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The world loves Miami. South Florida real estate continues to experience high demand both domestically and globally due to its unique lifestyle, culture, world-class beaches, fintech hub, nightlife, shopping, entertainment, and more.
Miami real estate is outperforming the state and nation in wealth migration, price appreciation, sales of homes priced at $1M and above, employment, and many other metrics. It is our market fundamentals that make us unique.
Tips for Home Buyers
Local inventory is on the rise – that is great news for homebuyers as there are more options in our beautiful region to purchase. However, the inventory is still below pre-pandemic levels and needs to be increased, especially in key price points such as those below $1M.
As a home buyer, you will want access to the full range of opportunities, and our REALTOR® members can provide that – and more. To start, using a cooperative system called the Multiple Listing Service (or MLS), your REALTOR® can help you evaluate all active listings that meet your criteria, alert you to listings as soon as they come on the market, and provide data on recent sales to ensure that your offers are competitive.
Mortgage rates remain stubbornly high (near 7%), which puts a strain on affordability. Your REALTOR® with MIAMI Association of REALTORS® can reduce that rate by getting creative: accessing the 2-1 mortgage buydown program or seeking an assumable loan.
A REALTOR® is also essential if you are new to the region – they are experts on local neighborhoods tailored to your specific lifestyles and can orient you on where to find all the resources you need, both during the transaction and after closing. Want to know where to find information on amenities, utilities, hobbies, sports, zoning rules, contractors, landscapers, clubs, and more? REALTORS® are a wealth of knowledge. We continue to help you, your family, and friends years after a contract is signed because REALTORS® are the fabric of the South Florida community. We live here. We love this community. We are invested.
Changes in the Condo Market
New state condominium regulations requiring inspections of older condominium buildings and adequate reserves for repairs went into effect this year. Condo laws and the market continue to evolve, and the MIAMI Association of REALTORS® and our REALTOR® members are at the forefront with the latest updates on condo laws, tools, and education to successfully navigate these transactions.
Despite all the changes, Miami condos continue to appreciate in value. Miami condo prices have increased by 123.6% from April 2015 to April 2025, rising from $199,000 to $445,000.
As a condo buyer, a MIAMI REALTOR® has the expertise to guide you through the due diligence process. They understand the latest required forms, reports, disclosures, and critical legal and financial documents. MIAMI REALTORS® has been a longtime advocate for greater transparency and accountability in condominiums, working with elected officials to establish a public-facing local database that provides access to key condo documents.
Tips for Home Sellers
Miami real estate is a perennial leader in cash buyers and U.S. home price appreciation, which is incredible news for home sellers. Miami ended 2024 ranked No. 1 in the U.S. in home price appreciation, according to Cotality.
Miami single-family median prices have risen for 161 consecutive months (13.4 years), the longest-running streak on record. Condo median prices stayed even or increased in 159 of the last 167 months, a span that covers 13.9 years.
Living in Miami as a home seller, you have the advantage over other markets in that the world is your potential buyer. Consider that global buyers spent $3.1 billion on South Florida properties in 2024, and 10% of all U.S. global buyers purchased in South Florida. MIAMI REALTORS® can list your property on more websites and in front of more buyers in more countries.
When selling your home, it is imperative to price it correctly. The right price can make your home sell faster and prevent price cuts. The right price can spur multiple offers, and your odds of getting the best offer increase. The stats speak for themselves. The median price for a REALTOR® sold home nationally is $405,000, while a for-sale-by-owner sold home is $310,000, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR).
A MIAMI REALTOR® has the expert knowledge and experience to guide you on your home-buying or selling journey. Learn more at MIAMIRealtors.com.
