Miami-Dade Real Estate Registers Best Sales Month of the Year

Affordable and $1M & Up Condo Transactions Surge

MIAMI, Oct. 23, 2025 /PRNewswire/ -- Miami-Dade County real estate posted its best sales month of the year in September 2025 as total homes, single-family and condo sales all rose year-over-year, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).

Miami total home sales (+5%), single-family transactions (+7%), condo sales (+2%), total dollar volume (+11%) and total $1M & up transactions (+20%) all increased year-over-year.

"There is a lot of pent-up demand for Miami real estate and declining mortgage rates are convincing more buyers to come off the sidelines," MIAMI Chairman of the Board Eddie Blanco said. "New listings for condos have declined for five consecutive months and active listings aren't growing as fast as they were earlier in the year. We know lower supply puts upward pressure on prices. The long-term data continues to reflect South Florida's enduring appeal and strong value trajectory."

Several new rankings that reflect Miami real estate's strong market fundamentals:

• Miami is ranked No. 1 in the U.S. in all-cash sales in the first half of 2025 via Realtor.com. 43% of all real estate deals in Miami are all-cash. A high all-cash market is strengthened vs. recessions and more immune to rising mortgage rates.
• Miami-Fort Lauderdale-West Palm Beach ranked No. 3 in the U.S. in Skilled Job Growth via Lightcast's Talent Attraction Scorecard for 2025
• Miami ranked No. 26 Most Important Financial Center in the World via the Global Financial Centres Index

Miami Total Sales and $1M & Up Transactions Rise, Underscoring Wealth Migration
Total Miami-Dade sales increased 4.6% year-over-year in September 2025, from 1,692 to 1,769.

The growth was partly fueled by total $1M and up transactions, which increased 19.9% year-over year in September 2025 from 296 to 355. Wealthy home buyers have been encouraged by Wall Street's continued bullish performance, the extension of federal tax cuts and Florida's own favorable tax picture.

South Florida is on pace to post the second-most $10M and up home sales for a calendar year. At its current selling pace, South Florida is projected to have 426 ultra-luxury sales by the end of the year. That would be just shy of the record 444 set in the pandemic home-buying craze of 2021.

The sales total doesn't include South Florida's new construction, pre-construction and condo conversion sales because they are largely not reported in the MLS. But MIAMI led the charge to publish a first-ever report.

International buyers purchased 49% of new South Florida construction, pre-construction and condo conversion sales over an 18-month period ending in June 2025, according to MIAMI REALTORS^® first-ever New Construction Global Sales Report. Data was aggregated from 9,115 units in 37 new construction condominium projects in the Miami market area. MIAMI collaborated with Cervera Real Estate, ISG World, PMG, SERHANT. New Development and ONE Sotheby's International Realty for the report.

Miami single-family home sales increased 6.92% year-over-year in September 2025, from 809 to 865.

Miami-Dade Affordable Condos and $1M & Up Condos Sales Surge
Miami existing condo transactions increased 2.38% in September 2025, from 883 to 904.

Affordable condos--- properties priced at $250,000 and below--- surged 30.3% year-over-year in September 2025, from 122 to 159.

$1M & up condo sales increased 12.71% in September 2025, from 118 to 133.

The lack of Federal Housing Administration loans for many 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%.

Miami-Dade Condominium Sale Prices Have Appreciated 110% in the Last 10 Years
Miami condo prices have risen 110% from September 2015 to September 2025, from $200,500 to $420,000.

Miami existing condo median prices stayed even year-over-year in September 2025 at $420,000. Miami condo median prices have stayed even or increased in 162 of the last 172 months, a span that covers 14+ years.

Miami-Dade County single-family home median sale prices increased 1.8% year-over-year in September 2025, from $653,400 to $665,000. Miami single-family median prices have risen in 165 of the last 166 months (13+ years).

Miami single-family prices have risen 150% from September 2015 to September 2025, from $285,000 to $665,000.

Miami remains a bargain in comparison to other global cities. For $1M, homebuyers can purchase 58 square meters of prime property in Miami, according to the 2025 Knight Frank Wealth Report. 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.

Miami Real Estate Home Equity & Appreciation is Nearly 2X the National Figure
Home equity is crucial for wealth building, provides a financial safety net, investment opportunities, refinancing options and more.

Miami's home equity gains are nearly two times the national figure. Home equity gains on a Miami single-family home purchased in Q4 2009 and sold in Q4 2024 is $555,900 versus the U.S. average at $306,600, according to MIAMI REALTORS^® Research.

