Miami Real Estate Market Trends: Prices, Tax Values, Permits and Housing Costs

Miami home prices were roughly flat over the year to mid-2026, with the FHFA index at 806.07 in the second quarter of 2026 against 808.26 a year earlier (FHFA House Price Index, purchase-only metro file).

The Federal Housing Finance Agency purchase-only index for the Miami-Miami Beach-Kendall metropolitan division tracks repeat sales of the same houses and is set to 100 in the first quarter of 1991 for the Miami division, so a reading of 806.07 means prices about eight times their 1991 level on that measure (FHFA). Between the second quarters of 2020 and 2022 the index rose from 437.54 to 642.03, then to 782.54 by the second quarter of 2024; in the third quarter of 2025 it dipped to 763.85 before recovering.

The seasonally adjusted series tells the same story, 799.06 in the second quarter of 2026 against 801.21 a year before (FHFA). Among the Florida metro areas in the same FHFA file, the Miami division carries the highest 2026 second quarter reading; Fort Lauderdale-Pompano Beach-Sunrise stood at 594.48 and West Palm Beach-Boca Raton-Delray Beach at 624.44, on the same 1991 base. The Brickell condos guide covers the condo towers of Brickell and Edgewater.

The Property Appraiser of Miami-Dade County estimated the 2026 countywide taxable value at $540.7 billion, a 5.5% increase from 2025 and 3.2 percentage points slower growth than the year before (Property Appraiser of Miami-Dade County).

Those were the June 1st Estimates of Taxable Values, released to Miami-Dade taxing authorities for budget work and described by the office as estimates subject to change; the official certification date for the 2026 assessment roll was July 1, 2026 (Property Appraiser). The office has since released its July 1st Preliminary Certification of Taxable Values to the county taxing authorities.

Taxing authorities, including Miami-Dade County, the School Board and municipalities, use the Property Appraiser's taxable value to set the taxes they levy, and the office mails a TRIM Notice every August with an estimate of taxes based on proposed rates, values and exemptions (Property Appraiser). The office says the TRIM Notice reflects what property taxes are likely to be on the November property tax bill.

For a single property, the office offers a Comparable Sales tool with nearby sales and maps, and assessment questions go to 305-375-4712 (Property Appraiser). The Miami real estate hub explains the homestead exemption and when tax bills are cheapest to pay.

Vacancy in the City of Miami is low for owners and moderate for renters: the Census Bureau's American Community Survey 2020-2024 5-year estimates put the homeowner vacancy rate at 1.4% and the rental vacancy rate at 6.5% (U.S. Census Bureau, ACS 2020-2024 DP04).

The same table counts 29,005 vacant housing units, 13.0% of the City of Miami stock (Census Bureau DP04).

Among occupied Miami homes, 28.6% of householders moved in between 2020 and 2022 and another 7.7% in 2023 or later, while only 3.2% of all housing units were built in 2020 or later (Census Bureau DP04).

More than half of Miami renters are cost burdened at the highest level: 53.2% of renter households for whom the share can be computed pay 35% or more of household income in gross rent (U.S. Census Bureau, ACS 2020-2024 DP04).

Owners with a mortgage are under less strain but still stretched. In the ACS 2020-2024 estimates, 38.6% of mortgaged Miami owners spend 35% or more of income on monthly owner costs, the median monthly cost with a mortgage is $2,863 and 46.4% of mortgaged owners pay $3,000 or more a month (Census Bureau DP04). Owners without a mortgage have a median monthly cost of $858, and 43.0% of owner-occupied Miami homes carry no mortgage.

Borrowing costs have risen over the past year. Freddie Mac's Primary Mortgage Market Survey put the U.S. average 30-year fixed rate at 7.40% as of October 15, 2026, up from 6.27% a year earlier (Freddie Mac PMMS). Freddie Mac describes the figure as a national average, not a quote for a Miami loan.

Miami-Dade County permitted 13,292 units in buildings of five or more units in 2025, up from 8,068 in 2024 and 10,980 in 2023, according to the Census Bureau Building Permits Survey (Census Bureau, 2025 county permits; 2024; 2023).

One-unit permits rose each year in the table, from 1,458 in 2023 to 2,666 in 2025 (Census Bureau). Large buildings still dominate: in 2025 the county's 160 permitted buildings of five or more units held 13,292 units, roughly five times the one-unit count. The Miami new construction guide looks at the city's own share of that pipeline.

The 2026 data show Miami prices near their 2025 level while the countywide tax roll still grows (FHFA; Property Appraiser).

Prices on the FHFA index sit near the second quarter 2025 reading of 808.26, the countywide tax roll is still growing, and housing costs take a large share of Miami incomes. Each Miami source runs on a different clock. The FHFA file is quarterly and its latest quarter is the second quarter of 2026 (FHFA). The Census figures are pooled over 2020 to 2024 and describe the city, not a building (Census Bureau DP04). The permit counts are county totals by calendar year (Census Bureau). The Miami neighborhoods guide and the Coconut Grove guide cover place by place differences.

The practical order for a Miami purchase: check the Property Appraiser's comparable sales and TRIM estimate for the folio, price the loan against the current Freddie Mac average, and check the flood zone before signing, which the Miami flood risk zones guide explains (Property Appraiser; Freddie Mac). Last verified: October 18, 2026, against the FHFA quarterly index file, the Property Appraiser's 2026 taxable value notice, Census permit files for 2023 to 2025, the ACS 2020-2024 housing table and Freddie Mac's weekly rate survey.