What’s Really Happening in the Miami-Dade Condo Market?

If you’re trying to figure out what’s going on with the Miami-Dade condo market right now, you’re not alone. Between headlines about rising inventory, new regulations, and high prices, it’s tough to separate signal from noise. So here’s the real story. No fluff. No hype. Just facts.

The Market Is Stabilizing, Not Slipping

The Miami condo market is not collapsing. It’s stabilizing. Inventory is rising, but still below pre-pandemic levels. Several 2025 months have already posted more closings than the year before. The median condo price sits around $400,000, which is up more than 60 percent from $245,000 just a few years ago. That kind of growth doesn’t happen in a weak market.

Older Buildings Are Still Strong Performers

There’s been a lot of noise around 30-plus-year-old buildings, especially after the Champlain Towers tragedy in 2021. But here’s what people miss. Not all old buildings are risky. In fact, many of them are outperforming new construction. Fully funded, properly managed older buildings are selling faster, with a median price of $280,000 and an average time on market of just 62 days. About half of these condos sold for under $300,000 in 2024. (Yes, we know sales volume is a function of price, but this is where Miami’s affordable inventory actually exists.)

Luxury Now Starts at $1.2 Million

The definition of luxury has shifted too. It is not one million anymore. The true luxury tier begins closer to $1.2 to $1.3 million, based on the top ten percent of closed sales. And that market is showing signs of life. Monthly sales are rebounding.

The Ultra Luxury Market Is Leading the Pack

If there is one segment outperforming the rest, it is ultra luxury. Condos priced at $5 million and up are driving Miami-Dade’s high-end market. August 2025 saw a 12 percent year-over-year increase in transactions at this price point. Over 80 percent of those buyers paid all cash. These are not speculative investors. They are long-term players relocating from New York, California, Europe, and Latin America, seeking lifestyle, stability, and sunshine.

Most sales in this range close between $7 and $20 million. These buyers are not shopping for deals. They are acquiring long-term assets. In a market flooded with opinions, this segment is setting the tone.

Cash Rules the Market

Half of all condo sales in Miami-Dade are all cash. That number jumps to nearly 80 percent for ultra luxury. This cash foundation shields the market from interest rate swings and allows serious buyers to act quickly. The $1 million to $5 million range also skews heavily cash, with 53 percent of deals in 2025 requiring no financing.

New Construction Is Focused and Funded

Miami is not facing a construction bubble. It is catching up after years of underbuilding. In 2026, around 2,300 new condos will be delivered. In 2027, that number peaks at around 3,400. These are not speculative builds. Many are already under contract. Major delivery zones include Brickell, Edgewater, Sunny Isles, the Grove, and Miami Beach. Most new product is priced above $1,200 per square foot, with top-tier developments well into the $2,000 to $3,000 range.

Transparency Has Changed the Game

Miami-Dade is leading Florida in condo transparency. The county now requires every condo association, co-op, and HOA to register annually and upload financials, reserves, and governing documents into a public database. Buyers can review these records before making an offer. That alone has transformed buyer confidence and accountability.

What Today’s Buyers Actually Want

Buyers are not scared. They are more informed than ever. They want buildings that have completed their milestone inspections, are properly reserved, and have predictable monthly costs. Transparency and financial clarity now drive value more than age or even design. Buildings that check those boxes are outperforming across the board.

The Bottom Line

Miami’s condo market is not what it used to be. It is smarter. It is more transparent. It is still climbing in value in many segments. Older buildings with strong governance are thriving. Luxury has matured. Ultra luxury is winning. And new development is meeting real demand, not just inflating supply.

The biggest challenge in Miami’s condo market isn’t price. It’s knowing which buildings are solid. That’s where we come in.

Miamism vets the buildings, not just the listings.

Want the truth behind the condo? Let’s talk.