On the other, affordability challenges and stricter condo regulations are reshaping opportunities for first-time buyers.
Luxury Condo Market Stays Hot
According to the Miami Association of Realtors, sales of condos priced at $5 million and above jumped nearly 12% year-over-year in August. These trophy properties remain magnets for global cash buyers, with 36% of closings in South Florida made entirely in cash — almost double the U.S. average.
Affordable Condos Still Hold Value
Even older condos (30+ years) are holding ground. While median prices slipped by $10,000 compared to last year, Realtors emphasize that these units in built-out areas like Kendall, Kendall Lakes, and Hialeah continue to offer long-term potential for affordability-minded buyers.
Single-Family Homes: Mixed Signals
Miami Gardens, Kendall, and Cutler Bay in Miami-Dade, along with Sunrise, Pembroke Pines, and Coconut Creek in Broward, remain hotbeds of demand. Median single-family home prices rose compared to last year:
- Miami-Dade: $655,000 (up 2.3% year-over-year)
- Broward: $625,000 (up 3.1% year-over-year)
But total sales dropped — a sign that high mortgage rates and tighter lending rules are cooling activity.
Condo Market Challenges
Condo sales tell a different story:
- Miami-Dade: down 13% from last year
- Broward: down nearly 10% from last year
Why the slowdown? Scarce FHA approvals (just 0.9% of South Florida buildings qualify) and stricter reserve requirements unique to Florida. A new condo safety law, introduced after the Surfside tragedy, is keeping pressure on associations and owners to fund repairs and strengthen reserves.
Inventory Rising Across South Florida
For the first time in years, buyers may see more breathing room. Housing inventory has climbed:
- Miami-Dade: 6.4 months of houses (balanced market), 14 months of condos
- Broward: 5.7 months of houses, 11.9 months of condos
This shift means sellers must price strategically while buyers may soon find more negotiating power.
What This Means for Buyers & Investors
Miami remains a global magnet for capital, but the market is clearly split. Luxury condos and single-family homes are thriving, while mid-market buyers continue to face affordability hurdles. For investors and Canadians looking to enter the U.S. market, Florida still offers tremendous opportunity — if you navigate it wisely.
📞 Contact Lendworth USA today to explore tailored mortgage solutions for U.S. real estate. Whether you’re an investor seeking opportunity in Miami or a first-time buyer exploring cross-border financing, we’re here to help.
Phone: 727-613-2662
Email: info@lendworth.us