After a decade of rapid increase in housing prices, the South Florida condominium market shows signs of cooling, signaling a potential turn in the region's multi-year housing boom.
According to new data from the Miami Association of Realtors and the Southeast Florida Multiple Listing Service, the median sale price of condos in March 2025 fell both in Miami-Dade County and Broward County. At the same time, the number of closed transactions remained below last year's level.
The numbers speak for themselves: the average sale price of a condominium in Miami-Dade dropped to $437,450 from $445,000 a year ago, while in Broward, the price declined more sharply — to $280,000 from $288,750. This represents a decrease of 1.7% and 3%, respectively.
Market analysts attribute the price decline to a number of structural issues. The most concerning is the sharp rise in ownership costs: owners face record-high insurance premiums, increased monthly fees to homeowner associations, as well as expensive assessments for necessary repairs — a problem that became particularly acute after the Surfside building collapse in 2021.
"Statistics would look much healthier if they included new construction," said the Miami Association of Realtors. "The main problem is the lack of financing and the shortage of listings in key segments."
While the condo market faces challenges, the single-family home segment is holding up better. In Miami-Dade, the average home price increased by 3.1%, reaching $670,000. In Broward, the increase was even higher — 4.6%, to $635,000.
At the same time, sales volumes in March showed a slight decline: 961 homes were sold in Miami-Dade (compared to 1,041 a year ago), and 1,062 in Broward (versus 1,084).
It is also worth noting the housing inventory — a key indicator of market balance. In Miami-Dade, the supply of homes stands at six months, signaling movement toward a more balanced market. Meanwhile, condo inventory has surged to 13.2 months, formally indicating a buyer’s market. A similar situation exists in Broward: 5.4 months for homes and 12 months for condos.
Nevertheless, despite market softening, some areas remain "hot spots." According to the association, the best market for single-family home sales in March in Miami-Dade was Cutler Bay, while Kendall leads among condos. In Broward, Sunrise and Weston are in high demand.
Experts emphasize: although the current cooling may be inevitable after years of rapid growth, fundamental demand drivers — influx of migrants, limited new construction, and South Florida's status as a global resort region — remain in place.
However, buyers are now experiencing more opportunities to negotiate for the first time in a long while. If these trends persist, 2025 could enter history as the year when South Florida began to rethink its housing dynamics.
