Existing home sales rose for the eighth month in a row in Miami-Dade County in April, increasing 5.6% year over year from 1,955 to 2,065 transactions, MIAMI REALTORS® + RWorld said.
Single-family home sales rose 8.6% from 950 to 1,032, while condominium sales climbed 2.8% from 1,005 to 1,033.
Sales of properties priced $5 million and up jumped 25% year over year, while at the lower end of the market, condo sales priced $300,000 to $500,000 climbed 17.9%.
“The 25% increase in $5 million-plus sales further reinforces the continued expansion of ultra-luxury demand,” said Douglas Elliman agent Fernanda Moreno. “We are seeing more high net-worth individuals view Miami as a primary market rather than simply a vacation destination.
“At the same time, the growth in the $300,000 to $500,000 condo segment shows the market is not only being driven by luxury. Demand remains strong from first-time buyers, investors and people relocating for both work and lifestyle reasons.”
The sales total does not include South Florida’s new construction, pre-construction and condo-conversion sales because they are largely not reported in the MLS.
Via MIAMI REALTORS® + RWorld.
Cash sales accounted for 38.5% of all Miami transactions, compared to a national average of 25%. By property type, 50.9% of Miami condos were purchased in cash, while 26.1% of single-family home purchases were made in cash.
“South Florida real estate is shielded in a sense from elevated mortgage rates because we lead the nation in all-cash buyers and global demand,” MIAMI REALTORS® + RWorld Chairman Alfredo Pujol said. “Condos are surging because buyers see Miami’s ascension as a top global city and know the market’s proven history for long-term price appreciation. Condos are a great investment in a market where single-family homes are limited.”
Total inventory declined for the third month in a row, slipping 11.4% from 18,765 in April 2025 to 16,622 last month. The number of single-family listings fell 14.6% from 5,527 to 4,723, while condo inventory dropped 10.1% from 13,238 listings to 11,899 listings.
The median-sales price for a single-family home slipped 1.5% year over year from $680,000 to $670,000, while the median price for a condo rose 1.1% from $445,000 to $450,000.
The 30-year fixed-rate mortgage averaged 6.33% in April, according to Freddie Mac.
“Macroeconomic conditions will likely remain challenging with mortgage rates likely to hit near 7% by mid-year if the U.S.-Iran conflict lingers, but I expect South Florida’s housing market to remain resilient,” MIAMI Chief Economist Gay Cororaton said. “South Florida continues to attract out-of-state movers, second-home buyers or corporations who are seeing worsening tax conditions in their states.”