By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- The expected home equity on a single-family home purchased 15 years ago at the median sales price and valued at the median sales price as of 2025 Q2 is around $500,000.
- Over the past 15 years since the Great Recession, Southeast Florida’s price appreciation has outpaced the nation. In Miami-Dade County, single-family home prices rose 9% on average annually from 2010 Q2 – 2025 Q2 compared to 6% nationally.
- Homeowners are equity-rich, with home equity at 80% or more of the home value. This means homeowners are not likely to sell their through a foreclosure or short sale.
Read the 2025 Q2 Housing Wealth in Southeast Florida Report HERE.
Homeownership has created significant wealth for Southeast Florida homeowners over the past 15 years since the Great Recession. In the Tri-County area, the expected home equity on a single-family home purchased 15 years ago at the median sales price and valued at the median sales price as of 2025 Q2 is around $500,000, with price gains accounting for 80% of home equity.
Among single-family homeowners who purchased a home 15 years ago at the median sales price, the expected home equity(median sales price in 2025 Q2 less the loan balance) is higher in all Southeast Florida counties compared to the national estimate ($322,238): Miami-Dade County ($565,898), Broward County ($506,276), Palm Beach County ($495,592), Martin County ($469,531), and St. Lucie County ($333,479).
Among condominium/townhome owners who purchased a home 15 years ago at the median sales price, the expected home equity (median sales price in 2025 Q2 less the loan balance) is higher than the national estimate ($264,543) in Miami-Dade County ($363,733), but lower in Broward County ($226,189), Palm Beach County ($258,986), Martin County ($212,588), and St. Lucie County ($262,800).
Southeast Over the 15-year period from 2010 Q2 through 2025 Q2, Southeast Florida’s home prices appreciated at a pace faster than the nation as the area recovered from the Great Recession, out-of-state and international migration rose and recovered in the wake of the COVID-pandemic, and as job growth and out-of-state job flows intensified. The area continues to experience stronger job growth than the nation and sustained domestic and international migration relative to pre-pandemic levels even as migration and job growth has slowed amid increased macroeconomic uncertainty, according to MIAMI Research [1].
Across all counties, the cumulative price increase in the median single-family sales prices over the past 15 years has outpaced the national increase (+143%, 6% annual) in Miami-Dade County (+275%, 9% annual), Broward County (214%, 8% annual), Palm Beach County (176%, 7% annual), Martin County (156%, 6% annual), and St. Lucie County (289%, 9% annual).
The cumulative appreciation of condominium/townhome sales prices have also outpaced the nation over the past 15 years (112%, 5% annual) in Miami-Dade County (252%, 9% annual), Broward County (244%, 8% annual), Palm Beach County (220%, 8% annual), Martin County (197%, 8% annual), and St. Lucie County (241%, 9% annual).
High homeowner equity of 80% for both single-family and condo owners
Single-family and condominium/townhome homeowners who purchased a home 15 years ago are equity-rich, with the expected home equity at 80% or more of the typical current market value (median sales price in 2025 Q2). This significant home equity means that homeowners can still sell their homes profitably in this current downturn. There is also little pressure for homeowners to sell their homes through foreclosure or a short sale. Currently, distressed home sales account for about 1% of total home sales in Southeast Florida. The low level of distressed homes on the market should prevent a steep decline in prices such as in the Great Recession.
