“Miami is where ultra-high-net-worth individuals want to live,” said MIAMI chairman of the board Eddie Blanco. “Miami real estate offers more bang for your millions, a business-friendly government, no state income tax, FinTech hub, 365-day sunny weather and more. Meanwhile, the data shows that affordable 30-year condo units are maintaining their price appreciation. The condo market is the entry market for first-time homebuyers.”
Miami-Dade’s 30-year condo units had a median price of $294,000 in July, nearly unchanged from $298,500 in July 2024. Despite new state regulations requiring inspections of older buildings and adequate repair reserves, demand for these entry-level units remains steady. The measures, which took effect in January, are expected to make condominiums safer and more financeable in the long run.
Ultra-luxury activity is expanding into new territory. Miami-Dade recorded 28 single-family home sales topping $3,000 per square foot from January through July, a 115% increase from the same period last year. By comparison, there were no such sales in 2019.
Overall, Miami home sales in July fell 16% year-over-year, from 2,122 to 1,782, reflecting higher mortgage rates and limited inventory. Single-family transactions dropped 14.6%, while condo sales declined 17.3%. However, the luxury segment showed resilience: Miami-Dade condos priced at $2 million and above held steady at 59 sales.
International demand continues to drive the market. Nearly half of all new South Florida construction, pre-construction, and condo conversion sales over the past 18 months involved foreign buyers, according to MIAMI’s first New Construction Global Sales Report.