By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- The inventory of single-family homes for sale in Southeast Florida’s Tri-County area as of the end of May 2025 remains below pre-pandemic levels and are at a healthy level equivalent to 6 months’ supply.
- Inventory remains tight at the low price-tier with more inventory for high-end homes. In Miami-Dade, single-family homes listed for $400,000 and below make up just 2% of inventory with 42% of listings priced at a million or more.
- Rising inventory is favorable for buyers with sellers more likely to offer bigger concessions. Sellers broadly remain in solid financial position given the significant price gains in past years of over 70% since 2019.
Download the May 2025 Southeast Florida Housing Market Report HERE.
In Miami-Dade County, the active inventory of single-family homes for sale rose to 5,530 units as of the end of May 2025. This inventory level is 20% below the level in May 2019 (6,940 units) despite the 133% increase compared to the level in May 2022 (2,370 units) when inventory hit a low point with mortgage rates hitting historic lows in 2021. The current inventory is equivalent to 6.3 months’ supply, about the same level in May 2019 (6.5 months’ supply).
In Broward County, the active inventory of single-family homes for sale rose to 5,690 units. This level is 4% below the inventory level in May 2019 ( 5,910 units) even as inventory has increased 221% from the low level in May 2022 (1,770 units). The current inventory is equivalent to 5.7 months’ supply, just slightly higher than in May 2019 (4.5 months’ supply).
In Palm Beach, the active inventory of single-family homes for sale rose to 6,500 units. This level is still 14% below the inventory level in May 2019 ( 7,520 units) despite the 200% increase from the level in May 2022 (2,160 units). The current inventory is equivalent to 5.9 months’ supply, just slightly higher than the level in May 2019 (5.3 months’ supply).
Today’s inventory levels reflect a healthier balance of demand and supply compared to the tight supply conditions in 2021-2022 when inventory of homes for sale fell to about 1 to 2 months’ supply, resulting in a significant ramp-up in prices and worsening affordability conditions. As of May 2025, Miami-Dade County’s median single-family home sales price ($680,000) is 94% higher than the level in May 2019; in Broward, the median single-family sales price ($630,000) is 73% higher; in Palm Beach County, the median single-family home sales price ($645,000) is 84% higher.
Little inventory of homes in the affordable price tier compared to high-end homes
Inventory conditions are tightest for homes listed at $400,000 and below. With mortgage rates hovering at 6.7%, this is the affordable price point for a 2-earner household earning the average weekly wage and with an estimated combined annual income of about $120,000, assuming a 10% downpayment, according to MIAMI Realtors® calculations. In Miami-Dade, a household needs $186,000 to afford a single-family home at the median sales price of $680,000.
In Miami-Dade County, only 2% of single-family homes for sale are $400,000 and below. Homes listed for $400,000 to $600,000 make up another 21% of listings. In contrast, million-dollar home listings make up 42% of the active inventory as of the end of May 2025.
In Broward County, homes listed for $400,000 or below account for 8% of listings, with $400,000 to $600,000 home listings making up 27% of listings. Million-dollar homes accounted for 30% of the homes for sale.
In Palm Beach County, homes for $400,000 or less accounted for 14% of inventory, with $400,000 to $600,000 accounting for 22% of listings. Million-dollar listings made up 37% of the homes for sale.
Inventory will continue to increase in 2025 favoring buyers via higher seller concessions
The inventory of single-family homes for sale will continue to build up in 2025 as mortgage rates hover at 6.7% in 2025. Rising inventory is favorable for buyers with sellers more likely to offer bigger concessions, particularly in the million-dollar market. For example, in Miami-Dade, the median price discount in May 2025 was 9% for million-dollar homes compared to 4% for homes priced at below $400,000.
Hot Housing Markets in April 2025
MIAMI Realtors® defines a hot market as one with higher closed sales and median sales price from one year ago and with an active inventory of 6 months’ supply or less. Only cities with at least 10 sales are considered in the analysis (MIAMI increased the threshold from 5 sales per month to 10 sales per month due to volatility in the data in small markets).
In May 2025, there were areas that met the criteria for a hot market. In seven of the 10 single-family hot markets, the median sales prices are lower than the median sales prices of the county.
Ranked in order of the number of closed sales, below are the hot markets for single-family homes (see the report for the data).
- Coral Springs, Broward County
- Jupiter, Palm Beach County
- The Acreage, Palm Beach County
- Boynton Beach, Palm Beach County
- Sunrise, Broward County
- Hialeah, Miami-Dade County
- Royal Palm Beach, Palm Beach County
- The Hammocks, Miami-Dade County
- Greenacres, Palm Beach County
- Corral Terrace, Miami-Dade County
