Aerial view of the Silver Lakes neighborhood on Thursday, Sept. 25, 2025, in Miramar, Fla.
Photo by Matias J. Ocner
mocner@miamiherald.com
Home sales were up in Miami-Dade in February compared to the previous year, marking a sixth consecutive month of an upward trend in the county.
Total home sales were up by nearly 10% compared to last February, according to data from the Miami Association of Realtors. Single-family sales were up more than 4%, and existing condo sales were up nearly 15%.
The data showed sales were up at both the luxury and affordable ends of the market. Sales of properties over $5 million were up 11% year-over-year, and sales of condos priced between $400,000 and $500,000 were up 19%. Median prices for single-family homes in Miami-Dade rose by more than 4% year-over-year.
The Miami Association of Realtors has named South Florida the No. 1 ultra-luxury market in the U.S., with a home sale over $10 million happening every day in the region on average.
Miami’s ultra-luxury market has drawn particular attention this year, as a few big-name tech billionaires have purchased waterfront properties in the area.
Google co-founders Sergey Brin and Larry Page have both reportedly purchased megamillion homes in recent months. And Meta founder Mark Zuckerberg broke Miami-Dade’s record for most expensive home sale ever with the purchase of a $170 million mansion in Indian Creek.
READ MORE: 4 of the world’s 5 richest people now have waterfront estates in the Miami area
Is Miami condo market poised for a rebound?
It’s a buyer’s market for Miami-Dade condos, according to the Miami Association of Realtors, with more than 13 months of available inventory. A housing market balanced between buyers and sellers usually has around six months of available inventory.
A buyer’s market keeps prices low, and it may be a good time to score a deal on a condo in Miami-Dade County.
But that may be changing. The county saw condo inventory decrease year-over-year in February for the first time since July 2023. Decreasing inventory means buying a condo in Miami-Dade may be getting more competitive, and that may also push condo prices up.
Broward housing market
Broward County saw a slight decrease in total home sales in February compared to the previous year.
Total home sales were down 0.8%, and existing condo sales were down nearly 3%. But single-family transactions were up about 1%, and sales of homes over $1 million seemed to buoy the market. Million-and-up transactions rose by nearly 20% year-over-year.
But this relatively slow housing market may not last. Inventory for both single-family homes and condos has decreased since last February. Single-family inventory was down around 8% from the previous year, and condo inventory was down 7%.
Still, even as inventory decreases, it’s a buyer’s market for condos. There’s over 11 months of available condo inventory in Broward.
Miami Herald
Catherine Odom covers real estate for the Miami Herald. She previously interned on the Herald’s government team and has worked as a journalist in Germany and Armenia. She is a graduate of Northwestern University.