As real estate demand softens, Miami-Dade apartments show the weakest numbers, according to new data from the county real estate appraiser’s office.
According to a June 1 report on the taxable value across Miami-Dade, real estate values for existing residential and commercial properties increased by around 7% in the beginning of 2025. However, if it was separated only to existing apartments, the value fell slightly since its launch in 2024. This is a decrease of less than 1%, according to property appraiser Thomas Legalad.
“Condominiums are the next major crisis due to the perfect storm,” Regarado said at a press conference Monday that he discussed the annual report from his office.
The first-term Republican said the state has recently been obligated to maintain condominiums, stricter certification rules and higher insurance costs, weighing in the apartment market and reducing demand from buyers.
Regarado’s figures come from months of analysis by staff in his office to determine the value of over 900,000 properties across Miami-Dade, and how that value should be reflected in the annual property tax invoice.
Numbers released by Regalado’s office will earn taxable value. This deducts the market value of the property and deducts and exemptions required by state law.
The report, released on May 30, showed an overall increase of 8.5% across Miami-Dade. This includes existing structures and new construction for 2024. This is the first single-digit profit since 2021, down from 10.7% growth last year, when the communal pandemic began disrupted real estate sales.
“In a nutshell, the real estate market appears to be stable after years of wild growth,” Regarado said at a press conference.
His office did not have detailed value statistics for condos in 34 municipalities in the county. However, Regarado said some of the worst-performing condominium markets are on the Miami coast, with a 6.6% drop in value and a 5% drop in the value of the condominium to Coral Gable.
Also, list reduction: Aventura and North Bay Village, both have a 4% decline. North Miami fell 3.4%. South Miami, down 1.9%.
On the other side of the spectrum is a market where condominium values continue to grow. West Miami, a small housing market with just 83 condominiums in early 2024, saw 18% of the taxable value of the apartments in early 2025.
The decline in value is average for each market, covering only existing condominiums at the beginning of 2024. The condo units built last year are not part of the analysis, Regalado said.
Regarado’s discouraged news for condo sellers, and encouragement figures for those who become buyers, reflect other signs of softness across the real estate market.
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Miami and Tampa were the only subway areas that showed a slight decline in household value in a national report for the last 20 cities from the S&P CoreLogic Case-Shiller Index, which tracks single-family home prices.
Condo and townhome sales fell 21% in Miami-Dade in April, according to the latest report from the Miami Realtor Association. The median selling price of $445,000 has been slightly changed for a year ago. Single-family home sales fell 11%, while prices rose 4% to $680,000.
