Miami Home Sales Are Climbing, But Prices Tell A More Complicated Story

Home sales in Miami-Dade County increased for the ninth consecutive month in May, with total sales climbing nearly 8% compared to the same period last year.

According to the Miami Association of Realtors, sales of single-family homes rose 10%, while existing condo sales increased 5%.

Despite stronger sales activity, price trends differed between property types. The median price of a single-family home increased slightly, rising from $675,000 to $680,000 year over year. Meanwhile, the median condo price declined more than 2%, dropping from $425,000 to $415,000.

South Florida continues to lead the nation’s ultra-luxury housing market, averaging one $10 million home sale per day. At the same time, housing inventory is tightening. Total active listings in Miami-Dade fell nearly 12% compared to a year ago, a trend that could place upward pressure on prices as demand remains strong.

Miami-Dade Supply And Demand

The supply of single-family homes continues to shrink, with available inventory down 19% from a year earlier. Condo inventory also declined, falling nearly 9% year over year. Although this represents an improvement from April’s decline, it marks the fourth consecutive month of inventory reductions.

Overall, single-family home inventory is down 21%, contributing to a market where buyer demand exceeds available supply. In contrast, the condo market continues to have more listings than buyers.

Broward County Market Conditions

Broward County also saw continued growth in home sales, marking its third consecutive month of year-over-year gains. Total home sales increased just under 1% in May.

Single-family home sales rose 3%, while condo sales declined 1.5%. Median single-family home prices increased modestly from $625,000 to $630,000. Condo prices remained unchanged at a median of $275,000.

Like Miami-Dade, Broward’s single-family home market remains undersupplied relative to buyer demand, while the condo market has more inventory than buyers. Active listings in Broward County declined 18% year over year, reflecting tighter market conditions across both property types.

Source: Miami Herald