MIAMI — Broward County $1M and up condo sales increased vs. pre-pandemic data, according to May 2025 statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Broward $1M and up condo sales increased 68.2% year-over-year in May 2025 vs. pre-pandemic May 2019, from 22 to 37 transactions.
“Wealth migration to South Florida continues,” 2025 BROWARD-MIAMI President Larry Singh said. “Broward County positioned between two powerhouse counties in Miami-Dade and Palm Beach County continues to benefit as residents from high-taxed, high-density areas continue to choose to live, work and play in South Florida.”
While condo inventory is rising – which is good for buyers because there are more options– there is no rush of condo sellers. Condo inventory is still below pre-pandemic and new listings for Broward existing condos decreased 8.3% year-over-year in May 2025.
Broward Condominium Sale Prices Have Appreciated 104% in the Last 10 Years
Broward condo prices have risen 103.7% from May 2015 to May 2025, from $135,000 to $275,000.
In May 2025, Broward condo prices decreased 2.5% year-over-year, from $282,000 to $275,000. Statewide condo prices, meanwhile, decreased 6.1% year-over-year in May 2025.
Broward County single-family home median sale prices stayed even at $625,000 year-over-year in May 2025.
Broward single-family prices have risen 115.5% from May 2015 to May 2025, from $290,000 to $625,000.
South Florida Real Estate Home Equity & Appreciation is Nearly 2X the National Figure
South Florida 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.
Broward County Total Sales
Broward County total sales decreased 17.8% year-over-year in May 2025, from 2,583 to 2,124. 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.
Broward single-family home sales decreased 11.13% year-over-year (from 1,249 to 1,110).
Broward $1M & Up Condo Sales Increase vs. Pre-Pandemic
Broward $1M and up condo sales increased 68.2% year-over-year in May 2025 vs. pre-pandemic May 2019, from 22 to 37 transactions.
Broward total existing condo sales decreased 23.99% year-over-year in May 2025, from 1,334 to 1,014. 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 Broward Inventory
Total active listings at the end of May 2025 increased 35.9% year-over-year, from 13,219 to 17,959. Broward condo inventory is still below pre-pandemic and new condo listings decreased in May 2025. New listings for Miami condos are down 8.3% year-over-year.
Inventory of single-family homes increased 34.48% year-over-year in May 2025 from 4,359 active listings last year to 5,862 last month.
Condominium inventory increased 36.53% year-over-year in May 2025, from 8,860 to 12,097 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 5.9 months, which indicates a balanced market. Inventory for existing condominiums is 12.5 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.
Broward Real Estate: $273 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. Broward sold 2,124 homes in May 2025 for a local economic impact of $273 million.
Broward total dollar volume decreased 16.86% year-over-year in May 2025, from $1.6 billion to $1.3 billion.
Single-family home dollar volume decreased 12.43% year-over-year to $940 million. Condo dollar volume decreased 26.24% year-over-year to $369 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 1.0% in May 2024.
Short sales and REOs accounted for 0.09% and 0.6%, respectively, of total Broward sales in May 2025.
Broward’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.
Broward 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.
Broward 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 92%.
The median number of days between listing and contract dates for Broward single-family home sales was 38 days, up from 29 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 65 days, up from 45 days. The median number of days to sale for condos was 100 days, up from 84 days.
Broward Cash Sales More than National Figure Cash sales represented 35% of Broward closed sales in May 2025, compared to 39% 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 South Florida’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% of all Broward existing condo sales and 21.4% of single-family transactions.
To access May 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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