Residential Real Estate News
Greater Miami Area Residential Sales Dip in January
According to new data from the Miami Association of Realtors, total residential sales in Miami-Dade County declined by 2.7% year-over-year in January 2025, dropping from 1,414 to 1,376 transactions. Single-family home sales remained virtually unchanged, with a slight 0.16% decrease from 644 to 643 sales. Meanwhile, total existing condo sales fell 4.8% year-over-year, from 770 to 733.
The median sale price for single-family homes in Miami-Dade increased by 7.1% year-over-year, rising from $630,000 to $675,000 in January 2025. Notably, single-family home prices have been on an upward trajectory for 158 consecutive months (13.2 years), marking the longest-running growth streak on record. Since January 2015, prices have surged by 184.2%, climbing from $237,500 to $675,000.
Median prices for existing condos rose 2.3% year-over-year, from $405,750 to $415,000. Condo prices have remained stable or increased in 157 of the last 164 months (13.7 years). Since January 2015, Miami condo prices have grown by 119.6%, from $189,000 to $415,000.
Despite recent gains in listings, total inventory remains 9.9% below Miami's historical average. While the typical annual inventory level for Miami-Dade stands at 18,851, current inventory sits at 16,992. Although total active listings at the end of January 2025 rose 38.4% year-over-year (from 12,277 to 16,992), supply still falls short of demand.
The inventory of single-family homes grew 29.23% year-over-year, increasing from 3,856 active listings to 4,983. Condominium inventory expanded even more, rising 42.61% year-over-year, from 8,421 to 12,009 listings. However, condo supply remains significantly below pre-pandemic levels--27.3% lower than January 2019's total of 16,518 units.
The months' supply of inventory for single-family homes is currently at 5.6 months, signaling a seller's market. Meanwhile, the supply for existing condos stands at 11.9 months, reflecting a buyer's market. A balanced market typically falls between six and nine months of inventory.
Miami's total sales volume reached $1.39 billion in January 2025, marking a 3.31% increase from January 2024. Single-family home dollar volume rose 4.16% year-over-year to $809 million, while condo sales volume increased by 2.23% to $578 million.
Distressed sales, including REO (bank-owned properties) and short sales, accounted for just 1.2% of all closed residential transactions in Miami last month, down from 1.5% in January 2024. For context, distressed sales made up 70% of all Miami transactions in 2009. Short sales represented 0.4% of total sales, while REOs made up 0.8%, both below the national average of 3%.
In January 2025, sellers of single-family homes received a median of 94% of their original list price, consistent with existing condo sales at 94%.
The median time from listing to contract for single-family homes was 45 days, up from 32 days the previous year. The total time to sale extended to 88 days, compared to 80 days last year. For condos, the median time from listing to contract increased to 64 days (up from 47 days), while the total time to sale reached 108 days (up from 90 days).
Cash transactions represented 42.2% of all Miami home sales in January 2025, slightly down from 42.6% in December 2023. Nationally, cash sales make up about 29% of all transactions, according to the latest NAR data. Among Miami's closed sales, 52.7% of existing condo purchases and 30.2% of single-family home transactions were completed with cash.
