Miami-Dade’s real estate market is experiencing a dual trend: a significant surge in sales of condominiums priced at $1 million and above, alongside the resilience of more affordable, older condo units. This dynamic reflects a growing demand for luxury properties driven by wealth migration, while also highlighting the continued value and accessibility of entry-level housing options.
Key Takeaways
- Sales of Miami-Dade condominiums priced at $1 million and above saw a notable increase in August 2025, with a 10.8% year-over-year rise.
- Affordable 30-year-old condo units are maintaining their value, with median prices showing minimal change, making them attractive to first-time homebuyers.
- Ultra-luxury sales, particularly those exceeding $5 million, are also on the rise, indicating a strong influx of high-net-worth individuals to South Florida.
- Despite overall market fluctuations, older condominiums are proving to be in high demand, sometimes selling faster than newer units.
- New state regulations for condominium buildings are expected to enhance safety and financeability, potentially boosting buyer confidence and opportunity in the long term.
Luxury Market Momentum
The market for high-end condominiums in Miami-Dade is booming. In August 2025, sales of condos priced at $1 million and up increased by 10.8% compared to the previous year, reaching 133 units sold. This surge is further underscored by the robust performance of the ultra-luxury segment, with total sales of properties valued at $5 million and above rising by 11.8% year-over-year. This trend points to a continued migration of wealth into South Florida.
Affordability and Stability in Older Units
In contrast to the luxury market’s rapid growth, more affordable, 30-year-old condominium units are demonstrating remarkable stability. In August 2025, these units had a median price of $280,000, a slight decrease from $290,000 the previous year. These properties remain a crucial entry point for first-time homebuyers, offering value and opportunity in prime locations. The limited land availability in South Florida further enhances the appeal of these established units.
Regulatory Impact and Future Outlook
New state condominium regulations implemented in January 2025, requiring inspections and adequate reserves for repairs in older buildings, are poised to strengthen the market. These regulations are expected to increase the financeability of many older buildings, thereby expanding buyer affordability and opportunity. Experts anticipate that these changes will contribute to a more resilient and robust condominium inventory in the long term.
Market Dynamics and Economic Impact
While total condo sales in Miami saw a decline of 13% year-over-year in August 2025, attributed to elevated mortgage rates and inventory shortages, the market is showing signs of rebalancing. The economic impact of real estate transactions remains significant, with Miami-Dade’s August sales contributing an estimated $230.6 million to the local economy. Distressed sales continue to remain at historic lows, reflecting a healthy market overall.
Key Takeaways
- Miami-Dade $1M & Up Condo Sales Surge Affordable 30-Year Condo Units Holding Value, PR Newswire.
- Miami-Dade Ultra-Luxury Sales on Pace to Set Records; Affordable 30-Year Condo Units Holding Value, PR Newswire.
- Miami-Dade Older Condominiums Selling Faster than Newer Units; $1M & Up Condo Sales Continue Rising, PRWeb.
- Miami-Dade $1M & Up Single-Family Home, Affordable Condo Sales Rise, PRWeb.