Miami Condo Sales Slump, but Affordable Units Are Still Selling

The South Florida condo market has seen sluggish sales the past two years, but affordable units are fueling sales as the year winds down.

Overall, the Miami-Dade condo market is seeing existing-home sales down 3.78% from November 2024. But, sales of units priced between $200,000 and $400,000 were up an astonishing 21% compared to the previous November, according to November 2025 statistics released by the Miami Association of Realtors and the Miami Southeast Florida Multiple Listing Service.

The stats also showed that older condos—those over 30 years old—are moving faster than newer condos (29 years or less): 66 days versus 81 days.

Condos that hit the sweet spot of affordability saw sales increase from 135 to 164 year over year in November 2025. Total Miami-Dade sales increased only 0.5% from 1,510 to 1,518.

Alfredo Pujol, chairman-elect of the board of the Miami Association of Realtors, says it's a "misconception" that Florida condo law changes in the wake of the Surfside condominium collapse are discouraging people from buying in older, cheaper buildings.

He told the Miami Herald that the new laws passed in 2021 meant to protect older buildings, and make certain that repairs get done and that there are reserves for repairs, are encouraging people to buy since they now have more information, and "buyers know what they’re getting into."

Additionally, condo buildings that were previously not financeable because they didn’t have the proper reserves will now be financeable, which will increase buyer affordability and opportunity, said the report.

Lower interest rates, too, are helping. The average rate on 30-year fixed home loans decreased to 6.18% for the week ending Dec. 24, down from 6.21% the week before, according to Freddie Mac. Rates averaged 6.85% during the same period in 2024.

"Location, value, and affordability," are being prioritized by the buyer, says Eddie Blanco, chairman of the board of the Miami Association of Realtors.

"New state condo regulations are making Miami condos more resilient, financeable, stronger, and safer, and buyers know older condos boast location, value, and affordability," he says.

"Many of Miami’s older condos are in prime locations in a market where land is limited. Some have a lot of charm with great layouts, and the key is affordability. Condos have always been South Florida’s entry point for first-time homebuyers."

"I am seeing that the entry level has picked up," Michele Redlich with Coldwell Banker Realty, who has been selling Miami real estate for 30 years, tells Realtor.com.

"There was a disconnect between buyers, sellers, and pricing."

Over the past year, the median existing-unit price in Miami-Dade decreased by nearly 10%, according to the Miami Association of Realtors. The median single-family home price rose by 3.27%.

In Miami-Fort Lauderdale-West Palm Beach, the median list price is $500,000, according to Realtor.com data.

Redlich currently represents a $400,000 three-bedroom, three-bathroom, 1,812-square-foot condo in the prestigious waterfront Jockey Club Community. Residents here enjoy resort-style amenities, including a waterfront pool, concierge services, valet parking, and 24/7 security, but at $2,382 per month, the HOA fee isn't cheap.

"After the [COVID-19] pandemic, sellers got used to getting whatever number they wanted," she says. "With the new regulations, condos got more expensive to own. That started putting a damper on all condo purchases, unless brand new. What you're seeing now is sellers have become more realistic. If they want to sell, the days of asking whatever you want to ask is over. That's why you're seeing movement in the market."

"With higher interest rates and affordability challenges, buyers are looking for entry-level options, and older condos fit that need,"  Nancy Batchelor, founder of the Batchelor Team at Compass in Miami, tells Realtor.com.

"One of the biggest reasons is that many of these older buildings offer larger floor plans and bigger bedrooms than newer construction, which is very appealing to buyers who want space and value. Many of these buildings have already gone through their 40-year or recertification process. That gives buyers more confidence, because the major inspections and required repairs are already addressed or well understood."

She adds that first-time buyers, retirees downsizing, and investors are the main buyers, with many relocating from higher-cost markets like the Northeast or California, where Miami still looks relatively affordable.

Luxe is selling, too

Affordable condos aren't the only ones selling well in Miami. On the other end of the spectrum, luxury condos—$1 million-plus transactions—increased 13.2% year over year in November 2025, from 272 to 308. However, the increase in sales isn't as much as condos priced between $200,000 and $400,000.

Additionally, South Florida is on pace to post the second-most $10 million-plus home sales for a calendar year.

At its current selling pace, South Florida is projected to have 426 ultraluxury sales by the end of the year. That would be just shy of the record 444 set in the pandemic homebuying craze of 2021.

The sales total doesn’t include South Florida’s new-construction, pre-construction, and condo conversion sales because they are largely not reported in the multiple listing service.

Particularly hot areas are Miami-Dade, Palm Beach, West Palm Beach, Hypoluxo Island, and Manalapan.

Driving the sales is a rising population, with Florida gaining a new taxpayer every two minutes, as opposed to California, which loses one every minute, according to the National Taxpayer Union Foundation.

Additionally, job growth, rising multifamily construction permits, a bullish Wall Street, and rising wealth migration are encouraging real estate sales.