The Miami real estate market is running at two speeds this fall, and the dividing line is how the buyer pays. According to MIAMI REALTORS, 38.3% of Miami-Dade closed sales in September 2026 were all cash. Nationally, about 27% of home sales are cash, per the latest NAR figure the association cites. That gap is the whole story this Tuesday, and it is why the first question I ask any Miami buyer or seller is simple: how are you paying?
Is the Miami real estate market a buyer's market right now?
The consensus line is easy to repeat. Borrowing costs are high, sales are down, so nothing sells and everyone should wait.
Part of that is true. MIAMI REALTORS reported that total Miami-Dade home sales fell 2% year over year in September, from 1,769 to 1,733. Single-family sales fell 4.7%, from 865 to 824. The association ties part of that decline to higher mortgage rates.
But "nothing sells" is not what the data says. Existing condo sales rose 1%, from 904 to 909. Condos priced from $300,000 to $400,000 rose 14.5%, from 159 to 182 sales.
So is it a buyer's market? It depends which Miami you are standing in. MIAMI REALTORS puts single-family inventory at 5.1 months of supply, which it calls a seller's market, and existing condo inventory at 12.3 months, which it calls a buyer's market. Same county. Two very different negotiations.
How many Miami home sales are all cash?
Here is the September split from MIAMI REALTORS:
- 38.3% of all Miami-Dade closed sales were cash
- 49.4% of existing condo sales were cash
- 26.2% of single-family sales were cash
At the top of the condo market, cash is close to the whole market. MIAMI REALTORS reports that 82% of Miami condo sales at $1 million and up were all cash in 2025.
The association's own read is direct. "Cash buyers are not deterred by rising rates," the release says, and it points to foreign buyers, who tend to buy with all cash, and to buyers moving from more expensive U.S. markets with profits from their own home sales. Its chief economist, Gay Cororaton, put it this way: "upper-end buyers have remained active."
That is the two-speed market. One buyer is writing a check. The other is waiting on an appraisal, an underwriter and a rate lock. Both are real. They are not playing the same game.
Why are so many Miami condos bought with cash?
Two very different buyers are driving the same number.
The first is the buyer at the top, where the money does not need a lender and does not wait for one.
The second surprises people. The Miami Herald reports that existing condos in the $300,000 to $400,000 range tend to be in older buildings, and are more likely to be bought in cash because they are often ineligible for mortgages. Lenders now require stricter reviews of Florida condo buildings' financial and structural health, and the Herald reports that has led to more buyers being denied mortgages.
MIAMI REALTORS adds a number that should stop any financed condo buyer in their tracks: of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 21 are approved for FHA loans. That is 0.9%.
So when I see a condo cash share near 50%, I don't read it as only a luxury story. Part of it is buyers who can't get a loan on the building they want, so they pay cash or they don't buy.
Can you get a mortgage on an older Miami condo?
Sometimes, and you should plan as if the answer might be no until the building proves otherwise.
This is the buyer's homework, and it comes before the offer, not after:
- Ask for the building's budget, its reserves and its most recent financial statements.
- Get your lender to look at the building early, not only at you.
- Know what happens to your offer if the lender declines the building.
None of this is legal or lending advice. It is the order of operations I want every financed buyer to follow, because in this market the building gets underwritten as hard as the buyer does. Preparation Creates Freedom.
If you are deciding between paying cash and financing at the high end, I walked through that trade-off in cash vs. mortgage for luxury buyers in 2026.
What does a two-speed market mean for Miami sellers?
It means you price for the buyer who can actually close on your home.
If you own a condo, nearly half of last month's existing condo sales were cash. If your building is hard to finance, your buyer pool may be mostly cash whether you like it or not. That buyer is real, but that buyer knows they are leverage, and they expect to be treated that way. Price like you know it, too.
If you own a single-family home, about three out of four single-family sales last month were not cash, and the inventory picture is tighter. MIAMI REALTORS reports the median single-family sale price rose 4.06% to $692,000 in September. Your buyer is more likely financed, which means the appraisal, the payment and the timeline all matter.
The mistake is pricing off the headline. "Miami set records" and "sales are down" are both true at the same time. Your price has to come from your segment, not from either headline.
What should Miami buyers do this fall?
Buyers in the financed middle have something cash buyers at the top don't always get: room to negotiate. Condo supply at 12.3 months gives a prepared buyer time and options.
My move for a financed buyer:
- Get the building homework done first, then fall in love with the unit.
- Write clean terms. A seller weighing a cash offer and a financed offer wants certainty, so show it.
- Don't wait for a perfect headline. The cash buyers are not waiting.
Does the same first question apply in New York?
I work both markets, and the conversation starts in the same place: how are you paying, and which buyer pool does this home sit in. Miami's numbers just make the split easier to see. If you are weighing the two cities, I laid out the differences in NYC vs. South Florida real estate: where should you buy in 2026.
Frequently asked questions
What percentage of Miami home sales are cash?
MIAMI REALTORS reports that 38.3% of Miami-Dade closed sales in September 2026 were all cash, compared with about 27% of U.S. home sales per the latest NAR statistics.
Are Miami condos mostly bought with cash?
Nearly half. Cash accounted for 49.4% of existing condo sales in Miami-Dade in September 2026, and 82% of Miami condo sales at $1 million and up were all cash in 2025, according to MIAMI REALTORS.
Is Miami a buyer's market or a seller's market?
Both, depending on the segment. MIAMI REALTORS puts single-family inventory at 5.1 months, which it calls a seller's market, and existing condo inventory at 12.3 months, which it calls a buyer's market.
Why is it hard to get a mortgage on some Miami condos?
The Miami Herald reports that stricter lender reviews of Florida condo buildings' financial and structural health have made many older condos ineligible for mortgages. MIAMI REALTORS reports only 21 of 2,397 condo buildings in Miami-Dade, Broward and Palm Beach counties are approved for FHA loans.
Are Miami home sales down in 2026?
Total Miami-Dade sales fell 2% year over year in September 2026, and single-family sales fell 4.7%. Existing condo sales rose 1%, and condos priced from $300,000 to $400,000 rose 14.5%, according to MIAMI REALTORS.
Work with Nile
Buying or selling in Miami or New York? Start with the right first question. Reach out to me and the Lundgren Team at nilelundgren.com, and we'll figure out which market your home is really in.
