MIAMI — Miami-Dade’s long-suffering condominium market is staging a rebound. Condo sales rose 11.4% year over year to 1,026 closings in July, according to the MIAMI Association of Realtors, extending a recovery that has been building since the start of the year.
The turnaround follows several years of depressed demand in the wake of the 2021 Surfside collapse, which triggered stricter inspection and reserve requirements that weighed on older buildings. Miami Today reported that condo resales were already up 2.9% year over year early in 2026, with prices beginning to stabilize after the post-Surfside slide.
“The market is stabilizing and beginning a nice rebound,” Wesley Ulloa, a residential board governor with the Miami Association of Realtors, told Miami Today, calling current valuations “a great investment opportunity” relative to recent years.
Entry-Level Demand, High-End Cash
Much of the momentum is coming from the middle of the market. Condo sales between $400,000 and $500,000 surged 12.6% year over year in July, a segment fed partly by first-time buyers priced out of single-family homes, where the county’s median hit $685,000. Per Miami Today, entry-level condo product in the $300,000-to-$600,000 range has been performing especially well as buyers pivot toward condos and townhouses.
Cash remains the market’s backbone. All-cash deals made up 47.5% of Miami-Dade condo closings in July, and Miami Today reported that 82% of sales at $1 million and above are cash transactions — a dynamic that blunts the impact of elevated mortgage rates and adds resilience to the recovery. Luxury demand has been reinforced by relocations from markets including California and Chicago.
Supply is also tightening from elevated levels. Active condo listings fell 11.8% year over year to 11,324 in July, the sixth consecutive monthly decline, according to the association’s data.
Still, the recovery remains a two-speed affair. The county’s median condo price slipped 1.48% year over year to $400,000 in July, and at roughly 12 months of supply, the condo segment remains firmly a buyer’s market — a sharp contrast with the 4.8 months of supply on the single-family side. Older buildings facing special assessments and structural-reserve requirements continue to trade at a discount to newer product.
For buyers, that gap is the opportunity; for sellers in aging towers, it is the challenge. But after years in which condos lagged the broader South Florida market, the direction of travel has changed: sales are rising, inventory is falling, and prices — at least in the segments buyers want most — are ticking back up.
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