MIAMI — Broward County $1M and up condo sales and condo cash buyers increase year-over-year, according to July 2025 statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Broward County $1M and up condo sales rose 79% year-over-year in July 2025, from 24 to 43. Broward condo cash buyers increased 8.6% year-over-year in July 2025, from 524 to 569.
“Broward County and Fort Lauderdale real estate is located in the middle of a thriving South Florida region,” BROWARD-MIAMI President Larry Singh said. “Now with the Brightline train connecting our three counties and even further up north in Orlando only adds to our value proposition.”
South Florida Ultra-Luxury Sales on Pace to Set Records
South Florida is on pace to post the second-most $10M and up home sales for a calendar year. Miami-Dade, Broward and Palm Beach counties have accounted for 262 $10M and up home sales thus far in 2025. At its current selling pace, South Florida is projected to have 426 ultra-luxury sales by the end of the year. That would be just shy of the record 444 set in the pandemic home-buying craze of 2022.
Total sales in July 2025 declined 7.1% year-over-year in Broward, from 2,263 to 2,102, due to elevated mortgage rates and a lack of inventory in key price points. The total doesn’t include South Florida’s new construction, pre-construction and condo conversion sales because they are largely not reported in the MLS. But MIAMI led the charge to publish a first-ever report.
International buyers purchased 49% of new South Florida construction, pre-construction and condo conversion sales over an 18-month period ending in June 2025, according to MIAMI REALTORS® first-ever New Construction Global Sales Report. Data was aggregated from 9,115 units in 37 new construction condominium projects in the Miami market area. MIAMI collaborated with Cervera Real Estate, ISG World, PMG, SERHANT. New Development and ONE Sotheby’s International Realty for the report.
Broward single-family home sales declined 6.72% year-over-year in July 2025, from 1,131 to 1,055.
Broward County $1M & Up Condo Sales Rise
Broward County $1M and up condo sales rose 79% year-over-year in July 2025, from 24 to 43. Broward condo cash buyers increased 8.6% year-over-year in July 2025, from 524 to 569.
Broward total condo sales declined 7.51% year-over-year in July 2025, from 1,132 to 1,047. The decline is due to elevated mortgage rates, lack of inventory at key price points and lack of FHA loans. The lack of Federal Housing Administration loans for many 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%.
Broward Condominium Sale Prices Have Appreciated 93% in the Last 10 Years
Broward condo prices have risen 93% from July 2015 to July 2025, from $137,000 to $265,000.
Broward existing condo median prices decreased 2.75% year-over-year in July 2025, from $272,500 to $265,000.
Broward County single-family home median sale prices decreased 0.8% year-over-year in July 2025, from $625,000 to $620,000.
Broward single-family prices have risen 98.8% from July 2015 to July 2025, from $311,900 to $620,000.
South Florida remains a bargain in comparison to other global cities. For $1M, homebuyers can purchase 58 square meters of prime property in Miami, according to the 2025 Knight Frank Wealth Report. 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.
South Florida Real Estate Home Equity & Appreciation is Nearly 2X the National Figure
Home equity is crucial for wealth building, provides a financial safety net, investment opportunities, refinancing options and more.
Miami’s home equity gains are nearly two times the national figure. Home equity gains on a Miami single-family home purchased in Q4 2009 and sold in Q4 2024 is $555,900 versus the U.S. average at $306,600, according to MIAMI REALTORS® Research.
Home equity gains on a Miami condo purchased in Q4 2009 and sold in Q4 2024 is $342,600 versus the U.S. average of $252,000.
Over the last five years, the average homeowner’s wealth has increased by $140,900, according to NAR. Research also shows a growing wealth gap between owners and renters: Based on the latest Federal Reserve Survey of Consumer Finance, NAR projected in March that homeowners’ median net worth would reach $430,000 in 2025 versus $10,000 for renters.
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.
Mortgage Rates Stay Elevated as Fed Keeps Rates Steady
The Fed is holding rates steady with concerns about inflation.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.72% in July, down from 6.85% one year ago.
“Buyers continue to gain the upper hand with sellers more willing to accept bigger price discounts,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “We will likely see a buyer’s market through mid-2026, but competition could easily heat up in late 2026 as mortgage rates head towards the low 6%.”
Total Broward Inventory is Below Pre-Pandemic; New Listings Drop
Total active listings at the end of July 2025 increased 27.7% year-over-year, from 13,471 to 17,205.
New listings for all Broward properties decreased 5.2%, from 3,607 to 3,420. This shows there is no rush to list and that the rise in active listings could decline in the future.
Inventory of single-family homes increased 31.25% year-over-year in July 2025 from 4,483 active listings last year to 5,884 last month.
Condominium inventory increased 25.96% year-over-year in July 2025, from 8,988 to 11,321 listings during the same period in 2024, but the total is still below pre-pandemic.
Months’ supply of inventory for single-family homes is 6 months, which indicates a balanced market. Inventory for existing condominiums is 12 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 is at 1.55 million units, up 0.6% from June and increased 15.7% from July 2024 (1.34 million). 4.6-month supply of unsold inventory, down from 4.7 months in June and up from 4 months in July 2024.
Broward Real Estate: $271 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 2,102 homes in July 2025 for a local economic impact of $271 million.
Broward total dollar volume decreased 6.8% year-over-year in July 2025 to $1.2 billion.
Single-family home dollar volume decreased 6.1% year-over-year to $869 million. Condo dollar volume decreased 9.2% year-over-year to $361 million.
Broward Distressed Sales Remain Low, Reflecting Healthy Market
Only 1.1% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, versus 0.8% in July 2024.
Short sales and REOs accounted for 0.2% and 0.9%, respectively, of total Broward sales in July 2025.
Broward’s percentage of distressed sales are less than the national figure. Nationally, distressed sales represented 2% of sales in July 2025, up slightly from 1% in July 2024.
National and State Statistics
In Florida, closed sales of single-family homes statewide totaled 22,707 in July 2025, down 2.8% year-over-year, while existing condo-townhouse sales totaled 7,381, down 11.8%.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – increased 0.8% year-over-year. For single-family homes, there was 2.0% increase in sales to a seasonally adjusted annual rate of 3.64 million, up 1.1% from July 2024. For condos, there was a 2.8% increase in sales month-over-month to a seasonally adjusted annual rate of 370,000 units, down 2.6% year-over-year.
The statewide median sales price for single-family existing homes was $410,000, down 1.7% 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 $295,000, down 7.7% 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 $422,400 in July 2025, up 0.2% from one year ago ($421,400) – the 25th consecutive month of year-over-year price increases. For single-family homes– $428,500: Median home price in July, up 0.3% from last year. For condos– $362,600: Median price, down 1.2% from July 2024.
Broward Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95% in July 2025. The median percent of original list price received for existing condominiums was 91%.
The median number of days between listing and contract dates for Broward single-family home sales was 43 days, up from 30 days last year. The median time to sale for single-family homes was 81 days, up from 69 days last year.
The median number of days between the listing date and contract date for condos was 71 days, up from 49 days. The median number of days to sale for condos was 108 days, up from 93 days.
Broward Cash Sales More than National Figure
Cash sales represented 36.8% of Broward closed sales in July 2025, compared to 34.8% in July 2024. About 31% 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 54.3% of all Broward existing condo sales and 19.5% of single-family transactions.
To access July 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 288 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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