Miami’s real estate market is showing a stark contrast in July 2025, with ultra-luxury homes experiencing robust sales while the condominium sector grapples with declining transactions and rising costs. This divergence highlights a shifting market dynamic, driven by the desires of high-net-worth individuals and the ongoing challenges faced by typical condo buyers.
Key Takeaways
- Ultra-luxury home sales in Miami-Dade, Broward, and Palm Beach counties are on track for a strong year, potentially nearing 2022’s record.
- Condominium sales have seen a significant drop in Miami-Dade and Broward counties compared to the previous year.
- Rising costs, financing difficulties, and the lingering impact of new condo safety regulations are contributing to the struggles in the condo market.
Luxury Market Momentum
The market for homes priced at $10 million and above is booming across South Florida. Year-to-date, there have been 262 such sales in Miami-Dade, Broward, and Palm Beach counties. If this trend continues, analysts project over 426 ultra-luxury sales by the end of 2025, approaching the record of 444 set in 2022. Miami Association Chairman of the Board Eddie Blanco stated, "Miami is where ultra-high-net-worth individuals want to live," underscoring the city’s appeal to the global elite.
Condo Market Challenges
In contrast, the condominium market is facing significant headwinds. Overall condo sales in Miami-Dade County decreased by more than 17% in July 2025 compared to July 2024. Broward County saw a 7.5% drop in condo sales year-over-year. While Broward experienced a slight increase in the number of condo properties sold, this was accompanied by a dip in median prices, a trend also observed in Miami-Dade.
Factors Affecting Condo Sales
Several factors are contributing to the downturn in the condo market. Rising association fees and burdensome assessments are impacting affordability for unit owners. Although a new condo safety law reform took effect on July 1, 2025, aimed at providing some relief regarding reserve funding, it has not eliminated the core requirements for major repairs mandated by Florida’s updated safety regulations, enacted after the Surfside Champlain Towers South tragedy. This means condo associations must eventually fund significant repairs, with unit owners bearing the cost.
July 2025 Market Snapshot (vs. July 2024)
Median Sale Price:
- Miami-Dade Condos: $406,000 (down 4.5%)
- Broward Condos: $265,000 (down 2.8%)
- Miami-Dade Single-Family Homes: $660,000 (down 1.5%)
- Broward Single-Family Homes: $620,000 (down 0.8%)
Sales Volume:
- Miami-Dade Condo Sales: 921 (down from 1,114)
- Broward Condo Sales: 1,047 (down from 1,132)
- Miami-Dade Single-Family Home Sales: 861 (down from 1,008)
- Broward Single-Family Home Sales: 1,055 (down from 1,131)
Housing Inventory:
- Miami-Dade: 6.6 months of homes, 14.1 months of condos (up from a year ago for both).
- Broward: 6 months of homes, 12 months of condos (up from a year ago for both).
A balanced market typically has six to nine months of inventory. The current higher inventory levels for condos suggest a market favoring buyers, while the luxury home segment remains highly competitive.
Sources
- South Florida real estate July trends: luxury leads, Miami Herald.