Miami-Dade’s condo market showed mixed results in August 2025, with luxury sales climbing even as overall condo activity slowed. A year-over-year gain was reported in $1M-and-up condo sales by the MIAMI Association of Realtors and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
The older 30-year-plus condo units, one of the county’s lower-priced entry points, continued to hold their value.
Surge in Miami-Dade $1M, $5M and Up Condo Sales
Miami-Dade’s high-end condominium market remained strong in August 2025, while overall condo activity tapered. Based on the MIAMI Association of Realtors and SEFMLS data, condo sales of $1 million and above increased 10.8% year-over-year, rising from 120 to 133 transactions.
Ultra-luxury condos also stayed strong, with $5 million-and-up sales rising 11.8%, from 34 to 38 transactions, highlighting ongoing wealth migration to South Florida.
The area is also strong for one of its best years in the $10 million-plus range, with estimates predicting about 426 ultra-luxury closings by the end of the year, just short of the 2021 record during the pandemic buying craze.
Although high-end demand remains strong, total Miami condo sales dropped 13% to 903 units, due to high mortgage rates and tight supply at critical price points. The market is shifting toward a more balanced state after several years of frantic activity.
Notably, the sales data does not include new construction, pre-construction, or condo conversion deals, which remain robust. MIAMI’s first-ever New Construction Global Sales Report found that international buyers accounted for 49% of the aforementioned unit transactions across 37 projects over 18 months ending in June 2025.
Affordable 30-Year Condo Units Holding Value
At the opposite end of the market, condos 30 years and older are holding their ground, providing a lifeline for first-timers and investors. The August 2025 median price for the older units was $280,000, slightly lower than the $290,000 median posted a year ago. Despite higher interest rates and financing challenges, demand remains strong thanks to their affordable prices and prime South Florida locations.
“Miami’s older condos represent affordability and opportunity,” MIAMI Chairman of the Board Eddie Blanco said. “Older condos are the entry market into the nation’s top real estate market, and many of these older condos are in prime locations. Land is limited in South Florida, so its location is a major selling point. And the future of these buildings is only going to get better.”
New state laws that went into effect on January 1, 2025, are also supporting this sector. The legislation mandates safety inspections and sufficient repair reserves so that older buildings are more weatherproof and financeable. Buildings that previously didn’t qualify for financing can now be purchased, giving buyers more options and protecting long-term value.
Yet, funding barriers still exist. Just 0.9% of South Florida condo towers are pre-approved for FHA financing, and Florida alone calls for a 25% down payment for limited review when reserves are low, well above the 10% in other states.
For a deeper look at 10-year price trends, economic impact, and other state statistics, MIAMI Realtors offers a full report. Nevertheless, these older condos remain standing, providing one of the only relatively low-cost entry points to Miami-Dade’s high-priced housing market.
