South Florida Market Update — August 2026

If you have been watching the news and wondering what is actually happening with home prices, mortgage rates, and inventory in South Florida right now — you are not alone. Between the headlines and the noise, it is hard to get a straight answer. So here is one.

This is a data-driven look at where the South Florida housing market stands in late summer 2026, based on the most recent reports from Miami Realtors, local MLS data, and national mortgage rate trackers. The figures below were refreshed on September 15, 2026 with the latest verifiable releases: the Miami Realtors July 2026 reports (published August 17, 2026), Freddie Mac mortgage rate data for the week ending September 10, 2026, and current city-level MLS data. I have focused on what matters most if you are shopping or selling in the $250,000 to $600,000 range in Palm Beach and Broward counties, because that is where the majority of everyday buyers and sellers operate.

Home prices: mostly steady, with some cooling

The broad picture: home prices in South Florida have leveled off compared to the rapid increases of 2021 through 2023. We are seeing more of a "normalizing" market — which, for buyers, is actually a welcome change.

According to the Miami Realtors July 2026 report (released August 17), Palm Beach County's single-family median sale price landed at $660,090, up 7.64% year-over-year from $613,250. That is a solid increase, but it is important to remember this covers the entire county, including luxury waterfront properties that pull the median higher. In the mid-range neighborhoods we work with most in Delray Beach, Boynton Beach, and western Boca Raton, prices are not climbing anywhere near that fast.

In Broward County, the single-family median sale price was $650,000 (up 4.84% year-over-year). Condo medians moved less: $312,500 in Palm Beach County (up 3.99%) and $255,000 in Broward County (down 3.77%). The condo side of the market is where prices are actually flat to down.

At the city level, the numbers tell a more granular story:

Sources: Momentum MLS city market reports (August 2026), mybrokerone, Houzeo, PBP Real Estate / BeachesMLS (Deerfield Beach, August 2026). City-level medians vary by data provider, data window, and property type.

What this means for you: if you are looking for a single-family home under $500,000, options are limited but they exist — especially in Boynton Beach, Deerfield Beach, and parts of Delray Beach. If you are selling a home in the $350,000 to $500,000 range, you are still in a decent position, but pricing it right from day one matters more than it did two years ago.

Inventory: improving for single-family, plentiful for condos

This is the biggest shift in the market. Inventory levels have climbed significantly compared to a year ago, and the dynamic is very different depending on what type of home you are looking at.

Source: Miami Realtors July 2026 report; BuyingSouthFlorida / True Oak Realty Deerfield Beach market data (mid-2026).

In practical terms, a balanced market is typically around 5 to 6 months of supply. So single-family homes in Palm Beach County are still tilted in favor of sellers, while parts of the condo market, especially in Broward County, lean toward buyers. The latest July 2026 data shows inventory tightening year-over-year, not building: active listings in Palm Beach County fell about 21% compared to the same month in 2025.

What that means on the ground: shoppers under $500,000 for a single-family home face real competition again, because that inventory never fully recovered. Condo and townhome buyers in places like Deerfield Beach still have choices and negotiating room. Sales volume confirms an active market. Palm Beach County posted 2,250 closed sales in July 2026, up 15% year-over-year, its 11th consecutive month of growth, and Broward County closed 2,157 sales, up 2.6%.

Mortgage rates: jumping to the highest level since late 2023

Updated October 13, 2026: the average 30-year fixed mortgage rate sits at 7.40%, according to Freddie Mac's Primary Mortgage Market Survey for the week ending October 8, 2026, up from 7.28% the prior week and 6.30% a year earlier. That is the highest weekly average since November 2023.

The question everyone wants answered: will rates come down? Forecasts point to possible gradual decreases later in 2026 and into 2027, but nobody has a crystal ball. The key thing to understand: while 7.40% feels high compared to the 3% rates of 2020 and 2021, it is right in line with the historical average for 30-year mortgages (which has been roughly 6% to 8% over the past several decades).