Home equity gains on a Miami condo purchased in Q4 2009 and sold in Q4 2024 is $342,600 versus the U.S. average of $252,000.

Over the last five years, the average homeowner's wealth has increased by $140,900, according to NAR. Research also shows a growing wealth gap between owners and renters: Based on the latest Federal Reserve Survey of Consumer Finance, NAR projected in March that homeowners' median net worth would reach $430,000 in 2025 versus $10,000 for renters.

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. 

Mortgage Rates Declining
Mortgage rates are trending down after the first Fed rate cut of the year. According to Freddie Mac, the 30-year fixed-rate mortgage was 6.35% in September 2025.

"We should see this Miami homebuyer momentum strengthening in the last quarter and though next year as mortgage rates continue to decline towards 6%, as the condo and insurance market continue to stabilize, and with demand bolstered by the migration of highly skilled workers and the demographic tailwind from retiring Baby Boomers," MIAMI REALTORS^® Chief Economist Gay Cororaton said.

Total Miami Inventory is 16.5% Below Pre-Pandemic; New Listings Drop
New listings continue to fall each month and active listings are not growing as fast as they were at the start of the year.

Total Miami-Dade inventory (18,057) is 16.6% below September 2019 pre-pandemic inventory (21,624)

Total active listings at the end of September 2025 increased 20.1% year-over-year, from 15,035 to 18,057. Homebuyers are in a great position to find the right home and negotiate for a better price.

New listings for all Miami properties decreased 9.45%, from 3,693 to 3,344. This shows there is no rush to list and that the rise in active listings could decline in the future.

Inventory of single-family homes increased 20.74% year-over-year in September 2025 from 4,503 active listings last year to 5,437 last month.

Condominium inventory increased 19.83% year-over-year in September 2025, from 10,532 to 12,620 listings during the same period in 2024, but the total is still significantly below pre-pandemic. Current Miami condo inventory (12,620) is 16.7% below September 2019 pre-pandemic inventory (15,142).

Months' supply of inventory for single-family homes is 6.5 months, which indicates a balanced market. Inventory for existing condominiums is 14 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 is 1.55 million units, according to NAR. That is up 1.3% from August and up 14% from September 2024 (1.36 million). There is a 4.6 month supply of unsold inventory, no change from August and up from 4.2 months in September 2024.

Miami Real Estate: $228 Million in Local Economic Impact
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 1,769 homes in September 2025 for a local economic impact of $228 million.

Miami-Dade total dollar volume increased 11.42% year-over-year in September 2025 to $1.6 billion.

Single-family home dollar volume increased 7.18% year-over-year to $954 million. Condo dollar volume increased 18.07% year-over-year to $676 million.

Miami Distressed Sales Remain at Historic Lows, Reflecting Healthy Market
Only 1.9% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, versus 1.1% in September 2024. In 2009, distressed sales comprised 70% of Miami sales.

Short sales and REOs accounted for 0.2% and 1.8%, respectively, of total Miami sales in September 2025.

Miami's percentage of distressed sales are less than the national figure. Nationally, distressed sales have averaged 2%.

National and State Statistics
In Florida, closed sales of single-family homes statewide totaled 21,271 in September 2025, up 13.6% year-over-year, while existing condo-townhouse sales totaled 7,187 up 8%.

The statewide median sales price for single-family existing homes was $410,000, 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 $299,000, down 4.8% vs. last year. The median is the midpoint; half the homes sold for more, half for less.

Nationally, total existing home sales increased 4.1% year-over-year to a seasonally adjusted annual rate of 4.06 million, according to NAR. Median existing home prices increased to $415,200, up 2.1% from one year ago ($406,700)--- the 27^th consecutive month of year-over-year price increases.

Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95% in September 2025. The median percent of original list price received for existing condominiums was 93%.

The median number of days between listing and contract dates for Miami single-family home sales was 50 days, up from 32 days last year. The median time to sale for single-family homes was 89 days, up from 71 days last year.

The median number of days between the listing date and contract date for condos was 75 days, up from 51 days. The median number of days to sale for condos was 115 days, up from 93 days.

Miami Cash Sales More than National Figure
Cash sales represented 35.2% of Miami closed sales in September 2025, compared to 32.6% in September 2024. About 30% 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 46.5% of all Miami existing condo sales and 23.2% of single-family transactions.

To access September 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 REALTOR^® members, the buying and selling public, and the communities in South Florida. Composed of six boards: 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 Corporate Board of Directors. MIAMI REALTORS^® represent 58,000 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 290 international organizations worldwide. MIAMI's official website is www.MiamiRealtors.com

SOURCE MIAMI Association of REALTORS®