Miami Real Estate Market 2026: 47,000 Homes for Sale and a Score of 13

PropertyIQ scores Miami a 13 out of 100 as of February 28, 2026 — one of the lowest scores of any major metro in the country.

Here is the data.

47,114 Homes for Sale

That is the defining number. For context: the entire Chicago metro has 11,833 listings. The Denver metro has under 10,000. Miami has more than four times Chicago's listings in a metro a fraction of Chicago's size. Inventory has fallen 3.24% year over year — a marginal improvement that does not change the structural picture.

Demand Has Nearly Disappeared

Miami's demand score is 5.7 out of 100 as of February 2026. The pending-to-active ratio is 0.2185 — only 22% of active listings are going under contract. Homes average 83 days on market. Sellers receive 96.3% of asking price as of November 2025.

Overvaluation Is Extreme

Miami is approximately 81.5% overvalued relative to local fundamentals as of February 2026. The income needed to buy is approximately $132,898. The median household income is $73,481 (2023 Census). The gap is among the widest of any major metro.

Home Values Are Declining

Down 2.91% year over year as of February 2026. Zillow forecasts +2.5% near-term as of December 2025. Home sales volume is up 10% year over year as of February 2026 — the one favorable signal in the current data.

What a 13 Means

A 13 means the model expects Miami to significantly underperform the typical Florida market over the next few years, a read built on its demand signal — home-value momentum, days on market, and the share of listings cutting price. Miami has a genuine long-term case: international demand, climate migration, no state income tax, diversifying economy. But the current conditions — 47,000 listings, 22% absorption rate, 81.5% overvaluation — reflect a market where supply dramatically outran demand.

This does not mean Miami is a market to avoid permanently. It means the current entry point requires careful underwriting and a longer time horizon than markets with stronger near-term fundamentals. Similar dynamics are visible across Florida, with Tampa scoring 47 and Orlando scoring 44 on the same index.

PropertyIQ score as of February 28, 2026. Listing and inventory data as of February 1, 2026. Rent and forecast data as of December 2025. All data for informational purposes only.