According to the Miami Association of Realtors, the residential real estate market in Miami-Dade County ended 2025 with a strong performance, recording firmer prices over the long term. This performance reflects the market’s resilience despite ongoing affordability challenges and changes in inventory levels.
Improvement in Property Sales
Total residential property sales in Miami-Dade rose by 5.9% year-on-year in December, reaching 1,869 transactions compared to 1,764 a year earlier. Sales of single-family homes increased for the fourth consecutive month by 3.7% to 860 transactions, while existing condominium sales posted notable growth of 7.9% to 1,009 units.
Strong demand continued for relatively affordable condominiums, with sales of units priced between USD 400,000 and USD 600,000 rising by 3% to 243 transactions.
Relative Decline in Prices
Despite the long-term upward trend in property prices, prices recorded a slight year-on-year decline in December. The median price of existing condominiums fell by 2.3% to USD 420,000, while the median price of single-family homes declined by 2.2% to USD 660,000.
Despite this temporary dip, Miami properties have achieved significant gains over the past decade. Condominium prices have more than doubled since December 2015, rising by 102% from USD 207,500 to USD 420,000, while single-family home prices increased by nearly 145% over the same period, from USD 278,500 to USD 660,000. Prices have remained stable or grown during most past periods, reinforcing the market’s strength.
Increase in Supply with Pre-Pandemic Constraints
Available inventory saw a slight increase but remains below pre-pandemic levels. Active listings rose by 8.3% in December to 17,266 units, which is still 17.3% lower than in December 2019.
Listings of single-family homes increased by 12.1% year-on-year to 5,251 units, while condominium listings rose by 6.7% to 12,015 units. However, condominium supply remains nearly 18% below pre-pandemic levels.
In terms of market balance, the inventory of single-family homes reached 6.2 months, indicating a balanced market, while condominium inventory at 13.2 months points to conditions favoring buyers.
Future Development and Restoring Affordability
The acceleration of multi-family housing construction projects is expected to help improve supply and ease price pressures over time. Miami ranked seventh in the United States for permits issued for such units, with 10,695 units approved by August 2025, representing a 43.9% increase year-on-year, according to RealPage reports.
Policymakers and developers are focusing on expanding housing options through Florida’s Live Local Act to increase the availability of affordable housing for all.
