The South Florida real estate market remains buoyed by million-dollar-plus homes and condos. Sales of luxury condos have seen increases across Broward, Palm Beach, and Miami-Dade counties, with Broward reporting a 5.6% rise in sales for condos priced over $1 million in February. This surge contrasts with a general slowdown in overall transaction volume.
While high-end condos continue to perform well, more affordable condos are struggling due to rising maintenance costs and stricter regulations following the 2021 Surfside condo collapse. The number of condos priced under $200,000 has dropped significantly, with some areas experiencing a 48% decrease in sales year-over-year.
The market is also facing challenges from increased borrowing costs and higher condo inventories. Despite these challenges, cash buyers remain a strong presence, accounting for up to 50% of sales, providing a measure of stability. Experts believe Florida’s housing market is nearing recovery, with minimal long-term damage expected.
By Tom Hudson, WLRN Public Media
Published April 1, 2025, at 6:00 AM EDT