Miami-Dade County $5 Million+ Detached Home Market Report — July 2026

Miami-Dade County’s $5 million-plus detached-home market showed increasing market conditions through July 2026, making it one of the more notable upper-tier markets analyzed in Southeast Florida.

Sales activity has increased considerably. The absorption rate reached its highest level of the three periods analyzed, while active inventory remained relatively stable and months of housing supply continued to decline.

Median sale prices have also increased, while marketing time has declined.

Taken together, these indicators point toward an increasing market.

Market at a Glance

During the current three-month period:

  • 152 settled sales

  • 50.67 sales per month absorption rate

  • 353 active listings

  • 6.97 months of housing supply

  • $9,000,000 median sale price

  • 137 median sales days on market

  • $8,300,000 median list price

  • 181 median active-listing days on market

The combination of increasing sales activity, declining housing supply, increasing median sale prices and declining marketing time provides multiple indicators of an increasing market.

Appraiser’s Perspective

Thomas J. Dunphy III, State-Certified Residential Real Estate Appraiser RD8755

The Miami-Dade County $5 million-plus detached-home market is best characterized as an increasing market based on the overall combination of indicators analyzed.

The absorption rate increased from 25.33 sales per month during the prior seven-to-12-month period to 39.67 during months four through six and 50.67 sales per month during the current three months.

That represents a substantial increase in the rate at which properties are being absorbed by the market.

At the same time, active inventory remained relatively stable, moving from 350 listings to 362 and then to 353.

Because absorption increased while available inventory remained relatively steady, months of housing supply declined substantially—from 13.82 months to 9.13 months and then to 6.97 months.

Pricing provides another increasing indicator.

Median sale price moved from $7.715 million during the prior seven-to-12-month period to $8 million during months four through six and $9 million during the current three months.

Marketing time also declined. Median sales days on market moved from 153 days to 146 days and then to 137 days.

Median active-listing days on market declined as well, from 277 days to 223 days and then to 181 days.

Median list price moved in the opposite direction, declining from $9.1355 million to $8.725 million and then to $8.3 million. However, when considered alongside increasing absorption, declining housing supply, increasing median sale prices and declining marketing time, the overall data supports an increasing market conclusion.

A Very Broad $5 Million+ Market

It is particularly important to understand what these countywide numbers represent.

Miami-Dade County's $5 million-plus detached-home category contains an extraordinary range of properties.

A residence near the lower end of the $5 million-plus market may have very little in common with an oceanfront or waterfront estate selling for many multiples of that amount.

Location, water influence, lot size, living area, quality, condition, age, architectural characteristics, improvements, privacy and other features can substantially affect a property's competitive market.

Therefore, these countywide statistics provide market context. They should not be interpreted as establishing the value or competitive market of an individual residence.

Tom the Realtor’s Perspective — For Buyers

Tom Dunphy Realtor
Fulton Grace Realty
Licensed Florida Real Estate Sales Associate

For buyers, the first step isn't looking at all 353 active listings.

It's determining what you actually want to buy.

What location are you considering? Waterfront or non-waterfront? Ocean access? How much land? What size residence? Newer construction or an older established property? What features matter to you? And what price range are you comfortable with?

Once we establish those parameters, the 353-property countywide inventory becomes a much more focused competitive market.

This is also an increasing market. Months of housing supply has declined to 6.97 months, and the absorption rate has increased to 50.67 sales per month.

At the same time, median sales marketing time remains 137 days, so buyers generally still have some time—but I would pay close attention to days on market and the listing history of a property.

When you find the house you want, that's when I would zoom in.

I would analyze the most relevant competing sales and listings, considering the characteristics that actually matter to buyers of that particular property.

For an unusual upper-tier residence, finding meaningful market evidence may require looking farther back in time. I may examine several years of sales when appropriate, while also considering changes in market conditions over that period.

The objective is to understand the property's competitive market and develop a market-supported offer.

We don't want to overpay simply because we're dealing with a multimillion-dollar property.

Tom the Realtor’s Perspective — For Sellers

Tom Dunphy Realtor
Fulton Grace Realty
Licensed Florida Real Estate Sales Associate

For sellers, current market conditions provide several favorable indicators.

Sales activity has increased, months of housing supply has declined, median sale prices have increased and marketing time has shortened.

But that doesn't mean every $5 million-plus residence should be approached the same way.

The first thing I would do is understand your property and its specific competitive market.

