Published October 25, 2026 in Market Update

Downtown and Edgewater are not moving as one market

By Shelia Gasson

Real estate, Downtown and Edgewater

MAR counted 909 condo sales across Miami-Dade in September 2026. That number is real. But it tells you nothing about whether your building has 10 months of competition sitting above it or 17. That gap is the whole story here.

The Real Estate Data Aggregator tracked the three months ending August 31, 2026 for both ZIP codes that make up this part of the market. ZIP 33132, which covers much of Downtown Miami, and ZIP 33137, which covers Edgewater and parts north, are reading very differently right now.

Supply is the sharpest difference

Months of supply tells you how long it would take to sell every home listed, at the current pace of sales. A lower number means buyers have less to choose from and sellers have less competition.

The Real Estate Data Aggregator counted 17.3 months of supply in ZIP 33132. That is a lot of competition for any seller. In ZIP 33137, supply sat at 10.1 months. Still a buyer-friendly number, but noticeably tighter.

Prices moved down in both, but not by the same amount

The Real Estate Data Aggregator put the median sale price in ZIP 33132 at $520,000 for the period, down 6.3% from the same three months in 2025. In ZIP 33137, the median came in at $765,000, down 13.8% year over year. More homes selling is part of what pulls a median price down, so the drop does not mean every home lost value by that share.

Sales volume is actually rising in both

This is the part that broad headlines miss. The Real Estate Data Aggregator counted 115 homes sold in ZIP 33132, up 29.2% from a year earlier. ZIP 33137 saw 139 homes sold, up 8.6%. Together, the two ZIP codes recorded 254 sales, up 17.1% combined.

More sales happening is a real signal. But it is happening into rising inventory in ZIP 33132, where new listings jumped 48.9% year over year per the Real Estate Data Aggregator. In ZIP 33137, new listings fell 4.6%. Those are opposite trends in the same headline market.

How fast are homes going under contract?

The Real Estate Data Aggregator tracked the share of homes that went under contract within two weeks of listing. In ZIP 33132, that share was 3.6%, down 3.3 points from a year ago. In ZIP 33137, it was 5.4%, up 3.7 points. That is a meaningful shift in buyer urgency, and it moved in opposite directions.

Days on market are long in both ZIP codes

The Real Estate Data Aggregator put the median days on market at 170 in ZIP 33132 and 148 in ZIP 33137 for the three months ending August 31, 2026. Both are up from a year ago, by 18 days and 22 days respectively. Sellers in this part of Miami need to plan for a longer timeline than a countywide average would suggest.

Nationally, Realtor.com reported that 20.8% of listings took a price cut in September 2026, the highest share since October 2022. That backdrop matters here. When buyers have national price-cut data in their hands, local pricing has to be sharp.

MAR also noted that mortgage rates climbed above 7% for the first time since January 2025. Realtor.com put the figure at 7.46% by mid-September 2026. That affects how much a buyer can spend, and it affects how many buyers are actively shopping.

What this means if you own here

ZIP 33132 has 17.3 months of supply. That means your home is competing with a lot of other listings. Pricing to the building matters more than pricing to the ZIP code average. The Real Estate Data Aggregator shows sellers in 33132 are getting 95.2% of their list price on average, but only 1.7% of homes sold above list.

ZIP 33137 has tighter supply at 10.1 months, falling inventory, and a rising share of quick contracts. That does not make it easy, but it is a different setup. The Real Estate Data Aggregator shows 94.6% sale to list there, with 2.2% of homes selling above list.