Miami Condo Prices Not Budging Despite Rising Inventory

While most coastal condo markets in South Florida are cooling due to rising inventory and shrinking demand, Miami stands out as a notable exception.

Across the region, sellers are struggling to offload units as prices drop—yet in Miami, condo values are holding steady.

In May, Miami marked its 14th consecutive year of price appreciation, a milestone that’s less encouraging for aspiring homebuyers. According to the latest data from the MIAMI Association of Realtors and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS), the median condo price in Miami-Dade remained unchanged from a year ago at $425,000. By contrast, condo prices across Florida fell 6.1% year-over-year.

“This new data showing 14 consecutive years of existing condo price growth in Miami-Dade underscores the long-term strength and resilience of the market,” said Gay Cororaton, chief economist at MIAMI REALTORS®, in an interview with Newsweek. “While recent sales reflect short-term headwinds, the broader trend highlights strong fundamentals and lasting demand.”

Florida’s Condo Crisis

Nationally, the condo market is weakening. A new Redfin report shows the U.S. median condo sale price dropped 2.2% year-over-year in May to $354,100—marking the second-steepest decline on record since 2012.

Florida has been hit particularly hard. In some cities, prices and sales are down over 30%, with a flood of new listings creating a lopsided market. The number of condo sellers now outpaces buyers by roughly 80%, as many owners look to exit before being hit with steep hikes in HOA fees and new compliance costs tied to building safety reforms and insurance premiums.

The 2021 collapse of the Champlain Towers South condo in Surfside prompted sweeping legislative changes. Florida now requires structural inspections and adequate repair reserves for aging buildings, driving many owners to sell. The result: a surge in inventory and spiraling HOA costs.

Price drops have followed. In May alone, median condo prices fell 32.2% in Deltona, 19% in Tampa, 15.9% in Cape Coral, 15.5% in North Port, and 11.4% in Naples and Orlando. Although Governor Ron DeSantis recently signed a bill easing some of these requirements to offer relief, its effects have yet to register in the market.

Why Miami Is Different

Miami’s condo market has defied this trend. Often called the Magic City, Miami has transformed from a small 19th-century settlement into a thriving global hub. Fueled by migration, tourism, and a budding tech sector—especially around crypto—the city continues to attract buyers from across the U.S. and abroad.

That demand is reflected in long-term price trends. Between May 2015 and May 2025, Miami condo prices more than doubled, rising from $209,000 to $425,000—a 103% gain. Even amid a statewide slump, Miami’s prices have plateaued rather than declined, showcasing a resilience unique among Florida metros.

“No other U.S. market can boast the long-term resiliency of the Miami condo market,” said Eddie Blanco, Chairman of the MIAMI Association of Realtors. “Hurricanes, recessions, pandemics—it doesn’t matter. People around the world want a piece of the Miami lifestyle. Condos are the main entry point for both first-time homebuyers and international investors.”

Still, inventory in Miami-Dade has climbed. The number of active listings rose 39.5% year-over-year in May, from 9,456 to 13,192. Yet, that’s still 16.9% below pre-pandemic levels, and new listings actually declined 3.4% from a year ago. This suggests sellers aren’t desperate and are holding firm on pricing.

Challenges Remain

Despite price stability, Miami’s condo market isn’t immune to broader headwinds. Total home sales in Miami-Dade fell 20.2% year-over-year in May, and existing condo sales were down 25.1%. Statewide, closed sales of condos and townhouses dropped 19.9%.

High mortgage rates and affordability concerns continue to deter many buyers. However, demand remains strong in lower price brackets. In Miami, sales of condos priced between $100,000 and $150,000 surged 38% year-over-year in May.

“Sales have remained weak with mortgage rates hovering near 7%,” Cororaton said. “The good news is that affordability is expected to improve, with the Fed likely to resume rate cuts in the second half of the year.”

Source: msn