By MIAMI REALTORS Chief Economist Gay Cororaton
Key Takeaways:
- Single-family and condominium/townhome closed sales surged a remarkable 13% across all five Southeast Florida counties in September 2025, with the million-dollar segment accounting for the largest increase in single-family home sales. Pending sales rose 9%.
- The median single-family sale prices rose in the counties of Miami-Dade, Broward, and Palm Beach as active inventory continued to decrease from peak levels.
- The Broward County cities of Coral Springs, Miramar, and Davie topped the list of 7 hot markets.
Download the September 2025 Southeast Florida Housing Report HERE.
Homebuyers came out in force in September resulting in a remarkable year-over-year increase in closed and pending sales in both the single-family and condo market in all five counties – an event that last happened in the second quarter of 2021. We should see this momentum strengthening in the last quarter and though next year as mortgage rates continue to decline towards 6%, as the condo market continues to stabilize, and with demand getting a boost from continued migration of highly skilled workers and retiring Baby Boomers.
Closed sales of single-family homes rose in all Southeast Florida counties in September 2025 from last year’s levels, the first time a year-over-year increase was seen in all counties since June 2021, with double-digit gains in most counties: Miami-Dade (6.9%), Broward (12.9%), Palm Beach (24.8%), Martin (12.9%), and St. Lucie (27.0%). On a combined basis, single-family closed sales surged 15.9%. Single-family pending sales also spiked up 9.5%.
In the condominium/townhomes market, closed sales also rose across all five counties in September compared to one year ago: Miami-Dade (2.4%), Broward (5.5%), Palm Beach (17.4%), Martin (36.2%), and St. Lucie (27.0%). On a combined basis, closed sales rose 8.9%. Condominium/townhome pending sales also increased 7.8%.
Lower mortgage rates appeared to have coaxed buyers to come out of the sidelines. The 30-year rate further fell to an average of 6.35% in September, the fourth month of decline since June (6.82%).
In the condominium market, recently passed regulation (HB 913) intended to ease the sudden financial burden for condominium homeowners and associations appears to be buoying the market. HB 913 that took effect on July 1, 2025 increased the replacement cost of repairs required to be reserved and considered in the Structural Integrity Reserve Study (SIRS) from $10,000 to $25,000 and allows a unit-owner-controlled association to fund reserves by a line of credit or a loan.
Million-dollar single-family sales rose at the fastest pace compared to sales in lower price tiers
Single-family sales rose across price tiers, but sales of million-dollar homes rose the fastest, posting phenomenal double-digit increases in Miami-Dade (25%), Broward (23%), Palm Beach (28%), and Martin (35%).
In the condominium/townhome market, million-dollar sales rose in Miami-Dade (13%) and Broward (43%).
The robust growth of million-dollar homes is likely driven by high wage-earners moving from other states for job opportunities in the Miami market area and retiring Baby Boomers seeking the Southeast Florida lifestyle and tax advantages of living in Florida. Driver license exchanges data shows the sharpest increase in movers from California since 2019, up 66% in the first three quarters of 2025 compared to the same period in 2019. (see California-to-Miami Migration Trend Accelerates – MIAMI REALTORS®)
Single-family prices likely to continue rising with peak active inventory buildup over
Single-family home prices have generally trended upwards since 2019 due to a higher share of million-dollar homebuyers and distressed sales that make up less than 1% of sales. Fewer listings on the market have constrained the buildup in active inventory to below pre-pandemic levels.
The median single-family sales price rose in the counties of Miami-Dade (1.8%) and Broward (1.8%) and was unchanged in Palm Beach (0%).
Home prices are likely to rise modestly, with the active inventory hitting in April through June in the Tri-County area, with inventory levels now declining. As of September 2025, the active inventory of single-family home is down compared to the peak levels in Miami-Dade (-4%), Broward (-10%), Palm Beach (-14%), Martin (-18%), and St. Lucie (-14%).
