MIAMI — South Florida is on pace to post the second-most $10M and up home sales for a calendar year as median prices for affordable 30-year Miami-Dade condo units stay even, according to July 2025 statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
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 2021.
“Miami is where ultra-high-net-worth individuals want to live,” MIAMI Chairman of the Board Eddie Blanco said. “Miami real estate offers more bang for your millions, a business-friendly government, no state income tax, FinTech hub, 365-day sunny weather and more. Meanwhile, the data shows that affordable 30-year condo units are maintaining their price appreciation. The condo market is the entry market for first-time homebuyers.”
Miami-Dade 30-year condo units had a median price of $294,000 in July 2025, a negligible difference from $298,500 in July 2024. Demand remains for these properties, and at a price point for first-time homebuyers.
New state condo regulations went into effect Jan. 1, 2025 requiring inspections of older condominium buildings, and adequate reserves for repairs. In the long term, the regulations will make all Miami condos more resilient, stronger and safer. Condo buildings that were previously not financeable because they didn’t have the proper reserves, will now be financeable. This will increase buyer affordability and opportunity.
Ultra Luxury: Miami-Dade Single-Family Home Sales over $3,000 Per Square Foot Soar
Miami-Dade single-family home sales over $3,000 per square foot are soaring, adding another data point to Miami’s top-ranked ultra-luxury sales market. The market boasted an incredible 28 single-family home sales over $3,000 per square foot from January-July 2025, up 115% from January-July 2024. Miami-Dade had zero of those sales pre-pandemic 2019.
Total sales in July 2025 declined 16% year-over-year in Miami, from 2,122 to 1,782, 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.
Miami single-family home sales declined 14.6% year-over-year in July 2025, from 1,008 to 861.
$2M and up Miami-Dade Condo Sales Stay Even
Miami-Dade $2M and up condo sales stayed even year-over-year in July 2025 at 59 sales, illustrating South Florida’s robust condo luxury market.
Miami total condo sales declined 17.3% year-over-year in July 2025, from 1,114 to 921. 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%.
Miami-Dade Condominium Sale Prices Have Appreciated 108% in the Last 10 Years
Miami condo prices have risen 108.2% from July 2015 to July 2025, from $195,000 to $406,000.
Miami existing condo median prices decreased 4.46% year-over-year in July 2025, from $424,950 to $406,000. Miami condo median prices have stayed even or increased in 161 of the last 170 months, a span that covers 14+ years.
Miami-Dade County single-family home median sale prices decreased 1.5% year-over-year in July 2025, from $670,000 to $660,000. Miami single-family median prices have risen in 163 of the last 164 months (13+ years).
Miami single-family prices have risen 138.3% from July 2015 to July 2025, from $277,000 to $660,000.
Miami 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.
Miami 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 Miami Inventory is 16.1% Below Pre-Pandemic; New Listings Drop
Total Miami-Dade inventory (18,377) is 15.6% below July 2019 pre-pandemic inventory (21,906)
Total active listings at the end of July 2025 increased 33.5% year-over-year, from 13,763 to 18,377. Homebuyers are in a great position to find the right home and negotiate for a better price.
New listings for all Miami properties decreased 4.6%, from 3,541 to 3,378. 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 38.89% year-over-year in July 2025 from 3,988 active listings last year to 5,539 last month.
Condominium inventory increased 31.34% year-over-year in July 2025, from 9,775 to 12,838 listings during the same period in 2024, but the total is still significantly below pre-pandemic. Current Miami condo inventory (12,838) is 16.5% below July 2019 pre-pandemic inventory (15,378).
Months’ supply of inventory for single-family homes is 6.6 months, which indicates a balanced market. Inventory for existing condominiums is 14.1 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.
Miami Real Estate: $230 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. Miami-Dade sold 1,782 homes in July 2025 for a local economic impact of $230 million.
Miami-Dade total dollar volume decreased 7.6% year-over-year in July 2025 to $1.8 billion.
Single-family home dollar volume decreased 9.37% year-over-year to $1 billion. Condo dollar volume decreased 4.87% year-over-year to $772 million.
Miami Distressed Sales Remain at Historic Lows, Reflecting Healthy Market
Only 1.6% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, versus 1.2% in July 2024. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.3% and 1.3%, respectively, of total Miami sales in July 2025.
Miami’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.
Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94% in July 2025. The median percent of original list price received for existing condominiums was 93%.
The median number of days between listing and contract dates for Miami single-family home sales was 44 days, up from 29 days last year. The median time to sale for single-family homes was 85 days, up from 72 days last year.
The median number of days between the listing date and contract date for condos was 65 days, up from 51 days. The median number of days to sale for condos was 107 days, up from 92 days.
Miami Cash Sales More than National Figure
Cash sales represented 37.1% of Miami closed sales in July 2025, compared to 35.6% 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 Miami’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 48.7% of all Miami existing condo sales and 24.7% of single-family transactions.
To access July 2025 Miami-Dade 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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