By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- Southeast Florida single-family home sales fell in May 2025 amid elevated mortgage rates and a tight supply of affordable homes.
- Million-dollar homes single-family months’ supply is rising but is still below pre-pandemic level.
- Median single-family sales prices rose in Miami-Dade County, Palm Beach County, and Martin County and held steady in Broward County. This is the 162nd consecutive month of annual price appreciation since December 2011 in Miami-Dade County.
Download the May 2025 Southeast Florida Housing Market Report HERE.
Southeast Florida single-family home sales fell in May 2025 amid elevated mortgage rates and a tight supply of affordable homes
Sales have remained weak with mortgage rates hovering at near 7%. The good news is that affordability is on course to improve than to worsen, with the Fed expected to resume its rate cuts in the second half of the year, and with prices stabilizing or rising at a slow pace. Sales will likely pick up as mortgage rates fall, but the increase is likely to be tepid through the first half of 2026 as buyers wait for mortgage rates to fall further.
Closed sales of single-family homes fell across all Southeast Florida counties in May 2025 compared to one year ago amid elevated mortgage rates and a tight supply of homes that are affordable for the typical buyer: Miami-Dade County (-14.9%), Broward County (-11.1%), Palm Beach County (-7.3%), Martin County (-8.7%), and St. Lucie County (-5.0%).
In Miami-Dade County, the active inventory of homes below $400,000 at the end of May 2025 comprised just 3% of the total active inventory (although slightly higher than the 2% share one year ago); Broward, 8%; Palm Beach County, 14%, and Martin County, 12%.
Conditions remain competitive for single-family homes priced at $400,000 and below, with less than 6 months’ supply in Miami-Dade County (3.5), Broward County (4.0), Palm Beach County (4.1), Martin County (3.9), and St. Lucie County (4.6).
Million-dollar single-family homes months’ supply is rising but is still below pre-pandemic level
Million-dollar homes now account for the highest share of active listings in Miami-Dade County (41%), Broward County (29%) , Palm Beach County (36%), and Martin County (32%) although the shares declined from one year ago.
As of the end of May 2025, the million-dollar home active inventory relative to the pace of monthly demand was equivalent to over 6 months’ supply, representing a seller’s market: Miami-Dade County (11.4 months’ supply), Broward County (9.9), Palm Beach County (8.4), Martin County (9.9), and St. Lucie County (19.2). While months’ supply has increased from one year ago, these levels are below those in May 2019.
With a sizable portion of the active inventory comprised of million-dollar homes, sales transactions will likely remain subdued through 2026 even as mortgage rates decline.
Median single-family sales prices increased for 162nd consecutive month since December 2011 in Miami-Dade County
The median single-family home sales price rose 3.8% from one year ago to $675,000 in Miami-Dade County. This is the 162nd uninterrupted month of annual price appreciation since December 2011.
Of 28 markets (municipalities and unincorporated areas) with at least 10 sales during the month, 71% had higher median sales price from one year ago, including the largest markets of Miami ( 3.0% ), Miami Gardens (2.0%), Hialeah (5.0%), Homestead (2.0%), Coral Gables (21%), Kendall (13%), and Miami Beach (11%).
In Broward County, the median sales price was unchanged from one year ago at $625,000. The median sales price rose in 50% of 24 market areas with at least 10 sales including in Fort Lauderdale (18%), Hollywood (2%), Pembroke Pines (2.0%), Plantation (12%), Pompano Beach (1.0%), and Sunrise (6.0%).
In Palm Beach County, the median sales price fell 0.8% year-over-year to $640,000. However, the median sales price rose in 67% of 15 markets with at least 10 sales, including in North Palm Beach (62%), West Palm Beach (41%), Jupiter (30%), Palm Beach Gardens (11%), and Boca Raton (2%). The sharp rise in the median sales price in some of these areas reflects a strong uptick in high-price homes compared to one year ago.
Median sales prices reflect the mix of homes on the market (more million-dollar sales) on top of the fundamental dynamics of demand and supply.
Hot Housing Markets in May 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.
In May 2025, there were 10 areas that met the criteria for a hot market for single-family homes.
Pembroke Pines is notable for having the most closed sales among the hot markets. Pembroke Pines, a city in Broward County, is attractive for its proximity to Miami-Dade County. It is also slightly more affordable (median sales price is $665,000) than Miami-Dade County overall (median sales price of $675,000).
North Palm Beach is notable for being the only million-dollar hot market (median sales price of $1.26 million), with 59% of buyers paying all-cash!
For condominiums/townhomes, only Miami Lakes emerged as a hot market.
Ranked in order of the number of closed sales, below are the hot markets by county:
Miami-Dade County: Hialeah, Richmond West, Leisure City, The Crossings, Miami Lakes (condo market)
Broward County: Pembroke Pines, West Park
Palm Beach County: North Palm Beach, Jupiter Farms
Martin County: Jensen Beach
St. Lucie County: Indian River Estates
