In this explainer

The median home in Miami now sells for $582,000, and prices climbed +6.2% in a single year. Here is what that number actually means before you shop.

General information, not professional financial, tax, legal, or insurance advice. The Dreamy Leads Research Desk is an editorial and data team, not a licensed advisor.

Chapters

  1. 0:05 The headline price
  2. 0:29 What you actually finance
  3. 0:51 FHA or conventional in Miami
  4. 1:10 Property tax and who lends

See your Miami numbers

The figures in this explainer come from our live dataset. Explore them for your own state or metro:

Full transcript

The headline price

Start with the number on the table. The median home in Miami now sells for around $582,000, and that price moved +6.2% over the past year. That is one of the fastest moves in our six-state dataset. This is a descriptive market median, general information and not advice. Your price depends on the home, the block, and the day.

What you actually finance

Most buyers do not pay $582,000 in cash. In Miami, the median loan amount we track is the figure that drives the monthly payment. At an eighty percent loan-to-value, the rest is your down payment, which on a $582,000 home is real money. The gap between price and loan is the cash you bring to closing.

FHA or conventional in Miami

In Miami, FHA loans make up about 18.4% of originations, and VA loans about 4.1%. That FHA share is lower than most Florida metros, because at a $582,000 median, more buyers land in conventional financing. The loan type you qualify for changes your down payment and your rate.

Property tax and who lends

Miami carries an effective property-tax rate of about 1.02%, which you pay every year on top of the mortgage. The lenders writing the most loans here include Chase, Wells Fargo, Bank of America. Because rates and fees vary widely between them, comparing several is the most reliable way to control your total cost. Run your exact Miami numbers in our explorer.

Frequently Asked Questions

What is the median home price in Miami in 2026

Our 2026 Q2 dataset puts the median home price in Miami at about {median_price}, up {yoy} year over year. This is a descriptive market median compiled from U.S. Census Bureau, HMDA, and FHFA data, not a quote or an appraisal of any specific property.

Do most Miami buyers use FHA or conventional loans

In Miami, FHA loans make up about {fha_share} of originations and VA loans about {va_share}, so the majority are conventional. At Miami median prices, more buyers fall outside FHA loan limits. This is general information, not advice; the loan type you qualify for depends on your finances.

Sources