Miami’s residential real estate market cooled in July 2025, with total sales declining 16% year-over-year to 1,782 transactions, according to the Miami Association of Realtors. Both single-family homes and condominiums experienced notable drops, reflecting elevated mortgage rates, limited financing options, and ongoing supply constraints.
Single-family home sales fell 14.6% to 861, while condo transactions dropped 17.3% to 921. Despite the slowdown, Miami remains a long-term growth story: condo prices have more than doubled over the past decade, rising 108.2% from $195,000 in July 2015 to $406,000 this year. Single-family home prices have surged 138% over the same period.
Prices Flat, But Equity Remains Strong…