The real estate market in Miami is changing a lot. Condo prices fell almost 10%, but sales of affordable homes are going up fast. This mix shows good and tough times for buyers and sellers.
Big Drop in Condo Prices
In Miami-Dade, the average price of existing condos went down nearly 10% in the last year. This comes from new laws after the Surfside building collapse in 2021. These laws make buildings save more money for repairs. That means higher monthly fees for owners.
Some buyers stay away because of the extra costs. But experts say prices have now adjusted. Alfredo Pujol from the Miami Association of Realtors told the Miami Herald there won’t be big ups or downs next year.
Good News for Affordable Condos
Sales of condos priced $200,000 to $400,000 jumped 21% in November. Lower interest rates from the Federal Reserve help first-time buyers a lot.
Older buildings (over 30 years) sell quicker than new ones. Buyers want good location and low price. There are not many options in this range, so demand is high.
New laws also help by giving more info about building safety. This makes buyers feel safer.
Luxury Market Stays Strong
High-end condos (over $1 million) saw sales rise 13.2%. For ones over $2.5 million, sales grew 27.3%. Many of these are new builds.
Cash buyers, often from other countries, drive this part. In Miami, about 36.8% of deals are all cash – higher than the US average.
Foreign buyers made up 49% of new construction sales in South Florida recently. Many come from Latin America.
Other Areas and Homes
Single-family house prices in Miami-Dade went up 3.27%. In nearby Broward County, condo prices fell about 8%, but cheap ones ($100,000-$150,000) jumped 41% in sales.
House sales in Broward grew 14%.
Big events like the 2026 FIFA World Cup and new offices in the area keep interest high.
What to Expect Next
Experts see a stable market ahead. No big crashes or booms. It’s a healthy balance.
If you want to buy in Miami, now might be a good time for affordable options. Always check with a real estate agent for the latest info.