Miami’s real estate landscape presents a tale of two markets in July 2025. While the ultra-luxury home sector is experiencing robust sales, the condominium market is grappling with declining sales and rising costs. This divergence highlights the distinct economic forces impacting different segments of South Florida’s property market.
Key Takeaways
- Ultra-luxury home sales ($10 million and over) are driving the high-end market, with projections nearing record levels.
- Condo sales in Miami-Dade and Broward counties have seen significant year-over-year declines.
- Rising costs, financing challenges, and the lingering impact of new condo safety regulations are contributing to the condo market’s struggles.
- Median sale prices for both condos and single-family homes have seen slight decreases compared to the previous year.
Luxury Homes Lead the Charge
The market for high-value homes in South Florida is booming. July 2025 saw substantial activity in the $10 million and above segment across Miami-Dade, Broward, and Palm Beach counties. With 262 such sales year-to-date, analysts project around 426 ultra-luxury sales by the end of the year, approaching the 2022 record of 444. Miami is increasingly becoming a coveted destination for ultra-high-net-worth individuals, according to the Miami Association of Realtors.
Condo Market Challenges Persist
In contrast, the condominium market is facing significant challenges. Miami-Dade County experienced a more than 17% drop in condo sales in July compared to the previous year, while Broward County saw a 7.5% decrease. Although Broward saw a slight increase in the number of condo properties sold, this was accompanied by a dip in median prices. Spiraling condo association fees and substantial assessments are burdening unit owners.
Impact of New Regulations
Florida’s new condo safety law, implemented on July 1, 2025, aims to provide some relief regarding reserve funding. However, it does not eliminate the core requirements stemming from the Surfside tragedy. Condo associations must still plan for and fund major repairs, with unit owners ultimately bearing the cost. This ongoing financial pressure, coupled with rising costs and difficulties in securing financing, is keeping many prospective buyers out of the condo market.
July 2025 Market Snapshot (vs. July 2024)
| Metric | Miami-Dade (Condo) | Miami-Dade (House) | Broward (Condo) | Broward (House) |
|---|---|---|---|---|
| Median Sale Price | $406,000 (-4.5%) | $660,000 (-1.5%) | $265,000 (-2.8%) | $620,000 (-0.8%) |
| Total Sales | 921 (-17.3%) | 861 (-14.1%) | 1,047 (-7.5%) | 1,055 (-6.7%) |
| Housing Inventory (Months) | 14.1 (up from 9) | 6.6 (up from 4.4) | 12 (up from 8) | 6 (up from 4.4) |
Inventory Levels
Housing inventory has increased across South Florida, indicating a shift towards a more balanced market, or even one favoring buyers. Miami-Dade now has 6.6 months of single-family home inventory and 14.1 months of condo inventory. Broward County has 6 months of house inventory and 12 months of condo inventory. A balanced market is typically considered to be between six and nine months of inventory.
Sources
- South Florida real estate July trends: luxury leads, Miami Herald.