Most coastal condo markets in South Florida are experiencing a downturn due to rising inventory and shrinking demand, with sellers scrambling to sell their units even as prices plunge—with the exception of Miami.
Condo prices are holding up in the Magic City, where in May, realtors celebrated 14 consecutive years of price appreciation—not exactly something aspiring homebuyers in the area would cheer for.
As of May, the median price of a typical condo in Miami-Dade was $425,000, unchanged from a year earlier, according to the latest data from the MIAMI Association of Realtors and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS). Statewide condo prices, meanwhile, fell by 6.1 percent year-over-year in May.
“This new data showing 14 consecutive years of existing condo price growth in Miami-Dade underscores the long-term strength and resilience of the market,” Gay Cororaton, MIAMI REALTORS® chief economist, told Newsweek.
“While recent sales reflect short-term headwinds, the broader trend highlights underlying drivers of value and strong fundamentals that cannot be overlooked when evaluating the market.”
Florida Condo Crisis Explained
The condo market is suffering a downturn at the national level, with the median U.S. condo sale price falling 2.2 percent year-over-year in May, according to a new Redfin report, to $354,100. It was the second largest drop in records dating back to 2012.
Florida is the epicenter of this condo slump, with prices and sales down by more than 30 percent in parts of the state.
All across the country, condo prices are falling because there are roughly 80 percent more condo sellers than buyers in the market. In Florida, this imbalance has been made much more pronounced by the sheer numbers of condo owners who are trying to sell to avoid growing homeowners association (HOA) fees and rising costs related to stricter building safety legislation and higher home insurance premiums.
The deadly collapse of the Champlain Towers South condo in Surfside in June 2021 led to a new law in the Sunshine State, which requires aging condos in the state to undergo structural inspections and shore up reserves necessary for repairs and maintenance. The impact of the new regulations has been dramatic, leading to a surge in listings across the state and rising HOA fees.
As a result of growing inventory and buyers’ reluctance to invest in a property that might end up costing them more than they can afford, condo prices have been plunging in many Florida cities. In May, the median condo sale price was down by 32.2 percent year-over-year in Deltona, by 19 percent in Tampa, by 15.9 percent in Cape Coral, by 15.5 percent in North Port, and by 11.4 percent in Naples and Orlando.
While Governor Ron DeSantis has recently signed a bill reforming the new law to offer some relief to struggling associations and condo owners, its impact is still to be felt on the market.
The Miami Exception
There is a reason why Miami is called the Magic City, and that is because of the massive growth the so-called garden of America has experienced since its establishment as a small settlement in the late 19th century. Over the past decades, Miami has become a vibrant metropolis attracting Americans from all over the country, and the crypto revolution currently taking place in the city is now helping it turn into a global tech destination.
The city’s success is reflected in its home price appreciation. Between May 2015 and May 2025 alone, as per MIAMI Association of Realtors data, condo prices in Miami rose by over 103 percent, from $209,000 to $425,000. Overall, Miami’s home equity gains on single-family homes have been nearly two times the national figure.
While price growth has flattened year-over-year in May in the Magic City, it has not reversed in the same way it is happening in many coastal markets around it, proving that Miami has been shielded by the worst of Florida’s ongoing condo crisis.
“No other U.S. market can boast the long-term resiliency of the Miami condo market,” MIAMI Association of Realtors Chairman Eddie Blanco said in a press release shared with Newsweek.
“Hurricanes, recessions, pandemics, decades of lack of condo financing—it doesn’t matter. People from all over the world want a piece of the Miami lifestyle, and that will never change. Condos are the entry point for first-time homebuyers in our market. Condos are the top property purchased by our global buyers from 49 countries.”
But it is not only because of the city’s allure that its condo market has proven more resilient than others in the state.
The number of condos for sale in the Miami-Dade market has increased in recent months, same as in the rest of the state, and was up by a staggering 39.51 percent year-over-year in May, from 9,456 to 13,192 listings during the same period in 2024.
But, according to the latest data, inventory was still 16.9 percent below pre-pandemic levels, and new listings were down by 3.4 percent year-over-year—meaning that while buyers are getting more options, sellers are in no rush to offload their properties or slash prices.
Unavoidable Headwinds
Despite the resilience of condo prices in Miami, the city’s market is still facing the same challenges the rest of the state is struggling with.
Miami-Dade County total sales fell by 20.2 percent year-over-year in May, as buyers keep to the sidelines amid elevated mortgage rates, growing economic uncertainty, and still sky-high prices.
Total existing condo sales decreased 25.1 percent in the same time frame. Statewide, closed sales of existing condos-townhouses totaled 8,345 in May, down 19.9 percent from a year earlier.
But data show that buyers are showing up for affordable inventory: sales of condos priced between $100,000 to $150,000 increased 38 percent year-over-year in May in Miami.
“Sales have remained weak with mortgage rates hovering at near 7 percent,” Cororaton said. “The good news is that affordability conditions are on course to improve with the Fed expected to resume its rate cuts in the second half of the year.”
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