MIAMI — Broward County $2.5M to $5M total sales rise 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).
Broward total $2.5M to $5M total sales rose 6.5% year-over-year to 33 transactions. Condos priced between $100K to $150K increased 1% year-over-year to 141 sales.
“Fort Lauderdale and Broward County real estate is a high-demand market and sales continue to rise where we have inventory: at the affordable and top-tier price points,” 2025 BROWARD-MIAMI President Larry Singh said.
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
Price Appreciation
Existing single-family home median prices decreased 0.79% year-over-year in April 2025, from $635,000 to $630,000.
Broward condo median sale prices decreased 0.88% year-over-year in April 2025, from $282,500 to $280,000.
South Florida Real Estate Home Equity & Appreciation is Nearly 2X the National Figure
South Florida’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 $100K to $150K increased 1% year-over-year to 141 sales.
Broward County total sales decreased 15.7% year-over-year in April 2025, from 2,538 to 2,139. 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.
Broward single-family home sales decreased 11.87% year-over-year (from 1,196 to 1,054).
Total Condo Sales
Broward existing condo sales decreased 19.15% year-over-year in April 2025, from 1,342 to 1,085. 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 Broward Inventory
Total active listings at the end of April 2025 increased 39.6% year-over-year, from 12,858 to 17,946, but not enough to make up for the lack of inventory.
Inventory of single-family homes increased 37.22% year-over-year in April 2025 from 4,146 active listings last year to 5,689last month.
Condominium inventory increased 40.69% year-over-year in April 2025, from 8,712 to 12,257 listings during the same period in 2024, but the total is still significantly below pre-pandemic.
Months’ supply of inventory for single-family homes is 5.7 months, which indicates a seller’s market. Inventory for existing condominiums is 12.4 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.
$275 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. Broward sold 2,139 homes in April 2025 for a local economic impact of $275 million.
Broward total dollar volume decreased 10.29% year-over-year in April 2025, from $1.5 billion to $1.3 billion.
Single-family home dollar volume decreased 6% year-over-year to $941 million. Condo dollar volume decreased 18.56% year-over-year to $404 million.
Broward Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.7% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, versus 0.8% in April 2024.
Short sales and REOs accounted for 0.04% and 0.7%, respectively, of total Broward sales in April 2025.
Broward’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.
Broward 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.
Broward Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95% in April 2025. The median percent of original list price received for existing condominiums was 92%.
The median number of days between listing and contract dates for Broward single-family home sales was 40 days, up from 30 days last year. The median time to sale for single-family homes was 78 days, up from 67 days last year.
The median number of days between the listing date and contract date for condos was 57 days, up from 40 days. The median number of days to sale for condos was 91 days, up from 82 days.
Broward Cash Sales More than National Figure
Cash sales represented 39.8% of Broward closed sales in April 2025, compared to 41.5% 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 57.1% of all Broward existing condo sales and 22% of single-family transactions.
To access April 2025 Broward 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
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