While sales of luxury condominiums are rising in Miami-Dade County, the broader condominium market continues to skyrocket, with future buyers struggling with rising funding and costs.
Miami-Dade condominium sales fell 25% from May last year, according to a new June sales report released Monday by the Miami Realtor Association. Sales of Broward condos fell 24%, similarly compared to last year.
Future buyers looking for affordable or middle market condominiums are increasingly frozen from the market due to high mortgage fees, strict financing requirements and rising costs.
In contrast, condo sales prices have skyrocketed in sales of over $1 million since May 2019 before the pandemic.
Not only has the condo sales slowed, but the prices for Miami-Dade condominiums remain flat, with a median price of $425,000. Miami condo prices have been steadily rising over the past 14 years.
“Revenue remains weak as mortgage rates hover at nearly 7%,” said Gay Colloraton, chief economist at the Miami Realtor Association, in a statement. “The good news is that we are, of course, expected to resume that interest rate cuts later this year, as affordable conditions improve.”
Miami condominium inventory is also rising, but it wasn’t enough to resolve the affordability crisis.
While existing condo inventory in Miami is on the rise, new lists are on the decline. This is an indication that some owners may be hesitant to sell due to concerns about market conditions and prices moving elsewhere.
At this point, the Miami condominium market is an extreme photo. Sales of luxury units are booming, but overall condominium sales are sluggish despite steady prices as middle class buyers feel that condominium ownership is increasingly out of reach.
This compares to the same period a year ago, compared to the breakdown of costs and sales in the South Florida housing market in May 2025.
What is the median selling price for a condominium?
Miami-Dade: $425,000 in May, unchanged since May last year. It has fallen slightly since April 2025, when the median value was $445,450.
Broward: Prices rose to $280,000 since April 2025, down from $275,000 in May, down from $282,000 the previous year.
What is the median selling price for a detached house?
Miami-Dade County: $675,000 in May, up from $650,000 the previous year.
Broward County: $625,000 in May, with no changes from the median value a year ago.
How much has the price increased over the past year?
Miami-Dade: For homes it’s 3.8%, and there are no changes to the condo compared to a year ago.
Broward: Median home prices remained unchanged, with condo prices down 2.5% compared to a year ago.
How many detached houses are available for sale?
Miami-Dade: 943 sales in May fell from 1,102 a year ago.
Broward: 1,110 sales in May, down from 1,249 a year ago.
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What was the total sales of the condo?
Miami-Dade: 970 sales in May, down from 1,295 a year ago.
Broward: 1,014 sales in May, down from 1,334 a year ago.