For buyers in the $250,000 to $600,000 range, the practical impact is clear: your monthly payment is higher than it would have been a few years ago. But there are strategies that help — including Florida-specific down payment assistance programs, adjustable-rate products for shorter ownership timelines, and negotiating seller credits toward your closing costs or a rate buydown. We cover all of this in our Financing & Mortgage Basics guide.

What this means for buyers (especially first-timers)

If you are a first-time buyer or relocating to South Florida, here is the honest truth: it is not the easiest time to buy, but it is also not the hardest. Prices are not crashing, but they are also not skyrocketing like they were a few years ago. Inventory is up, which means you have real choices — and sellers are more willing to negotiate than they have been since before the pandemic.

The biggest challenge right now is affordability. Between higher rates and elevated prices, the monthly payment on a $400,000 home is significantly higher than it would have been in 2021. That is why it matters more than ever to look at all your options — including:

• Florida's first-time buyer programs, including the Hometown Heroes program and Florida Bond loans that can provide below-market rates and down payment assistance
• Condos and townhomes, which are much more affordable than single-family homes right now (especially with the buyer's market in condos)
• Neighborhoods just outside the most popular areas — like Boynton Beach, Deerfield Beach, and western Delray Beach — where prices are more reasonable
• Negotiating seller-paid closing costs or rate buydowns to lower your monthly payment

I cover all of this in more detail in the First-Time Buyer Guide.

What this means for sellers

If you are selling a home in the $250,000 to $600,000 range, the market is still in your favor — but it is not the free-for-all it was in 2021 or 2022. The key difference: buyers have more options, so your home needs to stand out for the right reasons.

What works right now:

• Pricing it right from the start. Overpricing is the single biggest mistake sellers make in this market. The data shows that homes priced competitively sell faster and often for closer to asking price. Homes that start too high sit on the market, get stale, and eventually sell for less.
• Good presentation matters. You do not need a designer, but you do need clean, decluttered spaces, good photos, and a solid online presence. The difference between a home that sells in two weeks and one that sits for three months often comes down to how it shows online.
• Be ready to negotiate. Buyers are asking for concessions more often — closing cost credits, home warranties, inspection repairs. That is normal. Do not take it personally; it is just how this market works.

For a deeper walkthrough, check out our Selling Your Home guide.

The condo market: a major shift worth understanding

The condo market deserves its own section because it is the biggest story right now in South Florida real estate. Following new reserve requirements and structural safety regulations (post-Surfside), many condo associations have imposed special assessments to fund repairs. That, combined with rising insurance costs, pushed condo inventory up sharply through 2025, and while it has tightened some in 2026, condo supply remains softer than single-family. In Deerfield Beach, condo and townhome inventory runs about 7.5 months of supply, and Broward County condo medians fell 3.77% year-over-year in July 2026, down to $255,000.

For buyers: this means serious negotiating power. Condo sellers are offering price reductions, paying closing costs, and sometimes offering multiple concessions. If you are flexible on property type, a condo in the $250,000 to $350,000 range could be a great value — just make sure you are budgeting for potential HOA increases and special assessments.

For sellers of condos: you need to be realistic. The days of multiple offers above asking are not happening in this segment right now (unless you are in a building with strong reserves, low HOA fees, and no pending assessments). Price aggressively, highlight your building's financial stability, and be prepared for a longer timeline.

Bottom line: is now a good time to buy or sell?

If you are buying: Yes, it can be — especially if you are flexible. Inventory is up, sellers are negotiating, and there are first-time buyer programs that can make the numbers work even at current rates. The key is knowing what you can afford and sticking to a realistic budget. Waiting for rates to drop is a gamble — if they do inch down later this year, you can always refinance. But waiting while prices stay flat and inventory improves is a different story.

If you are selling: Yes, it is still a good time, but you need to be strategic. Price it right, present it well, and be ready to negotiate. Homes that check those boxes are selling. Homes that are overpriced or look tired are sitting.

Every situation is different, and the numbers only tell part of the story. If you want to talk through your specific situation — whether you are buying, selling, or just exploring — I am happy to help.