Broward County Condo Sales Surge: Analyzing the $1 Million+ Market

Introduction

Broward County has witnessed a remarkable surge in sales of condominiums priced at $1 million and above, as highlighted in the recent May 2025 statistics from the MIAMI Association of Realtors and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS). This trend not only emphasizes the ongoing demand for luxury real estate in South Florida but also sheds light on the broader real estate landscape in the region.

Major Highlights of the Market

• 68.2% Increase Year-over-Year: In May 2025, sales of condos priced at $1 million and up rose significantly, with a total of 37 transactions compared to 22 in May 2019, illustrating a solid recovery post-pandemic.

• Wealth Migration Trend: Larry Singh, the 2025 BROWARD-MIAMI President, noted, “Wealth migration to South Florida continues,” indicating that high-income residents from high-tax areas are increasingly choosing Broward County as their new home.

Inventory Insights

• Despite the rising condo sales, overall inventory has increased, providing more options for buyers. However, new listings for existing condos fell by 8.3% year-over-year in May 2025, suggesting a still-tight market compared to pre-pandemic levels.

Price Appreciation Over the Years

Condominiums

• 10-Year Appreciation: From May 2015 to May 2025, Broward condo prices have appreciated by 103.7%, soaring from $135,000 to $275,000.
• Recent Price Adjustments: Despite a 2.5% year-over-year decrease in condo prices from $282,000 to $275,000 in May 2025, Florida’s overall market reflects a downward trend, with statewide prices decreasing by 6.1%.

Single-Family Homes

• Steady Growth: The median sale price for single-family homes in Broward County remained stable at $625,000, reflecting an impressive 115.5% appreciation over the last 10 years.

Broader Economic Context

Local Economic Impact

• The economic ramifications of residential sales are noteworthy. Each home sold generates approximately $129,000 in economic activity, translating to a remarkable $273 million in local economic impact from 2,124 home sales in May 2025.

Market Challenges and Opportunities

Total Sales Recall

• Total sales in Broward County experienced a 17.8% decline year-over-year in May 2025, partially attributed to factors beyond local control, such as elevated mortgage rates and market volatility.

Developer Initiatives

• Florida’s Live Local Act, passed in 2023, aims to bolster affordable housing by incentivizing developers to dedicate a portion of units for affordable housing. This legislative move is crucial in addressing the ongoing inventory challenges in the region.

Conclusion

The future of Broward County’s real estate market appears poised for continued growth amidst challenges. Increasing condo sales in the luxury segment alongside legislative support for affordable housing initiatives will play critical roles in shaping the market dynamics. For anyone interested in the South Florida real estate landscape, Broward County remains a vibrant and promising market.

For a deeper look into the latest real estate statistics and trends, visit the MIAMI Association of Realtors site for comprehensive insights and data analyses.

In the ever-evolving landscape of South Florida real estate, Broward County stands out as a beacon of opportunity and investment potential. As wealthy individuals continue to seek refuge from high-tax environments, the region’s allure will only grow, making it one of the country’s hottest markets.