Miami MSA Ranked No. 2 Top Housing Market in the U.S. for 2025
“Even with the recent declines of the stock market — which has an impact on luxury deals — South Florida $1M & up home sales continues exceling,” 2025 MIAMI Chairman Eddie Blanco said. “A new Census report shows South Florida’s population rising faster than the nation and Miami-Dade ranking No. 1 in the U.S. in international migration. The world loves Miami.”
South Florida real estate is high cash, high equity and high demand:
- Realtor.com ranked Miami–Fort Lauderdale–Pompano Beach, FL as the No. 2 Top Housing Market in the U.S. for 2025, forecasting a 24% year-over-year increase in sales and a 9% increase in median sale prices for 2025.
- West Palm Beach ranked No. 1 in the U.S. for Most All-Cash Sales in 2024, posting a share of 49.6% for all-cash purchases. Fort Lauderdale (38.9%) and Miami (38.1%) ranked No. 4 and No. 5, respectively, according to Redfin.
- Miami-Dade County ranks No. 5 in the U.S. for most equity-rich homes with a share of 64.4%, via new data from ATTOM. Equity rich is defined as having a loan-to-value (LTV) ratio of 50% or lower.
Miami-Dade Condominium Sale Prices Have Appreciated 141% in the Last 10 Years
Existing condo median prices increased 8.3% year-over-year in February 2025, from $420,000 to $455,000. Condo median prices stayed even or increased in 158 of the last 165 months, a span that covers 13.75 years.
Miami condo prices have risen 140.7% from February 2015 to February 2025, from $189,000 to $455,000.
Miami-Dade County single-family home median sale prices increased 0.8% year-over-year in February 2025, increasing from $650,000 to $655,000. Miami single-family median prices have risen for 159 consecutive months (13.25 years), the longest running streak on record.
Miami single-family prices have risen 167.3% from February 2015 to February 2025, from $245,000 to $655,000.
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.
Despite the increase in prices, Miami remains a value in comparison to other global cities. In Miami, $1M nets you at least 60 square meters of prime property, according to the 2024 Knight Frank The Wealth Report. This is much higher than other global cities: Sydney, Australia ($1M only purchases 43 square meters), Shanghai (42), Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22) and Monaco (16).
$1M & Up Miami Single-Family Home Sales Rise
Miami-Dade $1M & up single-family transactions increased 3.6% year-over-year in February 2025 to 171 transactions. Sustained declines in the stock market bear watching. Stocks are disproportionately held by higher-net-worth individuals, and gains in the stock market can be swapped for cash for luxury home purchases.
Miami-Dade County total sales decreased 15.5% year-over-year in February 2025, from 1,705 to 1,440. 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 8% year-over-year (from 764 to 703). Miami single-family homes posted year-over-year gains in eight of the 12 months in 2024.
Miami Condo Sales Remain on Pace with State, Nation
Miami total existing condo sales, which are on pace with the state and nation, decreased 21.7% year-over-year in February 2025, from 941 to 737. 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 will likely keep rates steady until at least the summer.
“The million-dollar market segment continues to be the strongest segment,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “However, with mortgage rates now edging lower and likely to continue to decline to the low 6% by the end of the year, we could see more transactions activity across price segments. More inventory of homes for sale is also giving buyers more negotiating power.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.65% as of March 13. That’s up from 6.63% one week ago but down from 6.74% one year ago.
Miami Condo Active Listings Are 31.9% Below Pre-Pandemic
Total inventory is still down 6.5% from the historical average for Miami. The annual historical average for Miami-Dade existing inventory is 18,851 and current inventory is 17,708.
Total active listings at the end of February 2025 increased 39.2% year-over-year, from 12,721 to 17,708, but not enough to make up for the lack of inventory.
Inventory of single-family homes increased 32% year-over-year in February 2025 from 3,895 active listings last year to 5,140 last month.
Condominium inventory increased 42.4% year-over-year in February 2025, from 8,826 to 12,568 listings during the same period in 2024, but the total is still significantly below pre-pandemic. Current Miami condo inventory (12,568) is 31.9% below February 2019 pre-pandemic inventory (16,583).
Furthermore, Miami new condo listings only rose 4.8% year-over-year in February 2025, which is less than new single-family home listings (6.4%). Full-year 2024 data supports the same fact: condo new listings are growing at the same rate as single-family home new listings. This debunks the narrative that condo owners are scrambling to sell.
Months’ supply of inventory for single-family homes is 5.8 months, which indicates a seller’s market. Inventory for existing condominiums is 12.6 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 February was 1.24 million units, up 5.1% from January and 17% from one year ago (1.06 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, identical to January and up from 3.0 months in February 2024.
Miami Total Dollar Volume Rises 4.5% Year-over-Year
Miami total dollar volume totaled $1.5 billion in February 2025, up 4.48% vs. February 2024. Single-family home dollar volume increased 23.90% year-over-year to $951 million. Condo dollar volume decreased 16.5% year-over-year to $592 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 1,440 homes in February 2025 for a local economic impact of $185.8 million.
Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 1.5% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, versus 0.9% in February 2024. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.3% and 1.2%, respectively, of total Miami sales in February 2025.
Miami’s percentage of distressed sales are less than the national figure. Nationally, distressed sales represented 3% of sales in February 2025, virtually unchanged from December and the previous year.
Miami Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 19,040 in February 2025, down 7% year-over-year, while existing condo-townhouse sales totaled 6,503, down 13%.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – progressed 4.2% from January to a seasonally adjusted annual rate of 4.26 million in February. Year-over-year, sales slid 1.2% (down from 4.31 million in February 2024).
The statewide median sales price for single-family existing homes was $415,000, 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 3.1% 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 February was $398,400, up 3.8% from one year ago ($383,800). 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 95.4% in February 2025. The median percent of original list price received for existing condominiums was 94%.
The median number of days between listing and contract dates for Miami single-family home sales was 46 days, up from 35 days last year. The median time to sale for single-family homes was 88 days, up from 77 days last year.
The median number of days between the listing date and contract date for condos was 66 days, up from 49 days. The median number of days to sale for condos was 106 days, up from 87 days.
Miami Cash Sales More than National Figure
Cash sales represented 40.8% of Miami closed sales in February 2025, compared to 43.3% in February 2024. About 32% 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 54.3% of all Miami existing condo sales and 26.6% of single-family transactions.
To access February 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 http://www.MiamiRealtors.com
Media Contact
Chris Umpierre, MIAMI Association of REALTORS, 3054687047, [email protected], www.MiamiRealtors.com
SOURCE MIAMI Association of REALTORS
