By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- Halfway through 2025, home sales were lower from one year ago in all Southeast Florida counties, with buyers seemingly holding out for lower mortgage rates.
- Despite the slower sales, the median sales prices in Miami-Dade County rose in June 2025 from one year ago for the 14th year for single-family home sales (+2%) and condominium/townhome sales (+6%).
- The share of million-dollar single-family home sales to total sales in the first half of 2025 continued to climb to the highest level in years in all Southeast Florida counties.
Read the report here
Median single-family and condo/townhome sales prices increased for the 14th year in Miami-Dade County
Miami-Dade County’s home prices have held up better to weaker overall demand compared to other Southeast Florida counties, with both the median single-family and condominium/townhome sales prices rising on a year-over-year basis for the 14th year since 2011.The rising share of million-dollar homes, lower fraction of older buildings, stronger job growth, and sustained out-of-state migration likely account for why prices have held up better in Miami-Dade County than in other counties.
In June 2025, the median single-family home sales price rose 2.0% from one year ago to $670,000 in Miami-Dade County. This is the 163rd uninterrupted month of annual price appreciation since December 2011. The median single-family sales prices rose across a mix of lower-price and higher-price markets like Miami (4.0%), Miami Gardens (1.0%), Coral Gables (3.0%), Hialeah (5.0%), Doral (12.0%), Homestead (2.0%), and Florida City (22.0%).
Miami-Dade County’s median condo/townhome sales price rose at an even stronger year-over-year pace of 6.0% as the median sales prices rose in the largest condominium markets of Miami (+4.0%), Miami Beach (+14.0%), Aventura (+15.0%), and Hialeah (+8.0%). However, the median sales prices fell in Sunny Isles Beach (-3.0%) and Doral (-6.0%).
In Broward County, the median single-family sales price fell 1.6%, and the median condominium/townhome sales price fell 6.1%. In the largest market of Fort Lauderdale, the median single-family sales price fell ( -14%) as well as the median condominium/townhome sales price (-4.0%).
In Palm Beach County, the median single-family sales price fell 5.2%, and the median condominium/townhome sales price fell 3.1%. In the largest market of West Palm Beach, the median single-family sales price fell (- 6.0%) as well as the median condominium/townhome sales price (-22.0%).
In Martin County, the median single-family sales price rose 3.7%, but the median condominium/townhome sales price fell 10.0%. In the largest counties, the median single-family sales price fell in Palm City (-4.0%) while the median condominium/townhome sales price fell in Stuart (-44.0%)
In St. Lucie County, the median single-family sales price fell 4.5%, and the median condominium/townhome sales price fell 10.0%. In the largest market of Port St. Lucie, the median single-family sales price fell (-4.0%) as well as the median condominium/townhome sales price (-34.0%)
Million-dollar share continues to climb as most homebuyers hold out for lower mortgage rates
Despite the price adjustment in most markets due to rising supply, potential buyers remained on the sidelines, likely holding out for lower mortgage rates. Once mortgage rates start to head towards the low 6% in 2026, sales will pick up.[1]
As most buyers hold out for lower mortgage rates, million-dollar buyers remain as the primary market drivers, with the share of million-dollar sales climbing to historic highs, led by Palm Beach County (26%), followed by Miami-Dade County (25%), Martin County (22%), Broward County (19%) and St. Lucie County (2%). In the Tri-County area, these shares are more than three times the market shares in 2019.
Halfway through single-family homes closed sales were down from one year ago in Miami-Dade County (-8.7%), Broward County (-6.2%), Palm Beach County (-2.9%), Martin County (-6.5%), and St. Lucie County (-4.3%).
In the condominium/townhomes market, year-to-date sales fell the least in Palm Beach County (-8.9%) and fell the most in Broward County (-17.1%) followed by Miami-Dade County (-16.0%), Martin County (-14.6%), and St. Lucie County (-11.2%). Condominiums 30 years or older as of 2024 make up over 80% of condos in Broward County (86%), Palm Beach County (86%), Martin County (86%) and a smaller fraction in Miami-Dade County (61%) and St. Lucie County (71%), according to MIAMI REALTORS® analysis of county property records.
[1] Southeast Florida Housing Outlook June 2025 Update: Home Sales Rebound in 2026 as Mortgage Rates Decline to Below 6% – MIAMI REALTORS®
