Sales of luxury condos are on the rise in Miami-Dade County, but the broader condo market continues to sputter, with prospective buyers struggling with financing and rising costs.

Condo sales in Miami-Dade fell by 25% from last May, according to a new June sales report released Monday by the Miami Association of Realtors. Condo sales in Broward similarly fell by 24% compared to last year.

Prospective buyers looking for affordable or mid-market condos are increasingly frozen out of the market by high mortgage rates, strict financing requirements and rising costs. In contrast, sales of condos priced at $1 million or more have surged since May 2019, before the pandemic. Not only have condo sales slowed, prices for Miami-Dade’s condos have remained flat, with a median price of $425,000. Miami condo prices have been on a steady rise for the last 14 years. “Sales have remained weak with mortgage rates hovering at near 7%,” Gay Cororaton, chief economist for the Miami Association of Realtors, said in a statement. “The good news is that affordability conditions are on course to improve with the Fed expected to resume its rate cuts in the second half of the year.” Miami’s condo inventory is increasing as well, but it hasn’t been enough to solve the affordability crisis.

The Caribbean Breeze Condominium in Sunny Isles Beach is shown in this 2024 photo. Condo sales have slumped in South Florida.

 

Miami’s existing condo inventory is on the rise, but new listings have fallen, a sign that some owners may be hesitant to sell because of market conditions or worries about the price of moving elsewhere.

For the moment, Miami’s condo market is a picture of extremes. Luxury unit sales are booming, but overall condo sales are in a slump, despite prices holding steady, as middle class buyers find condo ownership increasingly out of reach.

Here’s a breakdown of costs and sales in the South Florida housing market in May 2025 compared to the same period a year ago:

What is the median sales price of a condo?

Miami-Dade:$425,000 in May, with no change from last May. The price has fallen slightly since April 2025, when the median was $445,450.
Broward:$275,000 in May, down from $282,000 a year ago and a slight fall from April 2025, when the price stood at $280,000.

What is the median sales price of a single-family house?

Miami-Dade County:$675,000 in May, up from $650,000 a year ago.
Broward County: $625,000 in May, with no change from the median price a year ago.
 

How much did prices increase from a year ago?

Miami-Dade:3.8% for houses, and no change for condos compared to a year ago.
Broward: No change in the median price for houses, prices for condos fell by 2.5% compared to a year ago.
 

How many single-family houses sold?

Miami-Dade: 943 sales in May,, down from 1,102 a year ago.
Broward: 1,110 sales in May, down from 1,249 a year ago.
 

What were total condo sales?

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.