Inventory Rises, But Equity Gains Remain Strong in July
Miami’s residential real estate market cooled in July 2025, with total sales declining 16% year-over-year to 1,782 transactions, according to the Miami Association of Realtors. Both single-family homes and condominiums experienced notable drops, reflecting elevated mortgage rates, limited financing options, and ongoing supply constraints.
Single-family home sales fell 14.6% to 861, while condo transactions dropped 17.3% to 921. Despite the slowdown, Miami remains a long-term growth story: condo prices have more than doubled over the past decade, rising 108.2% from $195,000 in July 2015 to $406,000 this year. Single-family home prices have surged 138% over the same period.
Prices Flat, But Equity Remains Strong
Median prices edged lower in July 2025. Miami-Dade single-family homes saw a median of $660,000, down 1.5% from $670,000 a year earlier. Existing condo median prices declined 4.46% from $424,950 to $406,000. Yet price stability over the long term remains a hallmark: single-family home prices have risen in 163 of the last 164 months, while condo prices have stayed steady or increased in 161 of the past 170 months.
Home equity gains in Miami also outpace national averages. A single-family home purchased in Q4 2009 and sold in Q4 2024 generated $555,900 in equity–nearly double the U.S. average of $306,600. Condo owners in the same scenario earned $342,600 versus $252,000 nationally.
Inventory Growth Gives Buyers Leverage
Rising inventory is giving buyers more options. Active listings in Miami-Dade totaled 18,377 at the end of July, up 33.5% from a year earlier, though still 15.6% below pre-pandemic levels. Single-family home listings increased 38.9% to 5,539, while condo listings rose 31.3% to 12,838. Despite the uptick, condo inventory remains 16.5% below July 2019 levels.
The months’ supply of inventory points to a mixed market: 6.6 months for single-family homes indicates balance between buyers and sellers, while 14.1 months for condos signals a buyer’s market.
Dollar Volume and Distressed Sales
Total dollar volume for Miami-Dade fell 7.6% year-over-year to $1.8 billion. Single-family homes accounted for $1 billion (down 9.4%), while condos contributed $772 million (down 4.9%). Distressed sales remained negligible at 1.6% of total transactions, including REOs and short sales–far below the 70% seen at the height of the 2009 housing crisis.
Market Pace and Cash Purchases
Homes are selling more slowly. Single-family homes took a median 85 days to sell, up from 72 days last year, while condos required 107 days, up from 92. Sellers received a median of 94% of the original list price for single-family homes and 93% for condos.
Cash transactions remain strong in Miami, representing 37.1% of all closings in July, above the 31% national average. Nearly half (48.7%) of condo sales were cash deals, reflecting the city’s continued appeal to international buyers and well-capitalized domestic investors.
Statewide and National Context
Florida statewide median prices for single-family existing homes fell 1.7% to $410,000, while condo-townhouse units dropped 7.7% to $295,000. Nationally, the median price for all existing homes rose 0.2% to $422,400, marking the 25th consecutive month of year-over-year increases.
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