Miami-Dade County older condominiums are selling faster than newer units showing that demand for well-priced, older condos remains strong in a market that continues to see surging $1M and up condominium year-over-year sales
MIAMI, July 23, 2025 /PRNewswire-PRWeb/ -- Miami-Dade County older condominiums are selling faster than newer units showing that demand for well-priced, older condos remains strong in a market that continues to see surging $1M and up condominium year-over-year sales, according to June 2025 statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Miami-Dade County condos in older buildings (30+ years) are spending less time on the market than those in newer ones (29 years or less): 62 days versus 79, respectively, according to year-to-date data. Miami $1M and up condo sales increased 6.4% year-over-year in June 2025.
"There's a misconception that Miami condo buyers are hesitant to purchase in older buildings, but the data tells a different story," 2025 MIAMI Chairman of the Board Eddie Blanco said. "Demand for well-priced, Miami older condos remain strong, especially when factoring affordability. Condo units in older buildings is our market's entry level for first-time homebuyers and that supply will only improve with the new state condo regulations."
Earlier this year, new state condo regulations went into effect 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.
MIAMI REALTORS® New Construction Data Report Coming Monday, July 28
MIAMI REALTORS® will release a groundbreaking new construction international sales report on Monday, July 28. A collaborative effort between MIAMI and leading developers and brokerages, the report is the first of its kind to provide comprehensive data on new condominium sales, addressing a longstanding need and reshaping how the industry tracks international buyer activity in South Florida.
South Florida is home to one of the most robust new construction markets in the U.S. But statistics reported in MIAMI's monthly statistical news releases don't include South Florida's new construction, pre-construction and condo conversion sales because they are largely not reported in the MLS.
Miami-Dade Condominium Sale Prices Have Appreciated 117% in the Last 10 Years
Miami condo prices have risen 117.1% from June 2015 to June 2025, from $205,000 to $445,000.
Miami existing condo median prices increased 6% year-over-year in June 2025, from $420,000 to $450,000. Miami condo median prices stayed even or increased in 161 of the last 169 months, a span that covers 14+ years.
Miami-Dade County single-family home median sale prices increased 2% year-over-year in June 2025, increasing from $657,000 to $670,000. Miami single-family median prices have risen for 163 consecutive months (13.5 years), the longest running streak on record.
Miami single-family prices have risen 139.3% from June 2015 to June 2025, from $280,000 to $670,000.
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.
Mid-Market Single-Family Home Sales Increase
Miami single-family home sales priced between $600K to $1M rose 3.8% to 352 transactions.
Miami-Dade County total sales decreased 10.1% year-over-year in June 2025, from 2,051 to 1,843. The statistics would be much stronger if they included South Florida's robust developer new construction market and volume. Macroeconomic reasons out of South Florida's control such as elevated mortgage rates, a volatile stock market, lack of condo financing and lack of inventory at key price points are reasons for the decline.
If average mortgage rates were to decline to 6%, NAR forecasts an additional 160,000 renters becoming first-time homeowners and elevated sales activity from existing homeowners.
Miami single-family home sales decreased 7.04% year-over-year (from 966 to 898).
$1M & Up Condo Sales Increase
Miami $1M and up condo sales increased 6.4% year-over-year in June 2025 to 150 sales
Miami total existing condo sales decreased 12.9% year-over-year in June 2025, from 1,085 to 945. The decline is due to lack of condo financing and inventory at key price points.
"Once mortgage rates start to head towards the low 6%, which I see happening in 2026, sales will pick up," MIAMI REALTORS® Chief Economist Gay Cororaton said. "Meanwhile, the million-dollar plus sales segment continues to be a bright spot."
The lack of Federal Housing Administration loans for a large number of 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%.
As a leader in advocacy, MIAMI REALTORS® is working with the Legislature to support our market. MIAMI brought together lawmakers, top experts and more for a sold-out Condo Summit on Feb. 14 that empowered REALTORS® with the latest knowledge and tools. MIAMI followed it up with a Capitol to Closings, 2025 legislative session breakdown on May 8, 2025.
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 6.75% as of July 17, down from 6.77% one year ago.
Total Miami Inventory is 15.6% Below Pre-Pandemic
Total Miami-Dade inventory (18,715) is 15.6% below June 2019 pre-pandemic inventory (22,163)
Total active listings at the end of June 2025 increased 38.5% year-over-year, from 13,517 to 18,715. Miami condo inventory is still below pre-pandemic and new condo listings decreased in June 2025.
Inventory of single-family homes increased 44.29% year-over-year in June 2025 from 3,929 active listings last year to 5,669 last month.
Condominium inventory increased 36.07% year-over-year in June 2025, from 9,588 to 13,046 listings during the same period in 2024, but the total is still significantly below pre-pandemic. Current Miami condo inventory (13,046) is 15.8% below June 2019 pre-pandemic inventory (15,488).
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 registered at the end of June was 1.53 million units, up 15.9% from June 2024 (1.32 million). 4.7-month supply of unsold inventory, up from 4.6 months in May and 4 months in June 2024.
Miami Real Estate: $237 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 1,843 homes in June 2025 for a local economic impact of $237 million.
Miami-Dade total dollar volume decreased 13.4% year-over-year in June 2025 to $1.8 billion.
Single-family home dollar volume decreased 13.12% year-over-year to $1 billion. Condo dollar volume decreased 13.8% year-over-year to $715 million.
Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 1.2% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, versus 1.1% in June 2024. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.3% and 0.9%, respectively, of total Miami sales in June 2025.
Miami's percentage of distressed sales are less than the national figure. Nationally, distressed sales represented 3% of sales in June 2025, unchanged from May and up slightly from 2% in June 2024.
Miami Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 23,827 in June 2025, up 2.8% year-over-year, while existing condo-townhouse sales totaled 7,809, down 6.4%.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – decreased 2.7% month-over-month to a seasonally adjusted annual rate of 3.93 million. No change in sales year-over-year.
The statewide median sales price for single-family existing homes was $412,000, down 3.5% 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 $300,000, 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 $435,300 in June 2025, up 2% from one year ago ($426,900) — a record high for the month of June, and the 24th consecutive month of year-over-year price increases.
Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95% in June 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 42 days, up from 28 days last year. The median time to sale for single-family homes was 85 days, up from 69 days last year.
The median number of days between the listing date and contract date for condos was 68 days, up from 50 days. The median number of days to sale for condos was 107 days, up from 90 days.
Miami Cash Sales More than National Figure
Cash sales represented 37.8% of Miami closed sales in June 2025, compared to 37.9% in June 2024. About 29% 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 49.3% of all Miami existing condo sales and 25.7% of single-family transactions.
To access June 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 http://www.MiamiRealtors.com
Media Contact
Chris Umpierre, MIAMI Association of REALTORS, 3054687047, [email protected], www.MiamiRealtors.com
SOURCE MIAMI Association of REALTORS
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