MIAMI — Miami-Dade County $1M & up condominium sales surged double digits vs. pre-pandemic as affordable condominium transactions continued their upward trend in April 2025, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Miami existing $1M & up condos transactions increased 88% vs. pre-pandemic, from 95 sales in April 2019 to 179 in April 2025. Condos priced between $200K to $250K increased 2% year-over-year to 85 sales.
“Miami and South Florida real estate continues to be a national leader in employment, population and home price appreciation gains,” 2025 MIAMI Chairman Eddie Blanco said. “These Miami fundamentals are shielding the market from macroeconomic changes: tariffs, stock market fluctuations and 7% mortgage rates.”
South Florida real estate is high cash, high equity and high demand:
- Miami ranked No. 3 Top Buyer’s Market in the U.S. via April 2025 Zillow Market Heat Index
- Miami-Miami Beach Ranks No. 1 in the U.S. in Fastest Employment Growth and Lowest Unemployment
- Miami Ranked No. 11 in U.S. For Largest Population Increase
Miami-Dade Condominium Sale Prices Have Appreciated 124% in the Last 10 Years
Miami condo prices have risen 123.6% from April 2015 to April 2025, from $199,000 to $445,000.
Existing condo median prices increased 0.23% year-over-year in April 2025, from $444,000 to $445,000. Condo median prices stayed even or increased in 159 of the last 167 months, a span that covers 13.9 years.
Miami-Dade County single-family home median sale prices increased 3.98% year-over-year in April 2025, increasing from $654,000 to $680,000. Miami single-family median prices have risen for 161 consecutive months (13.4 years), the longest running streak on record.
Miami single-family prices have risen 161.5% from April 2015 to April 2025, from $260,000 to $680,000.
Miami Real Estate Home Equity & Appreciation is Nearly 2X the National Figure
Miami’s home equity gains are nearly two times the national figure. Home equity gains on a single-family home purchased in Q3 2009 and sold in Q3 2024 are: Miami-Dade County at $542,175 versus the U.S. average at $310,232, according to new MIAMI REALTORS® Research.
Florida’s Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area’s median income.
Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2025 Knight Frank Wealth Report. For $1M, homebuyers can purchase 58 square meters of prime property in Miami. That is almost four times more than Monaco (19 square meters), nearly two times more than New York (34) and London (34) and more than Paris, Sydney, Tokyo and more.
Affordable Condo Sales Continue Rising
Condos priced between $200K to $250K increased 2% year-over-year to 85 sales.
Miami-Dade County total sales decreased 16.5% year-over-year in April 2025, from 2,342 to 1,955. Macroeconomic reasons out of South Florida’s control such as elevated mortgage rates, a volatile stock market, lack of condo financing and lack of inventory at key price points are reasons for the decline.
Miami single-family home sales decreased 10.8% year-over-year (from 1,065 to 950).
Miami $1M & Up Condos Transactions Surge Vs. Pre-Pandemic
Miami existing $1M & up condos transactions increased 88% vs. pre-pandemic, from 95 sales in April 2019 to 179 in April 2025.
Miami total existing condo sales decreased 21.3% year-over-year in April 2025, from 1,277 to 1,005. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume. The decline is due to lack of condo financing and inventory at key price points.
“We’re seeing a highly polarized market, with sales moving either in the lower price-tier markets that are affordable for most buyers or in the high-end markets where cash buyers make up about half or more of the sales,” MIAMI REALTORS® Chief Economist Gay Cororaton said.
The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 21 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.
Just 0.9% of South Florida condo buildings are approved for FHA loans. Florida is the only state in the U.S. that requires a client to put down 25% for a limited review if the condo building doesn’t have enough in reserves. The requirement for every other state is 10%.
As a leader in advocacy, MIAMI REALTORS® is working with the Legislature to support our market. MIAMI brought together lawmakers, top experts and more for a sold-out Condo Summit on Feb. 14 that empowered REALTORS® with the latest knowledge and tools. MIAMI followed it up with a Capitol to Closings, 2025 legislative session breakdown on May 8, 2025.
