MIAMI -- Miami-Dade County $1M and up condominium sales surged in August 2025 as demand continues for affordable 30-year Miami-Dade condo units, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).

Miami $1M and up condo sales increased 10.8% year-over-year in August 2025, from 120 to 133. Miami-Dade 30-year and older condo units had a median price of $280,000 in August 2025, a negligible difference from $290,000 in August 2024. Demand remains for these properties, and at a price point for first-time homebuyers.

"Miami older condos represent affordability and opportunity," MIAMI Chairman of the Board Eddie Blanco said. "Older condos are the entry market into the nation's top real estate market, and many of these older condos are in prime locations. Land is limited in South Florida so their location is a major selling point. And the future of these buildings is only going to get better."

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 give Miami the strongest, most resilient inventory in the nation. 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 $5M and Up Total Sales Rise Double Digits, Exemplifying Wealth Migration

Total $5M and up Miami transactions increased 11.8% year-over-year in August 2025, from 34 to 38. This underscores the ongoing trend of wealth moving to South Florida.

South Florida is on pace to post the second-most $10M and up home sales for a calendar year. 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.

Total sales in August 2025 declined 10.7% year-over-year in Miami, from 2,022 to 1,788, due to elevated mortgage rates and a lack of inventory in key price points. The market is moving towards balance, which is healthy after the pandemic home-buying craze.

The sales 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 8.2% year-over-year in August 2025, from 964 to 885.

Miami-Dade $1M & Up Condo Sales Surge

Miami $1M and up condo sales increased 10.8% year-over-year in August 2025, from 120 to 133.

Miami total condo sales declined 13% year-over-year in August 2025, from 1,038 to 903. 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 102% in the Last 10 Years
 

Miami condo prices have risen 102% from August 2015 to August 2025, from $203,500 to $410,000.

Miami existing condo median prices decreased 1.2% year-over-year in August 2025, from $415,000 to $410,000. Miami condo median prices have stayed even or increased in 161 of the last 171 months, a span that covers 14+ years.

Miami-Dade County single-family home median sale prices increased 2.3% year-over-year in August 2025, from $640,000 to $655,000. Miami single-family median prices have risen in 164 of the last 165 months (13+ years).

Miami single-family prices have risen 150% from August 2015 to August 2025, from $262,000 to $655,000.

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.

Fed Finally Cuts Rates; Mortgage Rates Declining
The Fed cut rates by 25 basis points last week, with Fed Chair Jerome Powell signaling the possibility of two more cuts before year-end. South Florida's luxury market soared with elevated rates. With rates declining, it only merits reason a high-demand, low-supply market like South Florida will shine with a reduction in mortgage rates.

According to Freddie Mac, the 30-year fixed-rate mortgage was 6.26% on Sept. 18, 2025.

"The Miami market area's housing outlook is only poised to turn even brighter as mortgage rates continue to head to 6% by year-end in the wake of the Fed's latest rate cut," MIAMI REALTORS® Chief Economist Gay Cororaton said. "In August, we saw buyer momentum and confidence building up based on several indicators: more pending sales for both single-family and condo than last year, peak inventory levels starting to come down, and single-family prices up broadly from one year ago."

Total Miami Inventory is 16.6% Below Pre-Pandemic; New Listings Drop
 

New listings continue to fall each month and active listings are not growing as fast as they were at the start of the year.

Total Miami-Dade inventory (17,998) is 16.6% below August 2019 pre-pandemic inventory (21,587).

Total active listings at the end of August 2025 increased 26.1% year-over-year, from 14,277 to 17,998. Homebuyers are in a great position to find the right home and negotiate for a better price.

New listings for all Miami properties decreased 10.73%, from 3,681 to 3,286. 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 28.16% year-over-year in August 2025 from 4,183 active listings last year to 5,361 last month.

Condominium inventory increased 25.19% year-over-year in August 2025, from 10,094 to 12,637 listings during the same period in 2024, but the total is still significantly below pre-pandemic. Current Miami condo inventory (12,637) is 16.9% below August 2019 pre-pandemic inventory (15,202).

Months' supply of inventory for single-family homes is 6.4 months, which indicates a balanced market. Inventory for existing condominiums is 14 months, which indicates a buyer's market. A balanced market between buyers and sellers offers between six- and nine-months supply.

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 1,788 homes in August 2025 for a local economic impact of $230.6 million.

Miami-Dade total dollar volume increased 0.3% year-over-year in August 2025 to $1.7 billion.

Single-family home dollar volume increased 1.62% year-over-year to $1.02 billion. Condo dollar volume decreased 1.58% year-over-year to $671 million.

Miami Distressed Sales Remain at Historic Lows, Reflecting Healthy Market
Only 1.8% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, versus 0.9% in August 2024. In 2009, distressed sales comprised 70% of Miami sales.

Short sales and REOs accounted for 0.1% and 1.6%, respectively, of total Miami sales in August 2025.

Miami's percentage of distressed sales are less than the national figure. Nationally, distressed sales have averaged 2%.

State Statistics

In Florida, closed sales of single-family homes statewide totaled 21,798 in August 2025, down 3.9% year-over-year, while existing condo-townhouse sales totaled 7,424, down 6%.

The statewide median sales price for single-family existing homes was $410,000, down 0.4% 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 $290,000, down 6.5% vs. last year. The median is the midpoint; half the homes sold for more, half for less.

Miami Real Estate Attracting Near List Price

The median percent of original list price received for single-family homes was 94% in August 2025. The median percent of original list price received for existing condominiums was 92%.

The median number of days between listing and contract dates for Miami single-family home sales was 51 days, up from 27 days last year. The median time to sale for single-family homes was 91 days, up from 70 days last year.

The median number of days between the listing date and contract date for condos was 67 days, up from 48 days. The median number of days to sale for condos was 106 days, up from 87 days.

Miami Cash Sales More than National Figure
Cash sales represented 35.6% of Miami closed sales in August 2025, compared to 32.9% in August 2024. About 20% 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 48.1% of all Miami existing condo sales and 22.8% of single-family transactions.