Activity in the region is showing no sign of slowing
Miami-Dade’s housing market extended its winning streak in March, chalking up a seventh straight month of year‑over‑year sales gains even as national existing home sales edged lower.
Total closings rose 6.6% from a year earlier to 2,134, driven by double‑digit growth in single‑family deals and a fresh surge at the top of the market, according to new data from the MIAMI Association of Realtors and SEFMLS.
Luxury cash deals reshape the market
Sales of properties priced at $5 million and above jumped 27% year over year, while Miami-Dade single‑family transactions of $1 million and up increased nearly 20% and $1 million‑plus condo sales rose almost 10%.
MIAMI also ranked South Florida as the nation’s top ultra‑luxury market, saying the region averaged one $10 million sale per day and logged record $20 million‑plus condo activity in 2025.
“Miami real estate is defined by sustained growth and global demand,” MIAMI chairman Alfredo Pujol said.
“You see this with the top companies moving here and ultra‑wealthy buyers purchasing homes in Miami's ‘Billionaire Bunker’ and beyond. Sales rose across all price ranges from entry-level condos and homes to properties over $5 million.”
Cash remained a defining feature: 38.1% of March closings were all‑cash, compared with roughly 27% nationally, and nearly half of existing condo deals in Miami closed without financing. Broader trends pointed to 2025 US cash purchases approaching 40% of transactions, the highest share since 2013.
Affordability squeezed, even as construction ramps up
At the accessible end of the market, condo sales between $300,000 and $600,000 climbed 7.1% year over year.
Still, median existing condo prices in Miami-Dade reached $445,000 in March, up 291% since 2011, while single‑family medians rose to $674,000, almost triple their 2011 level.
Financing constraints remained acute. Just 0.9% of South Florida condo buildings were approved for FHA loans, compared with far looser conditions in most US metros, pushing many entry‑level borrowers toward private and non‑QM options.
Miami’s multifamily pipeline and Florida’s Live Local Act offered one of the few pressure valves in a tight market.
Southeast Florida led the nation for multifamily construction as of late 2025, with more than 36,000 units underway.
Updated Live Local provisions granted by‑right density to projects that reserved at least 40% of units for households earning up to 120% of area median income.
Rates, inventory and a split market
Rising borrowing costs added another headwind. The average 30‑year fixed mortgage rate stood at about 6.18% in March, up from early‑pandemic lows, according to Freddie Mac.
“Amid more challenging macroeconomic conditions, it's fair to expect South Florida's housing market to be more resilient than the national housing market due to sustained wealth migration,” MIAMI REALTORS chief economist Gay Cororaton said.
“South Florida has a larger presence of high-end cash buyers that make up over half of the market and who are less sensitive to rising mortgage rates.”
Inventory told a similar story of divergence. Overall active listings in Miami-Dade fell 7.9% year over year in March, with single‑family stock down 7.4% and condo listings down just over 8%.
That left single‑family homes in a seller’s market at 5.7 months of supply, even as existing condos sat at roughly 13 months, firmly favoring buyers.
Nationally, inventory and months’ supply remained lower, underscoring how far Miami had moved into its own cycle.
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