In May 2025, Miami-Dade experienced a 25% decline in condo sales, contrasted by rising luxury sales. The overall market struggles due to high mortgage rates and strict financing hindering mid-tier buyers. Despite holding steady at a median price of $425,000, the condo inventory is rising but new listings are decreasing, signaling owner hesitance due to uncertainty in market conditions. While luxury sales are thriving, the middle-class segment faces challenges in accessing condo ownership, presenting a mixed picture in Miami's real estate landscape.
"Sales of luxury condos are on the rise in Miami-Dade County, but the broader condo market continues to sputter, with prospective buyers struggling with financing and rising costs."
"Sales have remained weak with mortgage rates hovering at near 7%," Gay Cororaton, chief economist for the Miami Association of Realtors, said in a statement. "The good news is that affordability conditions are on course to improve with the Fed expected to resume its rate cuts in the second half of the year."
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