Miami-Dade County’s housing market continued to show resilience in the single-family sector in November 2025, with sales rising for a third consecutive month despite higher borrowing costs and increasing inventory, according to data from the Miami Association of Realtors.
Existing single-family home sales increased 5.3% year over year to 754 transactions, highlighting the segment’s durability. The median price rose 3.3% to $671,250, extending one of the longest appreciation streaks in the country. Miami’s single-family home prices have increased in 167 of the past 168 months, resulting in a cumulative gain of nearly 145% since 2015.
By contrast, the condominium market showed further signs of softening. Existing condo sales declined 3.8% from a year earlier to 764 units, while the median price fell 9.5% to $395,000. Even with the recent decline, condo prices in Miami have nearly doubled over the past decade and have remained flat or higher in 162 of the last 174 months.
Overall residential dollar volume strengthened, rising 8.5% year over year to $1.4 billion. Single-family transactions accounted for $861 million, up 10%, while condominium sales generated $581 million, a 6.4% increase.
The prolonged market expansion has created significant wealth for homeowners. According to research from Miami Realtors, single-family homes purchased in the fourth quarter of 2009 and sold in the fourth quarter of 2024 produced average equity gains of $555,900, nearly double the national average of $306,600. Condo owners recorded average gains of $342,600, compared with $252,000 nationwide.
This long-term appreciation has widened the wealth gap between homeowners and renters. The National Association of Realtors reported that homeowners’ average wealth increased by $140,900 over the past five years. Based on Federal Reserve data, NAR estimates median homeowner net worth at $430,000 in 2025, compared with just $10,000 for renters.
Inventory trends point to a gradual move toward more balanced conditions. Active listings rose 13.5% year over year to 18,287 but remain 16.7% below pre-pandemic levels seen in November 2019. New listings have slowed, and inventory growth has eased from earlier peaks.
Single-family listings increased nearly 16% to 5,554 units, translating into a 6.5-month supply—generally considered a balanced market. Condominium inventory grew 12.5% to 12,733 units, though it remains more than 17% below pre-pandemic norms. The condo segment posted a 14.1-month supply, clearly favouring buyers.
At the national level, unsold housing inventory totaled 1.43 million units in November, up 7.5% from a year earlier and representing a 4.2-month supply, according to NAR.
Seller concessions have become slightly more common. In November, single-family homes sold for a median of 94% of their original list price, while condos achieved 93%. Marketing times also lengthened, with median days from listing to contract reaching 46 for single-family homes and 72 for condominiums. Total time to close extended to 83 days and 111 days, respectively.
Distressed sales remained limited, accounting for 2.4% of closings, down sharply from roughly 70% at the market’s 2009 low. Short sales represented 0.3% of transactions, while REO properties made up 2.0%, in line with national trends.
Cash transactions continued to dominate, comprising 36.8% of November sales—well above the national average of about 27%. Nearly half of all condo purchases were completed in cash, compared with roughly one-quarter of single-family home transactions.
Overall, rising inventory and longer selling times are improving buyer negotiating power, while sellers continue to benefit from Miami’s exceptional long-term price performance, which remains among the strongest in the U.S.
