MIAMI — Miami-Dade County real estate total dollar volume surged year-over-year in March 2025 as the Miami MSA recently ranked No. 5 in the world for most millionaire growth, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Miami-Dade total dollar volume increased 7.8% year-over-year in March 2025, from $1.99 billion to $2.1 billion. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume.
“South Florida still needs more inventory to meet demand as this month’s data shows local housing supply at 22% below pre-pandemic,” 2025 MIAMI Chairman Eddie Blanco said. “We need more inventory at key price points to satisfy out-of-state and global demand. Out-of-state migration remains higher than pre-pandemic, according to out-of-state driver license exchanges data, and we know Miami leads the U.S. in international migration.”
South Florida real estate is high cash, high equity and high demand:
- Miami ranks No. 5 in the world For Most Millionaire Growth via 2025 Henley & Partners World’s Wealthiest Cities Report. Miami millionaires have grown 94%, from 2014 to 2024.
- Miami ranked No. 3 Top Buyer’s Market in the U.S. via April 2025 Zillow Market Heat Index
- Palm Beach ranked No. 2; Miami No. 4 among Top 10 global markets for five-year growth via new Knight Frank The Wealth Report 2025
Miami-Dade Condominium Sale Prices Have Appreciated 104% in the Last 10 Years
Miami condo prices have risen 103.5% from March 2015 to March 2025, from $215,000 to $437,450.
Existing condo median prices decreased 1.7% year-over-year in March 2025, from $445,000 to $437,450. Condo median prices stayed even or increased in 158 of the last 166 months, a span that covers 13.8 years.
Miami-Dade County single-family home median sale prices increased 3.1% year-over-year in March 2025, increasing from $650,000 to $670,000. Miami single-family median prices have risen for 160 consecutive months (13.3 years), the longest running streak on record.
Miami single-family prices have risen 167.3% from March 2015 to March 2025, from $260,000 to $670,000.
Miami Real Estate Home Equity & Appreciation is Nearly 2X the National Figure
Miami’s home equity gains are nearly two times the national figure. Home equity gains on a single-family home purchased in Q3 2009 and sold in Q3 2024 are: Miami-Dade County at $542,175 versus the U.S. average at $310,232, according to new MIAMI REALTORS® Research.
Florida’s Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area’s median income.
Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2025 Knight Frank Wealth Report. For $1M, homebuyers can purchase 58 square meters of prime property in Miami. That is almost four times more than Monaco (19 square meters), nearly two times more than New York (34) and London (34) and more than Paris, Sydney, Tokyo and more.
$600K to $1M Miami Single-Family Home Sales Rise
Miami-Dade $600K to $1M single-family home transactions increased 1.9% year-over-year in March 2025 to 368 transactions.
Miami-Dade County total sales decreased 6.5% year-over-year in March 2025, from 2,141 to 2,002. Macroeconomic reasons out of South Florida’s control such as elevated mortgage rates, a slumping stock market, lack of condo financing and lack of inventory at key price points are reasons for the decline.
Miami single-family home sales decreased 7.7% year-over-year (from 1,041 to 961).
Miami Condo Sales Remain on Pace with State, Nation
Miami total existing condo sales, which are on pace with the state and nation, decreased 5.4% year-over-year in March 2025, from 1,100 to 1,041. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume. The decline is due to lack of condo financing and inventory at key price points.
The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 21 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.
Just 0.9% of South Florida condo buildings are approved for FHA loans. Florida is the only state in the U.S. that requires a client to put down 25% for a limited review if the condo building doesn’t have enough in reserves. The requirement for every other state is 10%.
As a leader in advocacy, MIAMI REALTORS® is working with the Legislature to support our market. MIAMI brought together lawmakers, top experts and more for a sold-out Condo Summit on Feb. 14 that empowered REALTORS® with the latest knowledge and tools.
Mortgage Rates Remain Volatile as Fed Keeps Rates Steady
The Fed is holding rates steady with concerns about inflation and stock market volatility.
“Niche luxury markets like Miami Beach, Wilton Manors, and Palm Beach saw higher sales, an indication that lifestyle more than price is driving demand,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “In most areas, affordability is the key demand driver, with sales up in areas like Miami Gardens (Miami-Dade County), Lauderhill (Broward County), Riviera Beach (Palm Beach), Jensen Beach (Martin County) and Port St. Lucie (St. Lucie County).”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.83% as of April 17. That’s up from 6.62% one week before but down from 7.1% one year ago.
Miami Condo Active Listings Are 18.9% Below Pre-Pandemic
Total Miami-Dade inventory (18,333) is 22% below March 2019 pre-pandemic inventory (23,508)
Total active listings at the end of March 2025 increased 42.6% year-over-year, from 12,856 to 18,333, but not enough to make up for the lack of inventory.
Inventory of single-family homes increased 40.6% year-over-year in March 2025 from 3,768 active listings last year to 5,296 last month.
Condominium inventory increased 43.5% year-over-year in March 2025, from 9,088 to 13,037 listings during the same period in 2024, but the total is still significantly below pre-pandemic. Current Miami condo inventory (13,037) is 18.9% below March 2019 pre-pandemic inventory (16,401).
Months’ supply of inventory for single-family homes is 6 months, which indicates a balanced market. Inventory for existing condominiums is 13.2 months, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of March was 1.33 million units, up 8.1% from February and 19.8% from one year ago (1.11 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, up from 3.5 months in February and 3.2 months in March 2024.
Miami Total Dollar Volume Rises 7.8% Year-over-Year
Miami-Dade total dollar volume increased 7.8% year-over-year in March 2025, from $1.99 billion to $2.1 billion.
Single-family home dollar volume increased 12.6% year-over-year to $1.3 billion. Condo dollar volume increased 1.7% year-over-year to $876.9 million.
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $129,000, according to NAR. Miami-Dade sold 2,002 homes in March 2025 for a local economic impact of $258 million.
Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 1.2% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, versus 0.8% in March 2024. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.3% and 0.9%, respectively, of total Miami sales in March 2025.
Miami’s percentage of distressed sales are less than the national figure. Nationally, distressed sales represented 3% of sales in March 2025, up from 2% the previous year.
Miami Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 23,128 in March 2025, down 1.3% year-over-year, while existing condo-townhouse sales totaled 8,414, down 9.8%.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 5.9% from February to a seasonally adjusted annual rate of 4.02 million in March. Year-over-year, sales drew back 2.4% (down from 4.12 million in March 2024).
The statewide median sales price for single-family existing homes was $412,500, even from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $315,000, down 4.5% vs. last year. The median is the midpoint; half the homes sold for more, half for less.
Nationally, the median existing-home price for all housing types in March was $403,700, up 2.7% from one year ago ($392,900). All four U.S. regions registered price increases.
Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95.5% in March 2025. The median percent of original list price received for existing condominiums was 93.8%.
The median number of days between listing and contract dates for Miami single-family home sales was 39 days, up from 31 days last year. The median time to sale for single-family homes was 76 days, up from 70 days last year.
The median number of days between the listing date and contract date for condos was 58 days, up from 43 days. The median number of days to sale for condos was 100 days, up from 80 days.
Miami Cash Sales More than National Figure
Cash sales represented 38.5% of Miami closed sales in March 2025, compared to 37.2% in March 2024. About 26 % of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects Miami’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 52.3% of all Miami existing condo sales and 23.5% of single-family transactions.
To access March 2025 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Realtors®
The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 105 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 281 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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