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Liz Kenneally | Realtor

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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.
Miami Kendall FL Homes For Sale
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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What my clients are saying  

Efficient, Effective, and Ethical! Working with Liz Kenneally was an absolute pleasure. Her efficient and effective approach to real estate made the entire process seamless and stress-free. From the moment we met Liz, we knew we were in good hands. She took the time to listen to our needs and preferences, ensuring that we found the perfect home in South Miami. Liz's commitment to ethical practices and transparency gave us peace of mind throughout the transaction. We highly recommend Liz to anyone looking for a trustworthy and reliable realtor in Miami.

 

~ Michael and Jennifer D.

I hired Liz Kenneally to lease out my apartment, and within just 1-2 weeks, she secured long-term tenants who have been a great to work with for the past three years. Her efficiency, professionalism, and warm demeanor made the entire process seamless. Liz understood my needs and executed flawlessly. I couldn't be happier with the outcome. I wholeheartedly recommend Liz!

 

~ Sofia I.

Finding office space for my company was made effortless thanks to Liz Kenneally's exceptional service. Referred to her by a trusted source, I quickly understood why she comes highly recommended. Liz guided us through every step with professionalism and expertise, ensuring we secured the perfect space to meet our needs. The office space exceeded my expectations, boasting a prime location, generous square footage, and excellent amenities. Liz's attention to detail facilitated a seamless transition into our new workspace. Her responsiveness and proactive communication made the leasing process a breeze. Working with Liz Kenneally was a pleasure, and I wholeheartedly recommend her to anyone in search of commercial real estate. Five stars all around!

 

~ Paul M.

Professionalism Personified! Liz Kenneally is the epitome of professionalism. Her attention to detail, proactive communication, and tireless work ethic set her apart from other realtors. Liz guided us through the process of buying our dream home in Coral Gables with ease and confidence. She was always one step ahead, anticipating our needs and addressing any issues promptly. Liz's commitment to excellence and integrity made us feel confident and reassured throughout the entire transaction. We cannot recommend Liz highly enough!

 

~ James and Amanda R.

Liz Kenneally proved to be an exceptional real estate agent. Her expertise in Dadeland area homes, our preferred locale, was truly impressive. Liz's dedication to understanding our needs, preferences, and budget constraints was evident throughout our interactions. She tirelessly worked to find us the perfect home, keeping us updated and promptly addressing all our questions. Liz made the entire process enjoyable, turning house hunting into an adventure. I enthusiastically endorse her to anyone in the market to buy or sell. Thank you, Liz, for your outstanding service!

 

~ Camila I.

5 Stars for Responsiveness, Negotiation skills, Professionalism and communication, Market expertise, Was on point at every turn, from offer to closing.

 

~ Jordi B

Liz went above and beyond to market our property effectively, attracting a flood of interested buyers. Her attention to detail and commitment to showcasing our home in the best possible light truly paid off. We couldn't believe it when offers started pouring in, and even more so when the final sale price exceeded our initial expectations! It was the highest sold price in the community! Liz was responsive, proactive, and always had our best interests at heart. Her negotiation skills were impeccable, ensuring that we got the best possible deal for our property.

 

~ Willy and Gloria P.

Liz was the listing agent for a Miami property I called on and made an appointment to see . That's how it all started.I wasn't working with any agent and I told Liz I didn't want to commit to anyone. She stated she understood, nevertheless, she was relentless in keeping in touch with me. Finally, in one of her phone calls, Liz asked me if she was working hard to get my business ? I said yes, of course. Then she stated, "Imagine, what I am capable of doing in finding and negotiating for you in a tough and competitive Miami market?". That clinched it !

 

~ Arile R.

I want to thank this wonderful Lady that stuck with me until I found just the right place. I am very satisfied and you will always have a friend here. Thank you for everything Liz, you're the best.

 

~ Manny

We trusted her strategy and ended up buying the property that we were initially turned down on. You can say Liz turned that No into a Yes for less money! She is relentless. Thank you, Liz, you are a hard worker, trustworthy, on top of your game and simply a pleasure to team up with you

 

~ Alex Y.

As a business man, one of the things that impressed me about Liz is is her negotiation skills, patience and cool under pressure. She looks for a win-win even though at times we were just being one sided. Liz reminded us it's a sellers' market with properties selling quickly at or little above asking price in the area we wanted to buy.Whatever we weren't familiar with, Liz simplified it so we felt comfortable and understood the transaction.

 

~ Vincent S.

"...One of her best qualities is her ability to stand back, listen to your needs, present you all the alternatives and let you make the original decisions. She is not assertive with her opinion but when she says you better listen because it will be in your own best interest..."

 

~ Ioannis L.

I had a great experience with Liz in the sale and purchase of my new home. She was always available to answer questions with great confidence and knowledge. I consider her a personal friend since we met, through the process of buying this home. Highly recommend her to anyone looking to sell or buy.

 

~ Maria D

Ms Liz Keneally was a angel sent. I was going through personal hardship. And having a hard time not only selling The property but with the result of impending foreclosure. Which at the time was a very difficult time in my life. And she came along. And got a contract within a week. And I have nothing but gratitude towards her and her team. That treated me and my children like family.

 

~ Xenia L.

Liz has been a wonderful real estate agent for us. She is an excellent communicator, and communicates in a very timely manner. Liz provided easy to understand comparisons when we had multiple offers for the property that we were selling. Liz makes sure that all the details are taken care of, and most importantly perseveres in resolving the many issues that arise in a real estate transaction. We have been extremely happy with the work that Liz has done for us. We would highly recommend her for anyone who is seeking to sell or buy property.

 

~ Gary N

As a first time home buyer, I was nervous and worried about being taken advantage of. Liz calmed my nerves and guided me through the process. She was easy to communicate with and took the time to educate me.There were times, we had to negotiate and Liz always made sure to keep the deal alive, while protecting my interests. I have only wonderful things to say about her and would work with her again.

 

~ Sarah S.

Liz was professional from the exploratory stages of home buying to its completion. As a first-time buyer, I was looking into foreclosures. I did not expect the unexpected to say the least. From negotiations to paperwork, I am truly grateful for Liz's knowledge and skills. She guided me through the process and stood by my side when delays arose and frustrations even larger. Her calmness and verbal prowess ultimately helped me secure my very first home! Thank you, Liz!

 

~ Hennifer M

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