Miami-Dade Condo Sales Rise Year-Over-Year for the First Time in 17 Months

Miami-Dade County’s condo market showed encouraging signs of strength in September 2025, marking the first time in several months that existing condo sales have increased year-over-year. According to the latest report from the MIAMI Association of Realtors (MIAMI) and the Southeast Florida MLS (SEFMLS), existing condo transactions rose 2.4%, climbing from 883 sales in September 2024 to 904 this year.

The gains were broad-based across price points. Affordable condo sales, defined as transactions priced at $250,000 and below, jumped 30.3%, rising from 122 to 159 closed sales. Meanwhile, the luxury condo segment ($1 million and up) also saw double-digit growth, increasing 12.7% from 118 to 133 transactions. These figures helped push total condo dollar volume up 18.07% year-over-year, reaching approximately $676 million in September.

Condo pricing remained stable despite the increase in activity. The median sale price held steady at $420,000, reflecting a balanced market where both buyers and sellers are adjusting to current conditions. Inventory levels also expanded, rising 19.8% year-over-year from 10,532 active listings to 12,620. While that increase offers buyers more options, supply remains roughly 16.7% below 2019 levels, suggesting that overall inventory is still limited compared to pre-pandemic norms.

Homes continued to sell at a steady but deliberate pace. The median time to contract for condos was 75 days, and the median time to sale was 115 days, slightly longer than a year ago but typical for a market finding balance. Miami-Dade now has 14.2 months of supply of existing condos, up from 11.9 months a year earlier — solidly a buyer’s market by traditional standards, which generally define six months of supply as balanced.

Importantly, this is the first time in many months that Miami’s condo market has shown positive year-over-year growth, offering an optimistic signal that demand could be stabilizing after a quieter first half of the year. The rebound in both affordable and luxury segments highlights renewed confidence among local and out-of-state buyers alike.

Looking ahead, October’s results will be closely watched to see whether this marks the start of a sustained recovery. There’s also growing speculation that a new wave of migration from New York could further boost Miami’s condo demand. With the odds of socialist candidate Zohran Mamdani winning New York City’s mayoral race reportedly at 93%, many New Yorkers are said to be reconsidering their long-term plans. If even a fraction of those residents follow through on relocating, Miami’s condo market could continue to benefit from that ongoing demographic shift in the months to come.