The South Florida condominium market kicked off 2026 with a split performance across its major counties. While Broward County experienced a downturn in median prices, Palm Beach County saw robust sales growth, and Miami-Dade maintained a steady, albeit slower, pace. This divergence highlights varying market dynamics influenced by factors like cash buyers and inventory levels.
Key Takeaways
- Broward County’s condo median price fell 2.8% year-over-year in January, reaching its lowest point since August.
- Palm Beach County’s condo sales surged by 8.7%, with two-thirds of transactions being cash deals.
- Miami-Dade saw a minimal 0.1% decrease in condo sales, with median prices holding steady.
- Million-dollar condo sales are increasingly contributing to the market’s overall value.
- The single-family home market across all three counties remained stable with low inventories.
Broward County’s Cooling Market
Broward County’s condo market is currently the chilliest in South Florida, with median prices declining for over a year. In January, the median price for condos and townhouses dropped by 2.8% compared to the previous year, settling at $250,000 – the lowest figure since August. Despite this price dip, the pace of sales showed some signs of recovery, with a slight increase in the number of units available for sale after a December low. However, overall inventory levels remain significantly below pre-pandemic figures.
Palm Beach County’s Strong Sales Momentum
In contrast, Palm Beach County’s condo market demonstrated significant strength, with sales jumping 8.7% in January. This growth has outpaced its neighboring counties for the last five months. The median condo price stood at $325,000, a slight decrease of only $5,000 from the previous year. A key factor contributing to this resilience is the high prevalence of cash buyers, who accounted for two-thirds of condo sales. This reliance on cash transactions insulates the market from fluctuations in mortgage rates.
Miami-Dade’s Steady Performance
Miami-Dade County experienced a more subdued start to the year, with existing condo sales falling by a mere 0.1% in January. The median price remained stable at $420,000, marking the slowest year-over-year change in over two years. Inventory levels increased, suggesting a buyer’s market. Despite the slow sales activity, the luxury segment is performing well, with about one in six existing condos in Miami-Dade selling for over $1 million.
The Influence of High-Value Transactions
Across the region, seven-figure condo deals are playing a significant role in shaping market data. Million-dollar condominium sales represented a larger share of the market compared to the previous year. This trend is expected to continue in 2026, driven by favorable economic and demographic factors. Miami Realtors Association Chief Economist Gay Cororaton noted that the million-dollar market is anticipated to remain vibrant.
Broader Market Factors
South Florida’s overall housing market has been influenced by several factors, including higher mortgage rates, new financial requirements for condo associations following the Champlain Towers South collapse, and a shortage of condo buildings approved for FHA loans. These regulations impact buyers seeking lower down payment options.
Single-Family Homes Remain Stable
The single-family home market in South Florida has maintained its stability, supported by low inventories and consistent demand. Median prices reached new highs in Miami-Dade and Palm Beach counties, with Palm Beach County’s median home price surpassing that of Miami-Dade. Broward County’s median home price also rebounded. Inventory increased across all three counties, indicating a balanced market or a seller’s advantage. Out-of-state migration, driven by retirees and corporate relocations, is expected to continue fueling demand.