South Beach – Miami Beach. One of the most iconic real estate markets in the world. And in the first quarter of 2026, the data is telling a story that every buyer and seller in this market needs to hear.
I'm Jose Laya — born and raised right here in Miami, and I've been selling real estate in this city for 20 years. I've seen every market cycle this city has gone through. And today I'm going to give you the real numbers.
What the numbers show is two completely separate markets happening at the same time in the same neighborhood. Non-waterfront homes and waterfront homes are moving in different directions.
January 2026.
Active Listings = 63. 18 = non-waterfront and 45 = waterfront.
Right away you can see that waterfront inventory heavily dominates this market.
Closed Sales = 2. Both non-waterfront. Zero for waterfront.
Median Price/Sqft = $838.
Median Price Sold = $1,775,000.
Days on Market = 20 Days.
Months of Supply = 9 Months.
February.
Actives = 64 — 19 = non-waterfront, 45 = waterfront.
Closed Sales = 4. All non-waterfront, zero waterfront again.
Days on Market = 211 Days
Median Price/Sqft = $1,067.
Median Price Sold = $2,982,000.
March.
Active = 63. 16 = non-waterfront and 47 = waterfront.
Closed Sales = 7. 4 = non-waterfront, 3 = waterfront.
Non-Waterfront:
Median Price/Sqft = $1,722.
Median Price Sold = $5,200,000.
Days on Market = 233 Days
Months of Supply = 5
Waterfront:
Median Price/Sqft = $2,677 - Waterfront
Median Price Sold = $17,275,000 - Waterfront.
Days on Market = 117 Days
Months of Supply = 16
Now let's pull back and look at the full quarter of 2026 versus Q1 2025.
Active Listings = 71 in Q1 2025 versus 63 in Q1 2026. Slightly less inventory this year — but the composition has shifted. Non-waterfront active is down from 27 to 16. Waterfront active is up from 44 to 47. More waterfront supply, fewer buyers. That is a recipe for a slower waterfront market.
Closed Sales = 16 in Q1 2025 versus 13 in Q1 2026. That sounds like a modest decline — but look at the breakdown. Non-waterfront actually improved — 7 closings in Q1 2025 versus 10 in Q1 2026. That segment got more active. But waterfront went from 9 closings in Q1 2025 to just 3 in Q1 2026. That is a 67% drop in waterfront transaction volume in one year.
Price per square foot tells the same story. Non-waterfront went from $1,309 per square foot in Q1 2025 to $1,067 in Q1 2026 — down 18%. Waterfront went from $3,221 to $2,677 per square foot — down 17%. Both segments saw price per square foot decline year over year.
Median sold price: non-waterfront dropped from $3,800,000 to $2,982,000. Waterfront dropped from $18,000,000 to $17,275,000. Again — both segments down.
And days on market — this is the number that most clearly shows the shift. In Q1 2025, non-waterfront homes were selling in 82 days on average. In Q1 2026, we saw 211 days in February and 233 days in March. The market is taking significantly longer to move product and it’s doing so at lower prices.
The bottom line on the year-over-year comparison: Q1 2026 is a slower, more challenging market than Q1 2025 across virtually every metric. Transaction volume is down. Prices are down. Days on market are up dramatically. And the waterfront segment in particular has seen a significant pullback in buyer activity. From this data we are seeing a slowing market for single family homes in South Beach.
Let's look at the price range breakdown for Q1 2026 to understand where the action is actually happening.
Active = 63
Closed Sales = 13
Days on Market = 211 Days Non-Waterfront and 117 Days for waterfront.
Closed Sales = Non-waterfront.
6 = $1 to $3 Million.
2 = $3 to $5 Million.
2 = $5 to $10 Million.
Waterfront = 3 Closed Sales were all in the $10 to $20 Million.
Meanwhile, there are 30 waterfront homes sitting active in the $20 Million-Plus range with zero closings.
The highest priced Closed Sale for the Quarter — an $18.5 million home on the Venetian Islands. A 2018-built, 4-bedroom home over 5,000 square feet that sold for $3,300 per square foot.
If you are a buyer in South Beach — you have significant leverage right now, particularly on waterfront homes. With 47 waterfront homes active and only 3 selling all quarter, plus you have Days on market and Months of Supply are high. This is your moment to negotiate.
If you are a non-waterfront seller — you can still move your property, but pricing correctly is everything. The homes that sold waited 200-plus days on average. The way to avoid that is to price where the market actually is, not where you wish it was.
If you are a waterfront seller — be honest with yourself about this market. Q1 2026 showed us that buyers for waterfront in South Beach are scarce, selective, and patient. The $18.5 million sale proves the market is alive — but only for the right property at the right price. Everything else is sitting.
That is your complete South Beach homes market report for Q1 2026. Clearly the numbers show the market has shifted.
As I start my 20th year in Miami real estate I have seen a lot of different markets and can tell you this is not doom and gloom, but this is exactly what happens in a correction as the market is trying to find it's new level, you just have to know how to navigate thru it, be patient and make sure to work with a professional that can guide you through.