Miami-Dade County’s housing market demonstrated continued strength in the single-family segment in November 2025, with sales posting a third consecutive monthly increase despite elevated borrowing costs and growing inventory, data from the Miami Association of Realtors showed.
Existing single-family home transactions rose 5.3% year-over-year to 754, underscoring the sector’s durability. The median price climbed 3.3% to $671,250, marking one of the nation’s most sustained appreciation runs–Miami single-family prices have advanced in 167 of the past 168 months, driving a near-145% cumulative gain since 2015.
In contrast, the condominium market exhibited further softening. Existing condo sales slipped 3.8% annually to 764 units, with the median price declining 9.5% to $395,000. Despite the pullback, Miami condo values have nearly doubled over the decade, remaining up or flat in 162 of the last 174 months.
Total residential sales volume strengthened overall, with dollar volume surging 8.5% year-over-year to $1.4 billion. Single-family homes contributed $861 million–up 10%–while condo volume rose 6.4% to $581 million.
The market’s long-term boom has generated substantial wealth for homeowners. Properties acquired in Q4 2009 and sold in Q4 2024 yielded average equity gains of $555,900 for single-family homes, almost double the national average of $306,600, per Miami Realtors research. Condo owners saw $342,600 in gains, versus $252,000 nationwide.
This appreciation has accentuated the wealth gap between owners and renters. Homeowners’ average wealth rose $140,900 over the past five years, according to the National Association of Realtors. NAR estimates, drawing on Federal Reserve data, project median homeowner net worth at $430,000 in 2025, compared with just $10,000 for renters.
Inventory levels pointed to a gradual shift toward balance. Active listings increased 13.5% year-over-year to 18,287, though still 16.7% below November 2019 pre-pandemic figures. New listings have moderated, and inventory accumulation has decelerated from earlier peaks.
Single-family listings grew nearly 16% to 5,554 units, equating to a 6.5-month supply–a level typically viewed as market equilibrium. Condo inventory advanced 12.5% to 12,733 but stood over 17% below pre-pandemic norms, with a 14.1-month supply signaling a clear buyer advantage.
Nationally, unsold inventory totaled 1.43 million units in November, up 7.5% annually and representing a 4.2-month supply, NAR reported.
Seller concessions have edged higher, with single-family homes fetching a median 94% of original list price and condos 93%. Days on market lengthened, with median listing-to-contract times reaching 46 days for single-family homes and 72 days for condos; full closing times extended to 83 days and 111 days, respectively.
Distressed transactions stayed minimal at 2.4% of closings, down sharply from 70% at the 2009 trough. Short sales comprised 0.3% and REOs 2.0%, aligning with U.S. norms.
Cash deals maintained their dominant role, accounting for 36.8% of November closings–far exceeding the national ~27% average. Nearly half of condo sales were all-cash, verses about one-quarter for single-family homes.
Rising supply and extended marketing times are enhancing buyer leverage, while sellers benefit from Miami’s exceptional long-term price trajectory–one of the strongest nationwide.
