Home Values in Miami, Florida — 2026 Market Report
Updated March 2026 | Balanced Market | +6.7% YoY
The median home value in Miami, Florida is $555,000 as of March 2026, which is above the national median of $400,000. Home values in Miami have increased by 6.7% over the past year and 38.3% over the last five years. With a population of 442,241 and a median household income of $44,268, the price-to-income ratio stands at 12.5x, making Miami affordable for the average household.
Miami Housing Market Conditions
| Metric | Miami | National Avg |
|---|---|---|
| Median Home Value | $555,000 | $400,000 |
| YoY Appreciation | +6.7% | +3.8% |
| 5-Year Appreciation | +38.3% | +22.4% |
| Price per Sq Ft | $291 | $222 |
| Days on Market | 43 days | 45 days |
| Months of Supply | 3.3 | 3.5 |
| List-to-Sale Ratio | 100.5% | 98.5% |
| Monthly Homes Sold | 413 | — |
| Foreclosure Rate | 0.41% | 0.3% |
Home Value Trends in Miami
A homeowner who purchased at the median price of $401,302 five years ago in Miami would have gained approximately $153,698 in equity, representing a 38.3% return on investment. Over the past year alone, the typical homeowner gained $34,850 in home equity.
Affordability in Miami, FL
With a median household income of $44,268 and a median home price of $555,000, the price-to-income ratio in Miami is 12.5x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $3,885 compared to estimated monthly ownership costs of $3,034 gives a rent-vs-buy ratio of 0.78. In Miami, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Miami
The effective property tax rate in Florida is 0.86%. On a home valued at $555,000, the estimated annual property tax bill is $4,773, or approximately $398/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Miami is 123.1 (100 = national average), indicating living costs are above the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Miami, FL?
The median home value in Miami, Florida is $555,000 as of March 2026. Home values have changed +6.7% over the past year, with a 5-year appreciation of 38.3%.
Is Miami a buyer's or seller's market?
Miami is currently a balanced market with 3.3 months of housing supply. Homes spend an average of 43 days on market, and the list-to-sale price ratio is 100.5%. Supply and demand are relatively balanced.
Are home values going up in Miami?
Yes, home values in Miami have increased by 6.7% over the past year. The 5-year appreciation rate is 38.3%, meaning a home worth $401,302 five years ago is now worth $555,000.
Is it better to rent or buy in Miami?
The average monthly rent in Miami is $3,885, while estimated monthly homeownership costs are approximately $3,034. The price-to-rent ratio is 11.9. Based on current conditions, buying may be more cost-effective than renting in this market.
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Disclaimer: Home value data for Miami, Florida is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.