Broward County’s real estate market is experiencing a complex shift, with luxury condo sales soaring while the broader market faces challenges. Sales volumes are down across the board for both single-family homes and condos, impacted by high mortgage rates and new condo regulations. However, development continues, with new projects planned and existing ones seeing sales.
Condo Market Dynamics: A Tale of Two Segments
The condo market in Broward County presents a stark contrast. While sales of luxury condos priced at $1 million and above have seen a significant increase, the mid-market and lower-priced segments are struggling. Sales of condos in the $150,000 to $200,000 range have plummeted, with similar drops seen across the region. This disparity is attributed to factors such as high mortgage rates, stricter financing requirements, and the lingering effects of post-Surfside condo reforms, which have led to increased association fees and special assessments for older buildings.
- Luxury Segment Strength: Sales of condos priced at $1 million or more have surged, indicating a robust demand in the high-end market.
- Mid-Market Struggles: Buyers in the affordable and mid-market segments are increasingly priced out due to rising costs and financing challenges.
- Sales Decline: Condo sales in Broward County fell by 24% compared to the previous year, with similar trends observed in Miami-Dade.
- Price Stagnation: Median condo prices in Broward have seen a slight decrease, falling from $282,000 a year ago to $275,000 in May 2025.
Single-Family Home Market Trends
Similar to the condo market, the single-family home sector is also experiencing a cooling trend. While prices have remained relatively stable or seen modest increases, the overall pace of sales has declined. New listings are increasing, which is providing buyers with more options, but the market is shifting from a seller’s market towards a more balanced one.
- Sales Volume Down: Single-family home sales in Broward County decreased from 1,249 a year ago to 1,110 in May 2025.
- Price Stability: The median price for single-family homes in Broward remained unchanged year-over-year at $625,000.
- Increased Inventory: New listings for single-family homes are nearing pre-pandemic levels, contributing to a rise in total inventory.
- Market Balance: Months’ supply of inventory for single-family homes indicates a seller’s market, but the trend suggests a move towards balance.
Development and Future Outlook
Despite the current market conditions, development in Broward County continues. Projects like the planned mixed-use development at Lauderhill Mall and new apartment complexes are underway. The market is anticipating potential improvements as the Federal Reserve is expected to resume rate cuts in the latter half of the year, which could improve affordability conditions. However, challenges related to condo financing and the ongoing impact of reforms will likely continue to shape the market in the near future.
- New Developments: Mixed-use projects and new apartment complexes are being developed across Broward County.
- Interest Rate Impact: High mortgage rates are a significant factor affecting buyer affordability and market activity.
- Regulatory Influence: Condo reforms continue to influence the market, leading to increased costs for some owners.
- Future Optimism: Anticipated interest rate cuts may provide a boost to the market in the coming months.
Sources
- Condo sales struggle in Miami but luxury market thrives, Miami Herald.
- Million dollar-plus condos are holding up the regional real estate market, WLRN.
- South Florida condo sales keep falling. Home price growth cools, WLRN.
- Greater Fort Lauderdale Area Home Prices up 10 Percent Annually in April, The World Property Journal.
- Housing cost, sales: Price of Miami-Dade, Broward condos, homes, Miami Herald.