Rapid Sales of Older Condominiums in Miami-Dade Show Strong Market Demand

Demand for Older Condominiums

Miami-Dade County continues to experience an intriguing trend in its real estate market: older condominiums are being sold faster than their newer counterparts. According to data released by the MIAMI Association of REALTORS and the MIAMI Southeast Florida Multiple Listing Service for November 2025, condominiums that are over 30 years old are spending only 66 days on the market, while those built in the last 29 years linger for an average of 81 days. This trend underscores a robust demand for well-priced, older condos, which are often seen as affordable housing options amidst rising living costs.

Surge in Affordable Condo Sales

The statistics for affordable condo sales in the Miami-Dade area are compelling. In November 2025, sales for condos priced between $200,000 and $400,000 saw a remarkable increase of 21% year-over-year, jumping from 135 to 164 transactions. This surge suggests that many buyers are actively seeking out economical options, which often deliver a good balance of value and location.

Eddie Blanco, Chairman of the Board for MIAMI, notes that new regulations aimed at enhancing the resiliency and safety of condominium buildings are revitalizing the market. He explains that these changes are helping potential buyers see the value in older condos, which often boast prime locations in an increasingly land-constrained environment.

Regulatory Changes and Their Impact

Effective from January 2025, new state regulations require thorough inspections of older condominium buildings and mandate adequate financial reserves for necessary repairs. This legislative shift is significant as it opens up financing opportunities for buildings that previously may have been deemed too risky for buyers due to insufficient reserve funds. This ensures that more properties can be financed, expanding the pool of affordable housing options available to buyers.

Growth Outlook for South Florida's Real Estate

The broader real estate market in South Florida shows promise for continued growth in 2026. The region is witnessing population gains where Florida adds a new taxpayer every two minutes, while other states, such as California, are experiencing losses. Job growth in the area is also notable, showing a cumulative increase of 9.5% over six years compared to the national average of 5.5%. Furthermore, Miami has reported a substantial rise in multifamily permits, indicating a strong continuation of residential development and diversification within the housing market.

Trends in High-End Market

In addition to affordable housing, Miami has seen a substantial year-over-year increase in ultra-luxury home sales. Transactions priced at $1 million and above rose by about 13.2%, highlighting a trend where wealthy buyers are taking advantage of favorable economic conditions and investing in Miami properties. As of November 2025, total sales in Miami-Dade increased by 0.5% year-over-year, suggesting a stable market that can still grow even amid more expensive property sales.

Affordability Challenges and FHA Loan Limitations

However, while there are many opportunities, challenges remain, particularly concerning the financing of existing condominium buildings. Presently, out of nearly 2,400 condominium buildings across Miami-Dade, Broward, and Palm Beach counties, only 21 are approved for FHA loans. This situation can dampen opportunities in the market, especially among first-time homebuyers who often rely on such financing options.

Additionally, Miami-Dade condo prices have seen a dramatic increase of nearly 95% over the past decade. For example, the median condo price rose from $203,000 in 2015 to approximately $395,000 as of late 2025. While prices have stabilized recently, the potential for further price appreciation remains strong in this desirable location.

Conclusion

Overall, the current landscape of Miami-Dade’s real estate market indicates a dynamic interplay between demand for both older and newer condominiums, with affordability continuing to be a key driver. With ongoing regulatory changes and a favorable employment environment, combined with international interest in the area, Miami is poised for sustained growth in its real estate sector. First-time buyers, retirees, and real estate investors alike are drawn to the opportunities along the coast, which continue to prove Miami's desirability as a vibrant real estate hotspot.