Are property values up or down? Take a detailed look at 34 markets in the Miami area
Miami’s real estate market has been cooling in recent years, following record highs during the pandemic. And that trend appears to be continuing, according to new numbers from the county property appraiser.
The annual report released on Monday shows a 5.5% increase in countywide values over 2025 amounts — modest growth at a rate that brought bad news to Miami-Dade’s budget staff, which had forecast growth of 7% this year. Property values rose by 8.5% last year and 10.7% the year before.
The dollar values don’t reflect market values, but rather the valuations local governments use to calculate tax bills. That effect is most recognizable in the closely watched calculation of the value of the countywide tax base. Increasing taxable property values typically indicate higher property valuations, new construction or a combination of both.
Overall, the data reflected a real estate market continuing to slow from its revved-up days during the coronavirus pandemic. Last year, values were up 6.8% for existing construction. Now that growth rate is down to 4.4%.
“There is a downward trend. It is unmistakable,” said Tomás Regalado, the Miami-Dade property appraiser whose staff conducts the market research the June 1 report is based on. “New construction is down. Houses remain listed for a longer time than in years past.”
Ron Shuffield, CEO of the South Florida brokerage Berkshire Hathaway HomeServices EWM Realty, says the market is recalibrating after a period of rapid growth. During the pandemic, when demand for South Florida real estate was red-hot, home prices skyrocketed, sometimes by a couple percentage points each month, Shuffield said.
“That was just not sustainable, so the way I look at these last 24 months, we have basically taken a breather,” Shuffield said. “We just can’t continue increasing prices 15 to 20% a year.”
Shuffield said the slowdown Miami-Dade’s real estate market has seen over the past few years doesn’t worry him, especially when compared to the crash in 2008, when the median home price in the county fell from $380,000 to $150,000.
Condo market remains weak
Regalado said a soft condominium market is acting as an anchor on the county’s housing values.
“The luxury condo market is flat,” Regalado told the Miami Herald. “But older condos are dropping in value.”
The market for older condos in Miami-Dade has been struggling in the years since the Champlain Towers collapse in 2021. Laws passed at the state level requiring buildings to undergo more regular inspections and set aside more money for repairs have left some condo owners, especially in older buildings, with fees they can no longer afford. That’s hurt property values as some owners try to unload their units at discounted prices.
Take the city of Aventura, where condominiums make up more than 90% of all real estate, according to Property Appraiser data. Aventura had one of the weaker showings in the June 1 report, with values of existing property up less than 1% in value and new construction only inching along.
Two years ago, the Property Appraiser report showed $57 million worth of new construction in Aventura. This year, that figure is down to just $7 million in new construction.
Who topped the list?
Some more affordable municipalities came in near the top of the list. Property values rose by 11.7% in Florida City and 10.4% in Opa-locka, including new construction. Shuffield said that likely indicates that buyers are venturing out to those suburbs in search of more affordable housing.
North Miami Beach saw the largest increase in existing property values — homes and office buildings constructed before the start of 2025 — at 15.2%. But development activity looked tepid last year, with North Miami Beach posting a rare negative number for the value of homes and buildings constructed in 2025. When the new construction number is negative, that means demolitions wiped out whatever value additions were brought on by the creation of new homes and buildings.
Demolitions also clear the way for pricey new development, and North Miami Beach’s mayor says he’s confident builders will be active in his city for a long time.
“We’re the place developers can go. Aventura is built out. North Miami is built out,” said Mayor Michael Joseph. “We still have opportunity.”
On the other end of the market, the village of Indian Creek saw one of the largest increases in property values this year, even with no new construction. Property values in the gated community located off the west coast of Miami Beach rose 10.3%.
The exclusive enclave known as the Billionaire Bunker made headlines earlier this year when Meta CEO Mark Zuckerberg bought a $170 million mansion there, breaking the record for the most expensive home sale in Miami-Dade County.
Data doesn’t show whole picture
The data has its shortcomings. The numbers are based on what the agency’s staff estimated properties were worth on Jan. 1, so the data has a time lag. Because the data reflects taxable values, the dollar amounts include various discounts and tax breaks granted to property owners under state law. That can also skew the data, depending on how many primary residences or high-rise apartment towers are in a particular municipality.
But the report also offers a detailed, market-by-market look at Miami-Dade County real estate, with the ability to track how current numbers compare to years past. It’s also closely watched by budget writers across the county because the values posted this summer will be used to calculate the fall property-tax bills for the 2027 budget year — and as those same budget writers keep a close eye on the property-tax relief proposal by Gov. Ron DeSantis.
