By Gay Cororaton, MIAMI REALTORS Chief Economist
Key takeaways:
- Miami-Dade County’s condominium median sales price rose for the 5th consecutive month to 2.3% in January 2025
- The median condominium sales price rose in 69% of Miami-Dade markets , including the city of Miami and Miami Beach.
- Prices have increased due to the higher share of sales for condominiums above $400,000, with cash buyers accounting for half of the $600,000 and above market segment.
Condominium median sales prices rose for the 5th consecutive month in Miami-Dade County, up 2.3% from one year ago at $415,000.
Miami-Dade County’s median condominium/townhome sales prices have increased every month on a year-over-year basis since 2022 when mortgage rates started to rise and the new condominium building safety regulations went into effect[1], except for a minor decline in August 2024 (-0.2%).
In January, 20 of 29 Miami-Dade County areas with at least five sales, or 69%, had higher median sales prices from one year ago, including the city of Miami (+11.4%), Miami Beach (+3.6%), Sunny Isles Beach (+9.2%), Hialeah (+25.4%), Doral (+5.3%), and Homestead (+1.8%). However, the median sales price fell in Coral Gables (-0.8%) and Aventura (-6.4%).
Prices have increased despite fewer sales (-4.8%) and rising inventory (12 months’ supply). This is because of a higher share of sales in the market towards higher price tier condominiums. The share of $400,000 to $599,0000 condominiums rose to 24% (22% one year ago), while the share of condominiums $400 or less fell to 47% (49% one year ago). The share of million-dollar condominiums was unchanged at 14% of sales.
Newer condominiums tend to be more expensive than older condominiums. According to MIAMI MLS sales transactions in 2024, the median sales price of condominiums 25 years and older is $330,000 compared to $703,250 for condominiums/townhomes less than 25 years old.
According to MIAMI Realtors® analysis of property records, condominiums 30 years old and over made up just 31% of condo units in the city of Miami; 26% in Doral, 50% in Coral Gables, and 18% in Homestead.
Buyers got bigger price discounts for condominiums below $400,000, with the median sales to original list price declining to 78% (or a discount of 22%) compared to 93% one year ago (or a discount of 7%).
Wealthier buyers and cash buyers who are less impacted by higher mortgage rates, higher condominium fees, and potential assessments remained active in the $600,000 and more market segment. Cash buyers accounted for 62% of $600k to $999 sales in January (53% one year ago). In the million-dollar market, cash buyers accounted for 73% of sales (70% one year ago).
Access the Miami-Dade Condo Stats HERE.
[1] In March 2022 through October 2024, the Fed raised mortgage rates for a cumulative increase of 5.25 percent. Starting in May 2022 through July 2024, three condominium regulations were passed to strengthen condominium safety , financial management, and accountability, after the Champlain Towers collapsed in 2021n to be enacted (SB 4-D in July 2022, SB 154 on June 2023, HB 1021 on July 2024).
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