According to new data from the county Property Appraiser’s Office, Miami-Dade condominiums are exhibiting the weakest performance in the local real estate market as demand softens.
While real estate values for existing homes and commercial properties across Miami-Dade experienced a growth of approximately 7% at the beginning of 2025, existing condominiums saw a slight decline of less than 1% from the start of 2024.
Property Appraiser Tomás Regalado emphasized the concerning trend at a recent press conference, describing the state of condominiums as potentially the ‘next great crisis’ attributed to a combination of factors creating a ‘perfect storm.’
New state mandates regarding condo maintenance, stricter certification requirements, and rising insurance costs are cited as contributing factors that are dampening buyer interest and lowering demand in the condo market.
Regalado’s office analyzed over 900,000 properties in Miami-Dade to gauge property values accurately, which are reflected on annual property-tax bills. The report, released on May 30, revealed an 8.5% increase in overall taxable values for Miami-Dade, which encompasses both existing structures and new constructions for 2024.
This growth rate is down from last year’s 10.7% and marks the first single-digit increase since 2021, a year marked by disruptions in real estate sales due to the COVID pandemic.
Regalado summarized the market trends by stating, ‘In a nutshell, the real estate market — after years of sometimes wild growth — appears to have stabilized.’
The report does not provide specific value statistics for condominiums across the county’s 34 municipalities.
However, noteworthy declines were observed in areas such as Miami Shores, where condo values dropped by 6.6%, and Coral Gables, where the fall was recorded at 5%.
Additionally, other municipalities experiencing declines include Aventura and North Bay Village at 4%, North Miami at 3.4%, and South Miami at 1.9%.
Conversely, some markets reported growth in condo values. West Miami, for instance, experienced an impressive 18% rise in taxable values for its condos, although it is a small housing market with just 83 units.
Opa-locka reported a 12% increase, while Hialeah Gardens saw a growth of 4% in condo values, according to Regalado’s figures.
It’s important to note that these value declines represent averages across each market and only consider existing condos from the beginning of 2024; newly constructed units from last year are excluded from this analysis.
The trends observed reflect a broader softness in the overall real estate market as well.
Recent data from the S&P CoreLogic Case-Shiller Index, which tracks prices of single-family homes, indicated that Miami and Tampa were the only two metro areas to experience slight declines in home values.
Furthermore, the Miami Association of Realtors reported a 21% drop in sales of condos and townhomes in April, revealing a median sales price of $445,000, which saw a minimal increase of just $1,000 compared to the previous year.
In contrast, sales of single-family homes decreased by 11%, while their prices rose by 4%, reaching $680,000.
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