions—especially when a property has been on the market for a longer period.
💡 **What this means for sellers:**
Pricing correctly from the beginning is extremely important. Buyers are carefully comparing properties, monthly payments, HOA fees, insurance costs and condition before submitting an offer.
📈 **MORTGAGE RATES INCREASED**
The average 30-year fixed mortgage rate increased to approximately **7.28%**, compared with 7.03% the previous week.
On a $400,000 mortgage, that increase could add approximately **$68 per month** in principal and interest. The actual interest rate and payment will depend on the buyer’s credit, loan program, property type, down payment and lender.
💡 **Buyer strategy:**
Ask your lender to update your preapproval and estimated monthly payment before submitting an offer. A preapproval from several weeks ago may no longer reflect today’s interest rate.
💡 **Seller strategy:**
Instead of making unnecessary cosmetic improvements, a seller may consider offering a closing-cost contribution or interest-rate buydown—when permitted by the buyer’s loan program. This may help reduce the buyer’s upfront expenses or monthly payment.
💰 **MORE SELLERS ARE REDUCING THEIR PRICES**
Nationwide, approximately **20.8% of active listings** had a price reduction in September—the highest September level since 2018.
This does not mean every property should receive a low offer. Well-priced homes in desirable locations can still receive strong interest. However, properties that are overpriced, need major updates or have high HOA expenses may require stronger incentives to attract qualified buyers.
🏦 **APPRAISAL REPORTS ARE CHANGING**
A redesigned residential appraisal format is scheduled to begin on November 2, 2026. Some approved lenders may continue using the older format during the transition period.
Buyers and sellers may therefore see different appraisal formats over the next several months. Receiving the older appraisal form does not automatically mean there is a problem. Your Realtor and lender should confirm which format applies to the transaction.
🏠 **PROPOSED FLORIDA PROPERTY-TAX CHANGES**
Florida voters will consider **Amendment 3** on November 3, 2026.
If approved, the proposal would:
• Increase the homestead exemption for non-school property taxes to **$150,000 in 2027**
• Increase it again to **$250,000 in 2028**
• Reduce the annual assessment-increase cap for certain non-homestead properties from **10% to 5%**
This amendment has **not been approved yet**, and the proposed exemption would apply only to non-school property taxes. Buyers should continue using current property-tax rules when estimating their future housing expenses.
✅ **THE BOTTOM LINE**
South Florida is not one single market. Conditions can change significantly by city, neighborhood, property type and condominium association.
Buyers may have more negotiating opportunities, but higher mortgage rates make preparation and accurate budgeting extremely important.
Sellers can still sell successfully, but the property must be positioned, marketed and priced according to current conditions—not according to last year’s market.
If you are considering buying or selling, I would be happy to provide a personalized market analysis and help you understand the numbers for your specific property or preferred neighborhood.
📞 **Apiradee Burns, Realtor®**
**LoKation®**
Serving Miami-Dade, Broward and Palm Beach Counties
*Sources: Freddie Mac, Realtor.com Economic Research and Florida Realtors. Market statistics are countywide and may vary by property type and neighborhood.*
