In Miami-Dade County, condos in buildings over 30 years old are now selling more quickly than those in newer buildings. As of June 2025, older units were on the market for about 62 days on average, while newer ones took about 79 days to sell. Buyers are drawn to these older condos if they’re priced well and meet updated safety standards.
High-End and Low-End Markets Are Both Active
Sales of condos priced at $1 million or more went up 6.4% compared to last year. Sales at the very affordable end also grew, with units priced between $100,000 and $150,000 increasing by 38%. This shows strong demand both from luxury buyers and from people looking for starter homes or investment properties.
Prices Are Leveling Off After Big Gains
Condo prices in Miami-Dade are hovering between $425,000 and $445,000 in mid-2025. That’s more than double what they were ten years ago. Even so, overall condo sales dropped 25% from the previous year, and more condos are sitting on the market. Values have dipped slightly this year, especially for buildings built before 2024.
New Laws Are Forcing Costly Repairs in Older Buildings
After the 2021 Surfside building collapse, Florida passed a law requiring safety inspections and reserve funds for buildings 30 years or older or 25 years if they’re near the coast. Fewer than a quarter of condo associations have confirmed they meet the new rules. Many older buildings are now dealing with expensive repair bills and “special assessments,” which are one-time charges that can cost owners tens or even hundreds of thousands of dollars.
What This Means for Buyers and Sellers
Older condos that are up to code and priced fairly are selling faster than before. But buildings that haven’t made the needed upgrades are losing value and are harder to finance. Some owners are selling at steep discounts to avoid future repair costs. Buyers now have more leverage than they did a year ago, especially in buildings with known maintenance issues. On the lending side, banks are becoming more cautious; many buildings without reserve funds or with major structural concerns can’t qualify for traditional mortgages.
