Introduction to South Florida’s Housing Market
For those looking to buy in the South Florida market, now might be the chance as March saw the most homes and condos on the market than there have been in the last six years.
According to data from the Miami Association of Realtors, the number of condos and homes for sale has continued to increase but the prices paint a different picture.
Market Trends in Miami-Dade
To break it down, Miami-Dade currently has more than 13,000 active condo and townhome listings, which are up 43.5% compared to the same time last year. But the median sale price is down almost 2% and the number of closed sales is down more than 5%. In March 2024, there were 1,041 closed sales for single-family homes, while in March 2025, there were 961 closed sales. For townhomes and condos, there were 1,100 closed sales in March 2024 and 1,041 closed sales in March of this year.
Market Trends in Broward County
In Broward County, inventory is up 43.4% with median prices down 3%. Closed sales are also down more than 10%. In March 2024, there were 1,084 closed sales for single-family homes, while in March 2025, there were 1,062 closed sales. Townhomes and condos saw a large difference in closed sales year-to-year. In March of 2025, there were 1,197 closed sales compared to this year with only 1,070 in March.
Challenges Facing the Condo Market
Florida’s condo market has been slumping, potentially because of changes in building codes and regulations. Buildings 30 years and older must undergo a visual structural inspection and if any issues are found, more in-depth inspections could be warranted. Following the partial collapse of the Champlain Towers, Florida implemented new condominium inspection laws that included mandatory special assessments, studies for the structural integrity of the building, and more. Those costs have been known to be added to a condo’s sale price, potentially deterring buyers. Another issue is an increase in HOA fees to also help with those added costs.
Prospects for Single-Family Homes
But all doesn’t seem bleak for single-family homes. While sales have decreased, in Miami-Dade, the median price of a listing has increased. The same can be said for Broward County, where sales have also increased. According to the Miami Association of Realtors, we are in what is considered a balanced market for single-family homes, meaning there is a healthy balance between the number of homes for sale and the demand for them.
Market Conditions for Condos
As for condos, the organization said it’s a buyer’s market, so buyers may have more leverage in negotiating sale prices. This shift in the market could be an opportunity for buyers who have been waiting for the right moment to make a purchase.
Conclusion
In conclusion, the South Florida housing market is experiencing a shift, with more condos and homes available for sale than in the last six years. While the condo market faces challenges due to regulatory changes, the single-family home market appears to be balanced. Buyers may find this an opportune time to negotiate prices, especially in the condo market.
FAQs
- Q: What is the current state of the South Florida housing market?
A: The market has seen an increase in the number of condos and homes for sale, with a notable rise in inventory. - Q: How have prices been affected in Miami-Dade and Broward County?
A: In Miami-Dade, the median sale price for condos and townhomes is down almost 2%, while in Broward County, median prices are down 3%. - Q: What challenges is the condo market facing?
A: The condo market is facing challenges due to changes in building codes and regulations, including mandatory inspections and potential increases in HOA fees. - Q: Is it a good time to buy a single-family home or a condo in South Florida?
A: For single-family homes, the market is considered balanced, which could be favorable for buyers and sellers. For condos, it’s a buyer’s market, giving buyers more leverage in negotiations.
