Spring 2025 is here, and if you’ve been keeping an eye on the real estate market in Miami—or just hearing whispers from your neighbors—it’s safe to say things aren’t quite what they used to be.
Whether you’re looking to buy, sell, or just stay informed, it helps to know what’s really happening behind the “For Sale” signs scattered across Kendall, South Miami, Tand The Falls. So, let’s break it down.
More Listings, More Choices… But at a Price
First things first: Miami’s housing inventory is on the rise. As of April 2025, there’s been about a 9.2% increase in available homes compared to last month. That means buyers are finally starting to see more options—and a little more breathing room when it comes to negotiations.
This shift is especially noticeable in areas like Kendall and parts of South Miami, where sellers had the upper hand for the past few years. Now, we’re starting to lean toward a buyer’s market, especially for certain condos and older properties that need updates or carry high maintenance fees.
That said, while there’s more to choose from, it’s not always “more affordable.” Homeowners who locked in lower mortgage rates in previous years are hesitant to sell and face higher rates themselves, so new listings often come at a premium—especially those that are move-in ready.
Median Prices: Still High, But Not Skyrocketing
Let’s talk numbers. The median home price in Miami is now around $585,000, and single-family homes in Miami-Dade County are sitting at about $655,000. That’s only a small increase from last year, which is a big change from the double-digit gains we saw in the earlier post-pandemic years.
Condos, meanwhile, have climbed significantly over the past decade, with prices up over 140%. However, lately, we’re seeing more price reductions and longer days on market, particularly for units in buildings facing structural updates or high assessments.
This shift is important. If you're a buyer, now’s the time to look closely at those price cuts and figure out whether you're getting a deal or inheriting a future financial headache. And if you’re a seller, you’ll need to price competitively to get attention—especially if your home doesn’t check all the boxes (hello, original kitchens and dated flooring).
Condo Market: It’s Complicated
The condo market deserves its own section. The Building Safety Act is changing the game across Florida. If your building is over 30 years old and hasn’t completed its structural integrity study, expect it to come up during any sale. That, combined with rising insurance costs and potential special assessments, is causing some serious hesitation among buyers—and rightfully so.
To make things more complicated, FHA loan approvals are scarce. Only about 0.9% of South Florida condo buildings are FHA-approved. That severely limits financing options for first-time buyers or anyone hoping to take advantage of federal loan programs.
Sellers of older condos may need to brace themselves: if your building is facing upcoming repairs, be prepared to justify your list price—or offer credits at closing. Buyers are doing their homework.
Mortgage Rates and Monthly Payments: Oof
Let’s talk interest rates. While we’re no longer seeing the spikes that rocked the market in 2023, we’re still not back to those dreamy 3% rates. As of early spring, the average 30-year fixed mortgage is hovering around 6.65%.
What does that mean for your monthly payment? Quite a bit. For every $100,000 you borrow, that’s roughly $640/month (not including taxes, insurance, and association fees). If you were house hunting in 2020 and then pressed pause, you’re probably shocked by how much more you’d pay per month now for the same price point.
That said, the Federal Reserve recently signaled a possible interest rate cut later this year. If that happens, we may see a fresh wave of buyers—and possibly some price firming as demand heats up again.
The Luxury Market: Still Doing Its Thing
In Miami, luxury buyers seem to live on a different planet. So far in 2025, there have been over 40 sales above the $10 million mark—and that was just in the first month and a half of the year.
High-net-worth individuals, including international buyers, are still pouring cash into Miami’s most prestigious neighborhoods. Waterfront homes, gated estates, and penthouses in top-tier buildings continue to move, albeit with more negotiation than in 2021-2022.
If you’re wondering whether your $2M home qualifies as “luxury” in this environment, the short answer is yes—but don’t expect the same feeding frenzy we saw a few years back.
Hidden Costs Buyers Shouldn’t Ignore
Home insurance premiums are climbing, especially for older homes and properties near the coast. Even if your home isn't technically “on the water,” Miami-Dade’s proximity to hurricane-prone zones makes it a riskier bet for insurers.
In many cases, premiums have doubled—or worse. And let’s not forget that flood insurance isn’t always optional anymore, especially if you’re financing through a lender in a flood-prone area.
Buyers should factor in those costs up front, and sellers need to be ready to provide documentation about the roof, plumbing, electrical, and any recent wind mitigation inspections. These days, it’s not just about how pretty your listing photos are—it’s about what you’re handing over in risk.
So, What’s the Move?
Here’s what I’m telling my clients in Kendall and the surrounding neighborhoods:
Buyers: You’ve got more options now, but don’t be fooled—good properties still move quickly, and it’s smart to get pre-approved and work with someone who knows the area (that’s me, by the way). Look beyond the list price and run the numbers on taxes, insurance, and assessments. I also recommend asking if the seller had a wind mitigation or four-point inspection done recently.
Sellers: If you’re listing now, pricing is key. Don’t get hung up on last year’s neighbor’s sale if your home isn’t upgraded. Get your property in shape—fresh paint, deep cleaning, maybe even some virtual staging—and lean into local comps. A well-priced, move-in ready home still gets attention. I can walk you through exactly what buyers are looking for in your part of town.
Final Thoughts from Liz
Spring 2025 isn’t the wild west we saw post-COVID, but it’s also not a crash. It’s a market that demands strategy, realism, and a little patience.
If you're in Kendall or any of the surrounding areas and thinking of making a move—whether you're buying, selling, or trying to decide if you should keep your rental property—let’s talk. Real estate isn’t one-size-fits-all, and with so many shifting pieces, you’ll want someone who’s keeping tabs on what’s happening week to week.
Have questions or ready to make a move? Reach out—I’m happy to help.
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