Are condo values down in your Miami-Dade area? Check the latest in 29 cities

Recent data from the Miami-Dade County Property Appraiser shows condo values are down across the county this year.

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The report shows condo values dipped by 1.2% in Miami-Dade in 2026 compared to the previous year. Last year, condo values were down by .6%.

These declining condo values fit into a larger trend in Miami-Dade. Data released by the property appraiser’s office earlier this month showed slowing growth in taxable property values. Property values rose a modest 5.5% this year, compared to 8.5% last year, indicating a sagging real estate market.

Condo values, particularly in older buildings, have been slipping since the Champlain Towers collapse in Surfside five years ago. State laws passed in the aftermath of the disaster now require more regular inspections for condo buildings, and condo associations must put aside more money for repairs under the new laws.

These changes have added up to costs some owners can’t afford. And that has led some to sell at a discount, further weakening the condo market.

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Miami-Dade Property Appraiser Tomás Regalado told the Miami Herald: “Older condos are dropping in value,” while the luxury condo market has remained “flat.”

Peter Zalewski, a Miami-based broker and the owner of the consulting firm Condo Vultures, said he expects condo values to continue to fall in the coming years as the market adjusts to the new laws. He expects to see a significant number of unit foreclosures and condo associations declaring bankruptcy.

“It’s all headwinds right now for the condo market,” Zalewski said.

But not every municipality saw declining condo values this year.

Cities where condos skew to the higher end, like Bal Harbour or Surfside, may be more insulated from these changes. The average value of a unit was over $2 million in both towns, according to the county’s data. But the gains in these towns were still relatively modest, with condo values rising by 1.2% in Bal Harbour and .7% in Surfside.

This wasn’t true across all pricier municipalities, though. In Sunny Isles Beach, where the average unit value was around $1 million, values dropped this year by 3.5%. And in Key Biscayne, the average unit was worth around $1.4 million this year, with values dropping by .1%.

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In other areas:

• The city of Miami bucked the trend of falling condo values this year. Values rose by 2.5% in Miami, which accounts for about one-fifth of the county’s condo supply.
• Miami Beach has a large supply of older condo buildings, and values have been dropping in the city in recent years. This year, condo values were down 2.3%, and last year, they were down 1.6%.
• Aventura’s aging condo buildings also seem to be causing its market to sag. Condo values were down 4.2% this year and 4% last year.
• Some municipalities recorded significant gains and losses. Homestead and Pinecrest saw condo values drop by 10.3% and 11%, respectively, and Opa-locka and Florida City saw values rise 4.5% and 5.4%. But these municipalities have relatively few condos, meaning the data is more easily skewed.