Condos struggle in Miami, but luxury homes are in the money. See sales, prices
Big bucks for fancy homes drove South Florida home sales in July, according to the Miami Association of Realtors.
So far this year, there have been 262 home sales of $10 million and over in Miami-Dade, Broward and Palm Beach counties. If that pace continues, real estate analysts say, South Florida is projected to have 426 ultra-luxury sales by the end of the year. That’s just shy of a record 444 set in 2022 when people were cocooning in homes during the pandemic.
“Miami is where ultra-high-net-worth individuals want to live,” Miami Association Chairman of the Board Eddie Blanco said in a statement.
But for the rest of us, rising costs and struggles with securing financing are keeping many prospective buyers out of the market.
Overall, condo sales in Miami-Dade County fell more than 17% in July, compared with a year ago, July 2024.
In Broward, the drop was 7.5% in a year-to-year comparison.
A bright spot? Broward condo sales inched up by more than 130 properties as the median prices dipped a bit. So are spiraling condo association fees and burdensome assessments.
A new condo safety law reform went into effect on July 1 to give condo owners and associations a chance to exhale regarding the race to fund reserves. But it didn’t gut the core of Florida’s new condo safety regulations in the afternmath of the Surfside Champlain Towers South condo collapse tragedy that killed 98 people in June 2021.
That means condo associations must eventually make big-ticket repairs, and unit owners will have to pay for them.
MORE: Will Florida’s new condo law help ease affordability crisis? See changes
Here’s a breakdown of costs and sales in the South Florida housing market in July 2025 compared to the same period a year ago:
What is the median sale price of a condo?
Miami-Dade: $406,000 in July, down from $424,950 a year ago. The price is down from June’s median of $445,000. Broward: $265,000 in July, down from $272,500 a year ago. The price is down from June’s median of $269,950.
What is the median sales price of a single-family house?
Miami-Dade County: $660,000 in July, down from $670,000 a year ago. The price is down from June’s median of $670,000. Broward County: $620,000 in July, down from $625,000 a year ago. The price is down from June’s median of $629,950.
How much did prices change from a year ago?
Miami-Dade: Down 1.5% for houses, down 4.5% for condos. Broward: Down 0.8% for houses, down 2.8% for condos.
How many single-family houses sold?
Miami-Dade: 861 sales in July, down from 898 in June and 1,008 a year ago. Broward: 1,055 sales in July, up from 1,030 in June and down from 1,131 a year ago.
What were total condo sales?
Miami-Dade: 921 sales in July, down from 945 in June and down from 1,114 a year ago. Broward: 1,047 sales in July, up from 908 in June and down from 1,132 a year ago.
What is the housing inventory in South Florida?
Miami-Dade: 6.6 months of houses, up from 4.4 months a year ago; 14.1 months of condos, up from 9 months a year ago.
Broward: 6 months of houses, up from 4.4 months a year ago; 12 months of condos, up from 8 months a year ago.
Note: A balanced market consists of six to nine months of inventory, with anything below benefiting sellers and anything above benefiting buyers.
