May 2025 Market Update.

South Florida Real Estate Market Update: May 2025

As we approach the midpoint of 2025, South Florida’s real estate market presents a dynamic landscape for both buyers and sellers. Here’s an overview of the current trends in condominium and single-family home sales across Miami-Dade, Broward, and Palm Beach counties.

🏠 Single-Family Homes: Seller’s Market with Signs of Stabilization

• Miami-Dade County: The median sale price for single-family homes stands at $655,000, reflecting a modest 0.8% increase year-over-year. Inventory levels have risen to 5.8 months of supply, indicating a gradual shift toward a more balanced market. By The Sea Realty

• Broward County: The median sale price is $610,000, a slight decrease of 2.4% from the previous year. Despite this dip, inventory remains low at 5.3 months of supply, maintaining a seller’s market. By The Sea Realty

• Palm Beach County: Homes are selling at a median price of $647,000, up 5.2% from last year. Inventory is at 5.7 months of supply, still favoring sellers. By The Sea Realty+1Barron’s+1

Overall, the single-family home market continues to benefit from strong demand, low inventory, and an influx of cash buyers, particularly in areas like West Palm Beach, Fort Lauderdale, and Miami. MIAMI REALTORS®

🏢 Condominiums: Mixed Signals with Opportunities for Buyers

• Miami-Dade County: Condo prices have reached a new record high, with a median sale price of $455,000, up 8.3% year-over-year. However, inventory has surged to 12.6 months of supply, the highest in South Florida, suggesting a cooling demand. By The Sea Realty

• Broward County: The median sale price for condos is $275,000, down 5.2% from last year. Inventory has increased to 11.4 months of supply, indicating a shift toward a buyer’s market. By The Sea Realty

• Palm Beach County: Condo prices have risen slightly to $317,000, up 1.0% year-over-year. Inventory remains tight at 10 months of supply, still favoring sellers. By The Sea Realty

The condominium market is experiencing increased inventory and price adjustments, presenting opportunities for buyers, especially in Broward and Miami-Dade counties.

🔍 Market Outlook

• Single-Family Homes: With mortgage rates expected to decline to 5% by the end of 2025, the single-family home market is poised for continued growth, with a projected 10% increase in sales. MIAMI REALTORS®

• Condominiums: While prices may remain flat, the increased inventory and buyer leverage suggest a more favorable environment for those looking to invest in condos.

🏡 Final Thoughts

Whether you’re considering buying, selling, or investing in South Florida real estate, understanding these market dynamics is crucial. For sellers, pricing strategies should be aligned with current market conditions to attract qualified buyers. For buyers, exploring opportunities in the condominium market may offer favorable terms and potential for future appreciation.

Stay informed and consult with a local real estate expert to navigate the evolving South Florida market effectively.