House prices and costs in Miami, FL

Public loan records · 2025

What buyers here actually borrowed and paid (2025)

2025 home-purchase loans (first liens) on owner-occupied 1–4 unit homes in Miami's census tracts: 1,415 loans. These are loans that closed in Miami, not offers: a rate depends on your credit, down payment, points and the day you lock it.

Interest rate, 30-year fixed (conventional)

6.375% to 7.124%Middle half of loans; median 6.75% · 992 loans

Loan costs at closing

$7,383 to $16,746Middle half; median $10,657. Origination charges (points included) and settlement services, Closing Disclosure section D · 1,239 loans

Borrowed, every loan on the home combined

80% of the value (median)Middle half 75% to 95%. 40.2% of buyers borrowed more than 80% of the value, 27.1% more than 90%, 13.2% more than 95%. HMDA's combined loan-to-value: every loan on the home (second loans, down-payment-assistance loans and financed FHA or VA fees too) ÷ the value the lender used, so it doesn't show the cash buyers put down · 1,375 loans

Loan types

Conventional 89.3% · FHA 9.3%VA 1.3% · USDA 0%

Discount points

51.1% of loans paid pointsMedian paid: $3,464. Points buy a lower rate.

Loan limits, 2026

$832,750 conformingAbove it, a jumbo loan with its own rates and rules; FHA limit $667,000 (one-unit home, Miami-Dade County)

For comparison: 7.03% is Freddie Mac's average 30-year fixed rate for the week of Sep 24, 2026, for buyers with 20% down and excellent credit. It isn't an offer or an APR. Source: FFIEC Home Mortgage Disclosure Act (HMDA) data: 2025 Snapshot National Loan-Level Dataset (data as of June 1, 2026), via the CFPB HMDA Data Browser; Homiy's calculations (2025 loans; retrieved 2026-09-27).

Research summary · not legal advice

How buying works in Florida

The usual steps, deadlines and closing costs for a purchase in Miami, from state law, standard contract forms and local custom. Contracts can change any of it. Homiy is a prototype: it isn't a licensed brokerage in Florida and offers no services here.

Who runs the closing

A title company runs the closing and holds the money. Typical time from contract to keys: about 30 days.

The contract

Your signed offer becomes a binding contract once the seller accepts it.

Details

Florida REALTORS / Florida Bar AS IS Residential Contract for Sale and Purchase

Buyer agreement

Florida buyer brokerage agreement and appropriate brokerage-relationship notice, signed before touring.

Details

Homiy's prototype requires a written agreement before a represented tour. NAR's rule binds participating MLS brokers; do not describe it as a universal state law. Compensation is negotiable and total brokerage pay cannot exceed the agreement. Florida presumes transaction brokerage; do not claim single-agent fiduciary representation without the appropriate written relationship.

Source: NAR: written buyer agreements before touring (MLS participation rule, not a universal state statute) (reviewed 2026-09-27)

Inspection

About 15 days for inspections.

Details

AS IS form's blank inspection-period default is 15 calendar days, negotiable in the form; buyer may timely terminate if property is unacceptable in buyer's sole discretion and recover deposit. AS IS does not remove disclosure obligations. Exact effective-date and weekend/holiday expiry rules come from the signed form.

Earnest money

1–3% of the price, due within 3 days, held by: Named title company, attorney or broker escrow.

Details

Sample only: delivery within 3 calendar days and 1–3% earnest money; the signed contract controls. Buyer delivery is distinct from the holder's statutory deposit deadline. AS IS form permits deposit delivered with offer or within the filled-in period (3 days if blank for later delivery); broker trust-account deposit duties are separate.

Seller's disclosure

Mandatory flood disclosure under §689.302 plus known material facts; optional broad seller-condition form

Details

At or before contract. From 2025-10-01 disclose known damaging flooding during ownership, insurance claims, and ANY flood assistance (not only federal). Ordinary homeowners insurance excludes flood. No generic flood-disclosure rescission clock is created by §689.302; condo/HOA cancellation rights are separate.

Source: Florida Statutes §689.302: expanded flood disclosure (2025 statute; amendment effective 2025-10-01)

Loan and appraisal

Loan contingency: 30 days (set in the contract).

Details

AS IS §8(b) loan-approval blank defaults to 30 calendar days if financing elected; lender-satisfactory appraisal is part of approval, not a separate guarantee of appraised purchase price. Timely written approval/termination notices and diligent application matter; a closing-date extension alone does not extend financing protection. Standard F rolls expiry off weekends/federal observed holidays. The 30-day typical closing time is only a sample planning target.

Title insurance

Who pays for the owner's policy varies; the contract decides. Florida sets title insurance rates.

Details

Negotiable county custom: Miami-Dade buyer, Duval/Hillsborough usually seller. Original premium per $1,000: $5.75 first $100k; $5 to $1M; $2.50 to $5M; $2.25 to $10M; $2 above. Simultaneous lender policy is minimum $25 within owner's coverage, not a second full premium; endorsements, search and settlement are extra. Engine must use the exact tiers and actual payer, not a generic percentage.

Property tax for a new owner

The seller's caps and exemptions end with the sale; your assessment starts over at market value. About 2.0% of the price a year is our planning figure for Miami; your bill can differ.

Details

Save Our Homes protection generally resets to just value January1 after ownership change; do not copy seller's capped bill. Eligible homestead: first $25k applies to all levies; additional exemption on the $50k–$75k band excludes school levies and is inflation-adjusted from 2025. Portability requires eligibility/application. A single price percentage cannot model these fixed-dollar exemptions or non-ad-valorem/CDD charges.

2025 Miami-Dade adopted district0100 City of Miami19.9878 mills =1.99878% of new-buyer just value BEFORE homestead; downtown DDA adds0.39 mills. Not Miami Beach or unincorporated county. Save Our Homes cap resets after transfer; exemptions, portability and non-ad-valorem charges need buyer/parcel facts. HOA range is SAMPLE and excludes special assessments. Owner title usually BUYER in Miami-Dade: add exact Florida promulgated owner-premium tiers, not a second lender premium. The lender's policy is listed separately as a simultaneous-issue policy (conditional $25 minimum).

Agent credits to the buyer

Florida allows an agent to credit part of their pay to the buyer, with the lender's approval.

Details

Rule61J2-10.028 expressly permits sharing compensation with a transaction party with full disclosure to all interested parties, including lender; no unlicensed referral payment.

Source: Florida Administrative Code 61J2-10.028: compensation sharing with a transaction party (reviewed 2026-09-27)

Methodology

How we measure, and what it isn't

Past change, not a forecast. These figures describe the past from public data; they don't tell you where prices go next.