I would analyze relevant sales and competing listings based on location, site characteristics, waterfront influence, living area, quality, condition, improvements and other features that influence how buyers view the property.

For a highly specialized residence, I may need to look farther back in time to identify meaningful sales and then consider changes in market conditions.

The goal is to develop a market-supported pricing and positioning strategy for the individual property—not simply apply the $9 million countywide median to a residence that may compete in an entirely different segment.

Median sales marketing time is currently 137 days, or approximately four-and-a-half months.

Proper positioning may provide an opportunity to compare favorably with that broader marketing period while still pursuing the seller's objectives.

Marketing—and Privacy

At this level, there is another conversation I would have with the owner:

How do you want your property marketed?

Some sellers want broad exposure.

If that's what you want, we can develop a comprehensive strategy incorporating professional presentation, photography and video, appropriate online marketing, social media, direct outreach and other methods of reaching prospective buyers and real estate professionals.

Other owners may value privacy and discretion.

At this price level, that can be particularly important.

If you don't want the property broadly publicized, then the strategy changes. I would focus more heavily on targeted outreach to real estate professionals active in the upper-tier market, agents who have participated in relevant transactions and other appropriate professional contacts.

The objective is to be proactive without disregarding the owner's desired level of privacy.

An Additional Marketing Advantage

One advantage I bring to that strategy is TomDunphySellsRealEstate.com.

The website is designed to reach buyers and sellers researching Southeast Florida real estate through Tom’s Market Updates, property searches and local real estate information.

Even when an owner prefers a more private approach to marketing an individual property, the website provides another way for prospective clients and buyers to discover my real estate services without requiring the seller's residence to be broadly publicized.

Combined with targeted outreach to real estate professionals and other appropriate contacts, this provides another avenue for connecting with the market while tailoring the strategy to the seller's desired level of exposure.

The goal is not simply maximum exposure.

It is the appropriate exposure, pricing and strategy for that particular property and owner.

One of Southeast Florida Real Estate’s Best-Kept Secrets

Miami-Dade County is internationally recognized for upper-tier real estate, but even within this market there are substantial differences from one location and property to another.

Waterfront estates, ocean-access properties, architecturally distinctive residences and individually designed homes can occupy entirely different competitive markets despite all appearing within the same $5 million-plus dataset.

That's why understanding the individual property matters.

Follow Tom’s Market Updates at TomDunphySellsRealEstate.com for ongoing real estate market reports covering Miami-Dade County, Broward County, Palm Beach County, Martin County, St. Lucie County and communities throughout Southeast Florida.

Explore More Southeast Florida Real Estate Market Reports

Explore additional Tom’s Market Updates covering detached homes, condominiums and specialized upper-tier market segments throughout Southeast Florida.

Market conditions can vary substantially by county, city, neighborhood, waterfront influence, property type and price range. Looking at the appropriate competitive market provides more meaningful context than relying on broad countywide statistics alone.

Thinking About Buying or Selling?

For buyers, the process begins with defining exactly what you are looking for and then analyzing the competitive market for the property you ultimately select.

For sellers, it begins with understanding the residence, identifying its competitive market, establishing a market-supported pricing strategy and determining the level of marketing exposure or privacy that fits your objectives.

Tom Dunphy Realtor
Fulton Grace Realty
Licensed Florida Real Estate Sales Associate

Important Disclosures & Disclaimer

Appraisal Services: Market commentary identified as the Appraiser’s Perspective represents general market analysis by Thomas J. Dunphy III, State-Certified Residential Real Estate Appraiser RD8755. It is provided for informational purposes only and is not an appraisal, appraisal review, restricted appraisal report, broker price opinion, comparative market analysis or opinion of value for any specific property. An appraisal assignment requires property-specific research and analysis, identification of the intended use and intended user, and compliance with applicable appraisal standards and assignment requirements.

Real Estate Brokerage Services: Commentary identified as Tom the Realtor’s Perspective is provided in the capacity of a Florida licensed real estate sales associate with Fulton Grace Realty and is separate from appraisal services. Any property-specific pricing analysis performed as part of brokerage representation would be provided in that capacity and should not be interpreted as an appraisal.

Market Data: Market statistics presented in this report are based on MLS data analyzed with an effective date of July 31, 2026. Market conditions and available inventory can change. Individual properties and individual market segments may perform differently from broader countywide statistics.

No Property-Specific Valuation: Nothing contained in this market report should be interpreted as an appraisal or as an opinion of the market value, listing price, offering price or anticipated sale price of any specific property.

Equal Housing Opportunity.