Miami-Dade’s Older Condos Sell Faster Than Newer Units As $1M+ Condo Sales Keep Climbing

In Miami-Dade County, older condominiums are selling faster than newer ones, reflecting continued demand for well-priced properties in mature buildings.

According to June 2025 statistics released by the MIAMI Association of Realtors (MIAMI) and the Southeast Florida Multiple Listing Service (SEFMLS), condos in buildings over 30 years old are spending an average of 62 days on the market—significantly less than the 79 days seen in buildings 29 years old or newer. Meanwhile, luxury condominium sales priced at $1 million and up increased by 6.4% year-over-year in June 2025.

Despite assumptions that buyers avoid aging structures, the data suggests otherwise. MIAMI Chairman of the Board Eddie Blanco emphasized that these older units remain highly sought after due to their relative affordability. He added that they often serve as the entry point for first-time buyers. Recent state-mandated condo regulations requiring structural inspections and adequate reserve funds for repairs are expected to increase the resilience and safety of all Miami condos. These changes are also expected to make previously unfinanceable buildings eligible for loans, improving buyer access and affordability.

Looking ahead, MIAMI REALTORS® will release a comprehensive international new construction sales report on July 28. This report, a collaboration with leading developers and brokerages, aims to fill a long-standing data gap by offering detailed insights into pre-construction and new condo sales that are typically not reported in the MLS.

Over the past decade, Miami-Dade condominium prices have appreciated by 117.1%, rising from a median of $205,000 in June 2015 to $445,000 in June 2025. In just the past year, existing condo median prices increased 6% to $450,000. Median prices have remained flat or risen in 161 of the last 169 months. Single-family home prices also saw steady gains, increasing by 2% year-over-year to $670,000. Over the last ten years, these homes have appreciated 139.3%, rising from $280,000 in June 2015.

Miami remains relatively affordable compared to other global cities. According to the 2025 Knight Frank Wealth Report, $1 million can buy 58 square meters of prime real estate in Miami—significantly more than in Monaco (19), New York (34), or London (34), and more than in Paris, Sydney, or Tokyo.

Miami’s home equity growth has nearly doubled the national average. A Miami single-family home purchased in Q4 2009 and sold in Q4 2024 gained $555,900 in equity, compared to the U.S. average of $306,600. Condos in Miami gained $342,600 in equity over the same period versus the U.S. average of $252,000. National Association of Realtors (NAR) data shows the average homeowner’s wealth increased by $140,900 over the past five years. Homeowners are seeing their net worth outpace that of renters, with projections suggesting median net worth for homeowners could reach $430,000 in 2025, while renters remain at $10,000.

Florida’s Live Local Act, passed in 2023 and amended in 2024, has incentivized the development of affordable housing by allowing developers to build at maximum density if 40% of units are priced for residents earning 120% or less of the area median income.

In the mid-market, single-family home sales between $600,000 and $1 million rose 3.8% to 352 transactions. However, overall sales declined. Miami-Dade’s total home sales dropped 10.1% year-over-year in June 2025, from 2,051 to 1,843. This decline is largely due to macroeconomic challenges like high mortgage rates, a volatile stock market, and limited financing for condos. Miami’s single-family home sales fell 7.04% year-over-year to 898, while existing condo sales dropped 12.9% to 945 units. Still, the luxury segment remained strong, with 150 condos priced at $1 million or more sold in June, up 6.4% year-over-year.

Chief Economist Gay Cororaton expects activity to rise once mortgage rates drop to the low 6% range—potentially in 2026. She noted that high-end condo sales remain a bright spot. A major barrier to broader market recovery is the lack of Federal Housing Administration (FHA) approval for most Miami condo buildings. Out of 2,397 buildings in Miami-Dade, Broward, and Palm Beach, only 21 are FHA-approved. Florida uniquely requires a 25% down payment for limited condo reviews in buildings without sufficient reserves, whereas most states require only 10%.

MIAMI REALTORS® continues to advocate for market improvements. On February 14, the association hosted a sold-out Condo Summit, and followed it with a Capitol to Closings legislative update on May 8.

Mortgage rates remain elevated, with the 30-year fixed rate at 6.75% as of July 17, slightly down from 6.77% a year ago. Miami’s total housing inventory reached 18,715 active listings in June 2025—still 15.6% below the pre-pandemic level of 22,163 from June 2019. While active listings have increased year-over-year, condo inventory remains 15.8% below pre-pandemic numbers. Single-family inventory rose 44.3% to 5,669 listings, and condo inventory increased 36.1% to 13,046. Months’ supply of single-family homes now stands at 6.6, signaling a balanced market. The 14.1-month condo supply reflects a buyer’s market.

National housing inventory at the end of June reached 1.53 million units, a 15.9% increase from the previous year, with a 4.7-month supply of unsold homes. Each home sale significantly impacts the economy. According to NAR, the sale of a typical Florida home generates $129,000 in local economic activity. With 1,843 homes sold in June 2025, Miami-Dade generated a total economic impact of $237 million. Despite this, total dollar volume fell 13.4% to $1.8 billion, with single-family volume down to $1 billion and condo volume to $715 million.

Miami’s distressed sales remained historically low in June 2025, representing just 1.2% of all residential transactions—compared to 70% during the 2009 housing crisis. Short sales made up 0.3%, and REO (bank-owned) sales accounted for 0.9%. Nationally, distressed sales represented 3% of June transactions.

Miami real estate continues to outperform both the state and national averages in price appreciation. Florida’s statewide median price for single-family homes fell 3.5% year-over-year to $412,000, while the median condo-townhouse price dropped 7.7% to $300,000. In contrast, the national median home price hit $435,300 in June 2025, up 2% year-over-year—a record high and the 24th consecutive month of price growth.

Miami homes continue to sell close to list price, with single-family homes selling for 95% of original asking and condos for 93%. However, the time to sell is increasing. Single-family homes now take 85 days from listing to closing, up from 69 days a year ago. Condos take 107 days, up from 90.

Cash sales remain strong in Miami, representing 37.8% of all closed deals, well above the 29% national average. These buyers are typically international or relocating from high-cost markets. Cash sales accounted for nearly half of all condo purchases (49.3%) and about a quarter (25.7%) of single-family transactions.

For more details, the June 2025 Miami-Dade Statistical Reports are available at www.SFMarketIntel.com. Data reflects direct MLS figures and may vary based on reporting timelines.

Source: PRWeb