Falling prices, more condo units for sale and lower mortgage rates are helping stabilize the South Florida market while single family home price increases keep cooling off.

November was a volatile month of data on the regional real estate market. The pace of condo sales in Palm Beach County shot up more than 20% compared to a year ago. Sales volume was down almost 4% in Miami-Dade County and flat in Broward County, according to data from the Miami Realtors Association.

The pop in Palm Beach County condo sales activity came as median prices rose for the first time in nine months, up 3.2% from a year earlier. The fall-off in prices, monthly increases in inventory and the decline in mortgage rates may have helped spur on sales activity. Miami-Dade median condo prices fell almost 10% from last November, continuing a five-month streak of annual declines. The median price of a Miami-Dade condo fell below $400,000 in November for the first time in three years. “New state condo regulations are making Miami condos more resilient, financeable, stronger and safer, and buyers know older condos boast location, value and affordability,” Miami Realtors Association Chairman Eddie Blanco in a statement. “Many of Miami’s older condos are in prime locations in a market where land is limited. Some have a lot of charm with great layouts and the key is affordability.” Statewide, Florida Realtors Chief Economist Brad O’Connor was guarded in his assessment of developing stability in the state’s condo market.

The skyline of Brickell and downtown Miami from Virginia Key

 

”It is typically difficult to extrapolate end of year trends into next year's spring buying season, but we're not seeing anything in these sales numbers that give us a reason to be pessimistic as the year turns over,” he said. “A substantial amount of latent demand is waiting to be unlocked throughout Florida as affordability improves. And affordability really is improving, just at a snail's pace as (mortgage) rates inch slowly downward.”

 

The average 30-year fixed rate mortgage in November was about 6.2%, down more than a half percent from a year earlier. The difference saves about $100 a month on a $250,000 mortgage.

After a sharp rise thanks to pandemic-era demand, condo prices and sales activity declined with reforms put in place for condominium owner associations after the collapse of the Champlain Towers South condo building in Surfside, which killed 98 people in 2021. The reforms require structural inspections, repairs and financial cushions for older condo buildings throughout the state.

Price declines have moderated as more units went up for sale and falling borrowing rates helped encourage buyers.

So has demand from new residents.

Florida’s Demographic Estimating Conference predicts the state population eclipsed 23 million last year, and expects more than 300,000 new residents per year through the end of this decade.

U-Haul rated Florida as the number two state for population growth based on its one-way rentals in 2025.

“We're seeing a lot of large populations migrating down from the Midwest,” said Chad Rome, whose U-Haul territory includes parts of Florida. “North Carolina and Georgia — that's predominantly where we're seeing the migration flow in from.”

South Florida’s single family home prices continue growing, albeit at a slower pace. Median single family home prices across the three major counties fell slightly in November from October, but kept on an annual basis. The supply of homes for sale has increased in Miami-Dade County, but it remains a relatively tight supply throughout the region with between four to six months of inventory.

O’Connor noted statewide, the number of single family homes and condos for sale remains well below what the state experienced during the Great Recession. “The current level of single family inventory at about half the level of inventory we had at this time in 2008.”