MIAMI — Miami-Dade County existing condo prices have now stayed even or increased for exactly 14 consecutive years, a signal of the market’s resiliency and unending lifestyle appeal globally and domestically, according to May 2025 statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
“No other U.S. market can boast the long-term resiliency of the Miami condo market,” 2025 MIAMI Chairman Eddie Blanco said. “Hurricanes, recessions, pandemics, decades of lack of condo financing — it doesn’t matter. People from all over the world want a piece of the Miami lifestyle, and that will never change. Condos are the entry point for first-time homebuyers in our market. Condos are the top property purchased by our global buyers from 49 countries.”
While condo inventory is rising – which is good for buyers because there are more options– there is no rush of condo sellers. Miami existing condo inventory is still 17% below pre-pandemic and new listings for Miami condos decreased 3.4% year-over-year in May 2025.
MIAMI REALTORS® New Construction Data Report Coming Soon
MIAMI REALTORS® will soon release an industry-first, new construction data report. MIAMI is collaborating with major industry leaders to address the need for more comprehensive data on new construction, pre-construction and condo conversion sales.
South Florida is home to one of the most robust new construction markets in the U.S. But statistics reported in MIAMI’s monthly statistical news releases don’t include South Florida’s new construction, pre-construction and condo conversion sales because they are not reported in the MLS.
Miami-Dade Condominium Sale Prices Have Appreciated 103% in the Last 10 Years
Miami condo prices have risen 103.3% from May 2015 to May 2025, from $209,000 to $425,000.
Miami existing condo median prices stayed even at $425,000 year-over-year in May 2025. Miami condo median prices have stayed even or increased in 160 of the last 168 months, a span that covers 14 years. Statewide condo prices, meanwhile, decreased 6.1% year-over-year in May 2025.
Miami-Dade County single-family home median sale prices increased 3.85% year-over-year in May 2025, increasing from $650,000 to $675,000. Miami single-family median prices have risen for 162 consecutive months (13.5 years), the longest running streak on record.
Miami single-family prices have risen 139.4% from May 2015 to May 2025, from $282,000 to $675,000.
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 $100K to $150K increased 38% year-over-year.
Miami-Dade County total sales decreased 20.2% year-over-year in May 2025, from 2,397 to 1,913. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume. 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 14.4% year-over-year (from 1,102 to 943).
Miami $1M & Up Condos Transactions Surge Vs. Pre-Pandemic
Miami existing $1M & up condos transactions increased 78% vs. pre-pandemic, from 88 sales in May 2019 to 157 in May 2025.
Miami total existing condo sales decreased 25.1% year-over-year in May 2025, from 1,295 to 970. 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.
“Sales have remained weak with mortgage rates hovering at near 7%,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “The good news is that affordability conditions are on course to improve with the Fed expected to resume its rate cuts in the second half of the year.”
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 but it has left the door open to cutting interest rates in the second half of the year.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.81% as of June 18, down from 6.84% one week before and 6.87% one year ago.
Total Miami Inventory is 16.9% Below Pre-Pandemic
Total Miami-Dade inventory (18,879) is 16.9% below May 2019 pre-pandemic inventory (22,707)
Total active listings at the end of May 2025 increased 40.8% year-over-year, from 13,405 to 18,879. Miami condo inventory is still below pre-pandemic and new condo listings decreased in May 2025. New listings for Miami condos are down 3.4% year-over-year and single-family new listings increased a negligible 1.1%.
Inventory of single-family homes increased 44.01% year-over-year in May 2025 from 3,949 active listings last year to 5,687 last month.
Condominium inventory increased 39.51% year-over-year in May 2025, from 9,456 to 13,192 listings during the same period in 2024, but the total is still significantly below pre-pandemic. Current Miami condo inventory (13,192) is 16.9% below May 2019 pre-pandemic inventory (15,893).
Months’ supply of inventory for single-family homes is 6.6 months, which indicates a balanced market. Inventory for existing condominiums is 14 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 May was 1.54 million units, up 6.2% from April and 20.3% from May 2024 (1.28 million). Unsold inventory sits at a 4.6-month supply at the current sales pace, up from 4.4 months in April and 3.8 months in May 2024.
Miami Real Estate: $246 Million in Local 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 1,913 homes in May 2025 for a local economic impact of $246 million.
Miami-Dade total dollar volume decreased 14.17% year-over-year in May 2025, from $2.2 billion to $1.9 billion.
Single-family home dollar volume decreased 17.51% year-over-year to $1 billion. Condo dollar volume decreased 9.49% year-over-year to $854 million.
Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.4% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, versus 0.9% in May 2024. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.2% and 0.2%, respectively, of total Miami sales in May 2025.
Miami’s percentage of distressed sales are less than the national figure. Nationally, distressed sales represented 3% of sales in May 2025, up from 2% in May 2024.
Miami Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 24,756 in May 2025, down 5.7% year-over-year, while existing condo-townhouse sales totaled 8,345, down 19.9%.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – decreased 0.7% year-over-year (down from 4.06 million in May 2024 to a seasonally adjusted annual rate of 4.03 million in May 2025).
The statewide median sales price for single-family existing homes was $415,000, down 2.7% 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 $310,000, down 6.1% 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 May 2025 was $422,800, up 1.3% from one year ago ($417,200) – a record high for the month of May, and the 23rd consecutive month of year-over-year price increases.
Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95% in May 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 40 days, up from 33 days last year. The median time to sale for single-family homes was 78 days, up from 76 days last year.
The median number of days between the listing date and contract date for condos was 63 days, up from 46 days. The median number of days to sale for condos was 104 days, up from 87 days.
Miami Cash Sales More than National Figure
Cash sales represented 37% of Miami closed sales in May 2025, compared to 38.5% in May 2024. About 27% 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 50.3% of all Miami existing condo sales and 23.3% of single-family transactions.
To access May 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
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