Condo values are slipping in Miami-Dade. Take a look at numbers from 36 markets
Condominium values are down across Miami-Dade County, with slight declines in the city of Miami and steeper slides on the coast as pressure from new state rules and weaker demand takes a hit on prices, according to data released this week from the Property Appraiser’s Office.
The city of Miami boasts the largest condo market in Miami-Dade, and the values of units built before the start of 2024 dropped 1% as this year began, according to a Miami Herald analysis of the data. That’s compared to a 9% spike in values for existing condos the previous year.
Based on formulaic appraisals used to calculate tax bills, the data offers a broad look at values for nearly 390,000 condo units across Miami-Dade. While they’re just one measure of the county’s real estate market, the figures mostly show that a red-hot market for Miami condos has shifted to one where buyers have far more leverage.
“The real estate market, after years of growth, appears to have stabilized,” Tomás Regalado, the county’s elected property appraiser, said in a statement this week after releasing property-value data for the county, 34 municipalities and the real estate outside of city limits in Miami-Dade’s unincorporated areas.
More recent market data also shows retreating demand for condos, even as prices hold steady. The Miami Association of Realtors said condo sales dropped 25% in May while the typical sales prices was flat.
As with most real estate data, bad news for owners means good news for buyers.
Given the pace of sales, it would take 14 months to sell the nearly 14,000 condos that were listed across Miami-Dade in the spring, according to data from Scott Shuffield, a broker in Coral Gables with Berkshire Hathaway EWM Realty. That’s up from only seven months’ worth of condos for sale a year ago.
“The most encouraging data is that we are seeing more inventory, and therefore more buyer choice,” Shuffield said.
The property-appraisal data released this week show real estate values overall grew by nearly 9% as 2025 began in Miami-Dade, but the solid growth masked some weakness. Most of it came from new construction adding thousands of new condos, houses and commercial buildings to the tax rolls. Values of existing properties in Miami-Dade only grew by 2%.
Values for single-family houses remain in growth mode, up 4.5%. Meanwhile, condos nudged down the average with a value drop of less than 1% countywide.
Here are some notable findings from the report:
Some of the largest value drops came from markets on or near the coast, where ocean views cost a premium. Condo values in Aventura dropped 4% at the start of the year, and they were down nearly 2% in Miami Beach.
Condo complexes in more affordable markets held up against the headwinds. Maintenance fees are under pressure from stricter maintenance rules imposed by the Florida Legislature after the 2021 condo collapse in Surfside, adding to the total costs buyers face in home shopping. Markets on the lower side of the price range saw values grow. The average condo is worth less than $250,000 in both Hialeah and Miami Gardens, and each market saw values grow by about 1% at the start of 2025.
In Miami-Dade’s unincorporated areas outside of city limits, the average condo unit is worth about $300,000 — still a bargain compared to more than $550,000 in the city of Miami. Condo values in the unincorporated areas are up 2%.
The hottest market award goes to tiny West Miami, with only 83 condo units on the tax rolls. On average, the values of those condos are up nearly 18%.
This story was originally published July 5, 2025 at 5:00 AM.