Mortgage Rates Remain Volatile as Fed Keeps Rates Steady
The Fed is holding rates steady with concerns about inflation and stock market volatility.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.81% as of May 15. That’s up from 6.76% one week before but down from 7.02% one year ago.
Total Miami Inventory is 18.4% Below Pre-Pandemic
Total Miami-Dade inventory (18,765) is 18.4% below April 2019 pre-pandemic inventory (22,984)
Total active listings at the end of April 2025 increased 43.3% year-over-year, from 13,094 to 18,765, but not enough to make up for the lack of inventory.
Inventory of single-family homes increased 43.04% year-over-year in April 2025 from 3,864 active listings last year to 5,527 last month.
Condominium inventory increased 43.42% year-over-year in April 2025, from 9,230 to 13,238 listings during the same period in 2024, but the total is still significantly below pre-pandemic. Current Miami condo inventory (13,238) is 17.5% below April 2019 pre-pandemic inventory (16,049).
Months’ supply of inventory for single-family homes is 6.3 months, which indicates a balanced market. Inventory for existing condominiums is 13.7 months, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of April was 1.45 million units, up 9.0% from March and 20.8% from one year ago (1.2 million). Unsold inventory sits at a 4.4-month supply at the current sales pace, up from 4.0 months in March and 3.5 months in April 2024.
$252 Million in Economic Impact
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $129,000, according to NAR. Miami-Dade sold 1,955 homes in April 2025 for a local economic impact of $252 million.
Miami-Dade total dollar volume decreased 7.72% year-over-year in March 2025, from $2.2 billion to $2.0 billion.
Single-family home dollar volume increased 0.10% year-over-year to $1.2 billion. Condo dollar volume decreased 16.75% year-over-year to $851 million.
Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.9% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, versus 0.9% in April 2024. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.05% and 0.9%, respectively, of total Miami sales in April 2025.
Miami’s percentage of distressed sales are less than the national figure. Nationally, distressed sales represented 2% of sales in April 2025, unchanged from the previous year.
Miami Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 23,572 in April 2025, down 4.5% year-over-year, while existing condo-townhouse sales totaled 8,710, down 14.8%.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – slipped 0.5% from March to a seasonally adjusted annual rate of 4.00 million in April. Year-over-year, sales descended 2.0% (down from 4.08 million in April 2024).
The statewide median sales price for single-family existing homes was $412,734, down 4% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $315,000, down 6% vs. last year. The median is the midpoint; half the homes sold for more, half for less.
Nationally, the median existing-home price for all housing types in April was $414,000, up 1.8% from one year ago ($406,600). The Northeast and Midwest posted price increases, and the South and West registered price decreases.
Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 96% in April 2025. The median percent of original list price received for existing condominiums was 93%.
The median number of days between listing and contract dates for Miami single-family home sales was 37 days, up from 28 days last year. The median time to sale for single-family homes was 76 days, up from 70 days last year.
The median number of days between the listing date and contract date for condos was 61 days, up from 46 days. The median number of days to sale for condos was 100 days, up from 85 days.
Miami Cash Sales More than National Figure
Cash sales represented 38.5% of Miami closed sales in April 2025, compared to 38.8% in April 2024. About 25% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects Miami’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 51.9% of all Miami existing condo sales and 24.9% of single-family transactions.
To access April 2025 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of REALTORS®
The MIAMI Association of REALTORS® (MIAMI) was chartered by the NATIONAL ASSOCIATION OF REALTORS® in 1920, and is celebrating 105 years of service to REALTOR® members, the buying and selling public, and the communities in South Florida. Composed of six boards: MIAMI- RESIDENTIAL, MIAMI- COMMERCIAL; BROWARD-MIAMI, a division of MIAMI REALTORS®; JTHS-MIAMI, a division of MIAMI REALTORS® in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the Corporate Board of Directors. MIAMI REALTORS® represent 58,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local REALTOR® association in the U.S. and has official partnerships with 287 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
###
