You won’t recognize these places: How real estate is changing in Florida

Miami-Dade and Broward counties are experiencing a significant decline in condo sales, with year-over-year drops of 26.8% and 31.7% respectively as of June 2024. The downturn is driven by higher mortgage rates, rising insurance premiums, and increased HOA fees. Stricter post-Champlain Towers regulations are also adding financial pressure on condo owners.

Despite fewer transactions, property prices continue to climb. Miami-Dade’s median condo price reached $418,000 and single-family homes hit $622,500—both record highs. Broward saw similar trends, with condos at $280,000 and single-family homes at $615,000.

Low housing inventory and continued demand—especially from out-of-state buyers—suggest the market may stabilize but not cool dramatically in the near future. for more information click here.