What’s happening with condo and house prices in Miami and Broward? Look at the numbers
Home sales are on the rise in Miami-Dade County.
Deals made on single-family homes and higher-end condos, those valued at $1 million and up, surged in December 2024 after experiencing a summer slump, according to statistics released Friday, Jan. 24, by the Miami Association of Realtors and the Miami Southeast Florida Multiple Listing Service.
But the overall condo market is still struggling, with prospective buyers having trouble getting loans, according to the report.
Then there is buyer hesitation even before the loan issues, with condos facing spiraling assessments and monthly fees, along with requirements to have a spending plan for repairs under a Florida law that took effect in 2025.
But overall, the residential real estate market in South Florida is robust.
“Now that the presidential election is over and we have more certainty, buyers who have been waiting on the sidelines are now making moves,” Eddie Blanco, chairman of the board for the Miami Association of Realtors and a real estate broker at the Palm Springs North office of Stratwell, said in a statement.
“South Florida leads the U.S. in price appreciation, migration, luxury sales, global buyers and more. Even with mortgage rates topping 7%, Miami total sales surged in December 2024,” he said. “That speaks to our high-demand, low-supply market.”
Broward County’s real estate market also bubbled with activity, including a nearly 10% bump in single-family home sales.
But a dip in condo sales pulled overall sales down by under 1%, according to the report.
The decline in condo activity can be partly blamed on struggles to obtain condo financing or find inventory at the price level the buyer wants to pay. A lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings also slowed sales, according to the report.
For instance, 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.
But even with the condo obstacles, “Broward County, or Fort Lauderdale specifically, is one of the hottest places to move in the country right now,” said Larry Singh, the 2025 Broward-Miami president of the Realtors association. “Because of the lack of supply in Miami-Dade County, the overflow is pouring into Broward County. That is pushing up the sale price because there is so much demand right now for South Florida.”
Realtor.com ranked the Miami-Fort Lauderdale-Pompano Beach region as the No. 2 Top Housing Market in the U.S. for 2025, behind Colorado Springs. The Realtor group forecast a 24% year-over-year increase in sales and a 9% increase in median sale prices for 2025. Miami ranked second nationwide in home-price appreciation, according to the January 2025 CoreLogic U.S. Home Price Insights.
Here’s a breakdown of costs and sales in South Florida in December 2024:
What is the median sales price of a single-family home?
Miami-Dade County: $675,000, up from $610,000 in December 2023.
Broward County: $620,000, up from $570,000 in December 2023.
What is the median sales price of a condo?
Miami-Dade: $430,000, up from $410,000 in December 2023.
Broward: $283,250, up from $275,000 in December 2023.
How much did prices increase from a year ago?
Miami-Dade: 10.7% houses, 4.9% condos.
Broward: 8.8% houses, 3% condos.
What were total home sales in December?
Miami-Dade: 1,764 sales, up from 1,714 sales a year ago.
Broward: 1,886, down from 1,901 a year ago.
What is the housing inventory in South Florida?
Miami-Dade: 5.2 months of houses, 11.1 months of condos
Broward: 4.6 months of houses, 9.8 months of condos.
Note: A balanced market consists of six to nine months of inventory, with anything below benefiting sellers and anything above benefiting buyers.
