Sales Rise and Inventory Slowly Rebuilds
According to the Miami Association of Realtors, Miami-Dade residential real estate closed 2025 on firmer footing, with sales rising and long-term price appreciation underscoring the market’s resilience even as affordability pressures and inventory dynamics continued to evolve.
Sales Gain Momentum
Total residential sales in Miami-Dade County increased 5.9% year over year in December, rising to 1,869 transactions from 1,764 a year earlier. Single-family home sales advanced for a fourth consecutive month, climbing 3.7% to 860 transactions. Existing condominium sales rose more sharply, increasing 7.9% to 1,009, with year-over-year gains recorded in three of the past four months.
Demand remained active in relatively affordable segments of the condo market. Sales of condominiums priced between $400,000 and $600,000 rose 3% from a year earlier to 243 transactions.
Prices Ease Near Record Highs
Despite strong long-term appreciation, prices showed modest year-over-year declines in December. The median price of an existing condominium slipped 2.3% to $420,000, while the median single-family home price declined 2.2% to $660,000.
Even with the recent pullback, Miami’s price gains over the past decade remain among the strongest in the U.S. Condo prices have more than doubled since December 2015, rising 102% from $207,500 to $420,000. Single-family home prices have increased nearly 145% over the same period, climbing from $278,500 to $660,000.
Price stability over time has been notable. Miami condo median prices have held steady or increased in 162 of the past 175 months, while single-family home prices have risen in 167 of the past 169 months.
Supply Improves but Remains Constrained
Active inventory increased modestly but remains well below pre-pandemic levels. Total active listings rose 8.3% year over year to 17,266 in December, yet that figure is still 17.3% below December 2019 levels.
Single-family inventory increased 12.1% from a year earlier to 5,251 listings, while condominium inventory rose 6.7% to 12,015 listings. Condo inventory, however, remains about 18% below pre-pandemic levels.
Market balance varied by property type. The months’ supply of inventory stood at 6.2 months for single-family homes, consistent with a balanced market, while condominiums posted a 13.2-month supply, signaling buyer-favorable conditions.
Multifamily Construction and Affordability Outlook
A surge in multifamily development is expected to add supply and improve affordability over time. Miami ranked seventh nationally for multifamily permits, with 10,695 units permitted in the year ending August 2025–a 43.9% increase from the prior year–according to RealPage. Policymakers and developers are also looking to the Florida Live Local Act to further expand housing options.
Global Value and Wealth Creation
Despite rapid appreciation, Miami remains relatively affordable by global standards. A $1 million budget buys about 58 square meters of prime residential property in Miami, nearly four times more than in Monaco and significantly more than in New York or London, according to the 2025 Knight Frank Wealth Report.
Homeownership has continued to generate substantial wealth. A Miami single-family home purchased in the fourth quarter of 2009 and sold in the fourth quarter of 2024 produced an average equity gain of $555,900–nearly double the U.S. average of $306,600. Condo owners saw average gains of $342,600, compared with $252,000 nationally.
Nationally, the average homeowner’s wealth has increased by roughly $140,900 over the past five years, according to the National Association of Realtors, widening the gap between homeowners and renters. Projections based on Federal Reserve data estimate median homeowner net worth at $430,000 in 2025, compared with $10,000 for renters.
Market Conditions and Buyer Leverage
Distressed sales remained minimal, accounting for just 2.4% of total transactions in December, a stark contrast to 2009, when distressed properties made up roughly 70% of sales.
Homes continued to sell below original asking prices on average. Single-family sellers received a median of 95% of original list prices, while condo sellers received 93%. Marketing times lengthened slightly, with single-family homes taking a median of 45 days to go under contract and condos 72 days.
Cash transactions remained elevated, representing 40% of all Miami home sales–well above the national average of about 27%. Cash purchases accounted for more than half of all condo sales and just over a quarter of single-family transactions.
Taken together, the data point to a market transitioning toward greater balance, with improved negotiating leverage for buyers, steady long-term wealth creation for owners, and expanding supply poised to shape Miami’s housing landscape in the years ahead.
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