Miami home sales are on the rise, but what about prices? Check the trends

Condos are getting cheaper and single-family homes are getting more expensive in Miami-Dade County as total home sales increased for the ninth consecutive month.

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Sales rose by nearly 8% in May compared to the same time period last year. Single-family homes increased in sales by 10% and existing condos by 5%, according to data from the Miami Association of Realtors.

The median sale price for single-family homes has increased by almost 1%, from $675,000 to $680,000. Condo prices have decreased by over 2% compared to last May, from $425,000 to $415,000.

South Florida averages one sale of a $10 million home each day, and is the No. 1 ultra-luxury market in the U.S.

While sales are going up, inventory is going down.

Total listings in Miami-Dade are down nearly 12% from the previous year. Lower supply can raise prices in the county as demand continuously increases.

Last month, the number of single-family homes available dropped by 19% year-over-year. The number of condos available dropped by nearly 9%, an improvement from the April year-over-year comparison, but marking the fourth consecutive month of decreases since July 2023.

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The trend follows with a 21% decrease in the inventory of single-family homes. Supply is still outweighing the demand for condos in the county.

Broward County

Total home sales are on a three-month year-to-year rise in Broward County, with May increasing by just less than 1%. Single-family homes are up by 3%, and condos are down by 1.5%.

Single-family home prices increased by nearly 1% year-over-year, from $625,000 to $630,000. Median condo sale price stayed flat at $275,000.

Like in Miami-Dade, there are more prospective buyers than available single-family homes, but more condos on the market than there are buyers.

Broward inventory has decreased for both single-family homes and condos. And active listings are down 18%.

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